Press release
Absorbent Glass Mat (AGM) Battery Market- New Technological Development Projecting Massive Growth till 2032
The number of research and development by the leading manufacturer and the production of maintenance-free and non-spillage batteries with loner life is the primary factor driving the growth of the absorbent glass mat (AGM) battery market. Over the course of the forecast period, the demand for renewable energy projects is anticipated to grow across the board.
The UPS segment is likely to offer remunerative opportunities for the global absorbent glass mat(AGM) battery market. Several emerging economies are making significant developments in their automotive sector, thereby, providing lucrative opportunities to players in the market.
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Key Takeaways:
• By application, the UPS segment is expected to record a 3.8% CAGR by 2032
• By voltage, the 2-4volts segment to expand at a 3.2% growth rate during the forecast period
• The U.S market to garner US$ 6 Billion and record a 4.5% CAGR from 2022-2032
• Market in China to procure US$ 1 Billion, expanding at a 4.1% growth rate during the assessment period
"Rising penetration of renewable energy across grids has boosted the need for efficient and flexible energy storage solutions is expected to fuel the demand of absorbent glass mat (AGM) battery market over the forecast period," says an FMI analyst.
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Competitive Landscape
Eminent players of the global absorbent glass mat (AGM) battery market include Clarios, Power Sonic Corporation, Exide Technologies, C&D Technologies, East Penn Manufacturing Company among others. Recent key developments among players include:
• In November 2021- Clarios entered a strategic collaboration with China Lithium Battery Technology Company (CALB) to develop low-voltage lithium-ion battery systems to address the growing electrical needs of global automaker. The partnership will develop and manufacture low-voltage lithium-ion battery systems with lithium iron phosphate (LFP) cells to support the needs of electric vehicles - combining CALB's lithium-ion cell expertise with Clarios' battery system and vehicle integration capabilities.
• In May 2021 - Exide Technologies, updated its Exide Premium range with a modern new black design with new recycled components for reduced environmental impact. The change will lead to savings of 2,700 tons of CO2, 8 million litres of water and 1.2 million litres of crude oil in Exide's manufacturing each year.
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Key Segments Covered In The Absorbent Glass Mat(AGM) Battery Industry Survey
Absorbent Glass Mat (AGM) Battery Market by Type:
• Stationary Absorbent Glass Mat (AGM) Battery
• Motive Absorbent Glass Mat (AGM) Battery
Absorbent Glass Mat (AGM) Battery Market by Voltage:
• 2-4 Volts Absorbent Glass Mat (AGM) Battery
• 6-8 volts Absorbent Glass Mat (AGM) Battery
• 12 volts and above Absorbent Glass Mat (AGM) Battery
Absorbent Glass Mat (AGM) Battery Market by End User:
• Absorbent Glass Mat (AGM) Battery OEM
• Absorbent Glass Mat (AGM) Battery Aftermarket
Absorbent Glass Mat (AGM) Battery Market by Application:
• Absorbent Glass Mat (AGM) Battery for Automotive
o Motor Vehicle
o Motor Cycle
o Others
• Absorbent Glass Mat (AGM) Battery for UPS
• Absorbent Glass Mat (AGM) Battery for Industrial Applications
• Absorbent Glass Mat (AGM) Battery for Energy Storage
• Absorbent Glass Mat (AGM) Battery for Other Applications
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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