by Absorbent Glass Mat batteries have been gaining significant popularity owing to their advantages over lead-acid batteries including higher cycle life, better load distribution, reduced maintenance, and lesser watering requirements. AGM batteries are ideal for applications requiring frequent deep discharge cycles such as emergency backup power, telecommunication towers, solar power plants, and renewable energy projects. With the increasing focus on renewable energy sources globally, the demand for energy storage solutions has witnessed a substantial rise. The growing deployment of solar and wind power requiring batteries for energy storage has been a key growth driver for the absorbent glass mat battery market.
The global absorbent glass mat battery market is estimated to be valued at US$ 14.72 Bn in 2023 and is expected to exhibit a CAGR of 5.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The demand for AGM batteries has been witnessing a strong surge from the renewable energy sector, which has significantly contributed to the growth of the market over the past few years. With global initiatives to curb carbon emissions and reduce dependence on fossil fuels, investments in solar and wind power projects have increased manifold. Since renewable energy is dependent on weather conditions and varies according to time, incorporation of energy storage has become critical. AGM batteries are increasingly used in solar power plants and wind farms to store excess energy produced during peak generation hours and supply it when the natural resource is unavailable. They allow for effective management of energy supply and maximize the utilization of renewable sources. Rapid capacity additions in solar and wind power over the forecast period will continue to drive the demand for AGM batteries as the preferred energy storage medium.
SWOT Analysis
Strength: Absorbent Glass Mat Battery has better storage capacity and cycle life compared to lead-acid batteries. It is maintenance-free and highly durable.
Weakness: Higher initial investment costs than traditional lead-acid batteries.AGM batteries are heavier than traditional lead-acid batteries.
Opportunity: Growing adoption of renewable energy sources is driving the demand for efficient storage solutions. Increasing sales of electric vehicles also present an opportunity.
Threats: Continuous technological innovation has increased competition from lithium-ion batteries. Volatility in raw material prices can increase the costs.
Key Takeaways
The Global Absorbent Glass Mat Battery Market Size is expected to witness high growth over the forecast period of 2023 to 2030.
Regional analysis: North America currently dominates the market due to high uptake of renewable energy in the US and Canada. Asia Pacific is expected to grow at the fastest pace due to rising electric vehicle sales and government incentives for renewable energy in countries like China and India.
Key players: Key players operating in the absorbent glass mat battery market are Nippon Steel Corporation, Thyssenkrupp AG, ArcelorMittal, Tata Steel, Outokumpu Oyj, Aperam, VDM Metals GmbH, Jindal Stainless Limited, Allegheny Technologies Incorporated, Ulbrich Stainless Steels & Special Metals, Inc., Carpenter Technology Corporation, Nucor Corporation, Daido Steel Co., Ltd., Sandvik AB, Elgiloy Specialty Metals.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
