Gel Battery Market 2021 Growth and Key Business Strategies by Leading Industry Players by 2027

Leading market players analyzed in the gel battery market research include BSB Power Company Limited, Exide Technologies (Exide), Power Sonic Corporation (PS Corporation), Leoch International Technology Limited Inc., Canbat Technologies Inc. (Canbat), Storage Battery Systems, LLC (SBS LLC), JYC Battery Manufacturing Co., Ltd., C&D Technologies, Inc. (C&D), Vision Group (Vision), and B.B. TECH (Changsha) Co., Ltd. (B.B. TECH).

Asia-Pacific contributed the highest share, accounting for nearly two-fifths of the total market share in 2019, and will maintain its dominance throughout the forecast period. However, LAMEA is expected to grow at the highest CAGR of 5.7% from 2020 to 2027.

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Cost-effectiveness of gel battery as compared to conventional batteries drives the growth of the global gel battery market. However, availability of substitutes in the market hinder the market growth. On the other hand, growing need for expansion of data centers is expected to create new growth opportunities for market players during the forecast period.

By type, the 12V segment held the largest share in 2019, accounting for more than two-fifths of the global gel battery market. The segment is anticipated to dominate throughout the forecast period. Moreover, this segment is anticipated to register the highest CAGR of 4.4% during the forecast period, owing to its wide application across different sectors such as construction, textiles, and others. KW missing

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Based on application, the electric mobility segment accounted for the largest share in 2019, holding nearly half of the total share, and is expected to maintain the largest share throughout the forecast period. However, the energy storage & distribution segment is expected to register the highest CAGR of 4.6% from 2020 to 2027.

COVID-19 Scenario:

The COVID-19 outbreak has enormously impacted the gel battery market. The disrupted industrial activities all over the globe have resulted in reduced demand for energy storage requirements.
On the contrary, the market has witnessed an increased demand for gel battery, as it is used in broadband, cleaning machines, and others.

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