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gel battery market
WILMINGTON, DE , UNITED STATES, April 8, 2024 /EINPresswire / -- The gel battery market size was valued at $1.8 billion in 2019, and is projected to reach $2.6 billion by 2027, growing at a CAGR of 4.2% from 2020 to 2027.
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The gel battery contains a predetermined amount of electrolyte, which includes sulphuric acid and silica fumes. It falls under the category of valve regulated lead acid (VRLA) batteries and finds applications in various fields like electrification, hybrid power systems, navigational aids, mobile phones, motorcycles, camcorders, marine equipment, and more.
The growth of the gel battery market is fueled by its widespread use in areas such as telecommunication, uninterrupted power supply (UPS), and other sectors. This is attributed to its advantageous features, including low maintenance, leak-proof design, high compatibility with sensitive electronic devices, cost-effectiveness per month, and others. However, challenges such as high initial costs and the need for specialized chargers and regulators are expected to impede the market's growth.
Gel Battery Market Report Highlights
By Type
. 2V
. 6V
. 12V
By Application
. Electric Mobility
. Energy Storage & Distribution
. Telecommunication
. Others
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Based on the battery type, the 12V gel battery holds the largest market share, accounting for 43.8% in 2019. This dominance is driven by its widespread use in various sectors such as renewable energy, telecommunications, broadband, and others. Its popularity in these areas is due to its advantageous features such as prolonged retention time, extended service life, ease of handling, no need for distilled water addition, among others.
Regarding applications, the energy storage & distribution segment is poised for rapid growth, expected to achieve a CAGR of 4.6%. This growth is fueled by increasing demand from the energy sector in developing regions. Gel battery adoption for energy storage & distribution in Asia-Pacific and LAMEA regions is projected to grow at CAGRs of 4.7% and 6.3%, respectively, from 2020 to 2027.
In terms of regions, Asia-Pacific commands the largest market share, capturing 39.9% in 2019. This dominance is attributed to the region's substantial consumer base, presence of key manufacturing players-particularly in countries like China-and the burgeoning telecommunication and energy sectors, which collectively bolster the gel battery market's growth.
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Key Findings of the Study:
. The gel battery market is analyzed from 2019 to 2027
. Depending on the type, the12V batterysegment is projected to grow at aCAGR of nearly 4.3%, in terms of revenue, during the forecast period
. Region wise, North America is expected to register aCAGR of nearly 3.4%, in terms of revenue, in the coming future
. By application, the energy & distribution segment is estimated to exhibit aCAGR of 4.6%, in terms of revenue
. Asia-Pacific dominated the gel battery market with a share of over 39.9% in 2019, in terms of revenue
. A comprehensive analysis of the factors that drive and restrain the market growth is provided in the report
. The qualitative data in this report aims at the market dynamics, gel battery market trends, and developments in the industry
Competitive Analysis:
The Gel Battery Industry's key market players adopt various strategies such as product launches, product development, collaboration, partnership, and agreements to influence the market. It includes details about the key players in the market's strengths, product portfolio, market size and share analysis, operational results, and market positioning.
Key Market Players:
. Vision Group
. JYC Battery Manufacturing Co. Ltd.
. Exide Technologies
. Power Sonic Corporation
. Canbat Technologies Inc.
. Storage Battery Systems
. LLC
. B.B. TECH (Changsha) Co. Ltd.
. BSB Power Company Limited.
. Leoch International Technology Limited Inc.
. C&D Technologies, Inc.
David Correa
Allied Market Research
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