Gel Battery Market Expected to Rise at a CAGR of 4.0% and Surpass $2,776.9 Million during the Forecast Period from 2021 to 2028

The global gel battery market is projected to witness robust growth over the forecast period, owing to the rising demand for gel battery in solar power systems. The Asia-Pacific region is anticipated to observe robust growth in the projected timeframe.

According to Research Dive, the global gel battery market is estimated to generate a revenue of $2,776.9 million by 2028 and grow at CAGR of 4.0% over the forecast period (2021 to 2028).

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Market Dynamics

As per our analysts, gel batteries and solar power systems are gaining popularity over recent years as it does not have any harmful environmental impact. Besides, gel batteries when used in solar, provide twice the lifespan of AGM battery and are thus high in demand. These factors are predicted to boost the growth of the gel battery market over the forecast period. Moreover, the extensive usage of gel batteries in deep cycle applications such as motorcycles, camcorders, cell phones, marine equipment, and others are likely to create lucrative growth opportunities for the market by 2028. However, gel batteries are sensitive to overcharging which is estimated to restrict the market growth in the projected timeframe.

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COVID-19 Impact on the Gel battery Market

The COVID-19 pandemic has negatively impacted the global gel battery market growth. The nation-wide lockdown, social distancing norms, and closed borders across the various countries have severely affected the gel battery market. The raw materials that are required for the gel battery manufacturing such as lead, glass, lead oxides, sulfuric acid, antimony, and others are majorly imported from China. However, China being the epicenter of coronavirus outbreak, the supply and procurement of goods was completely affected. These factors have unfavorably impacted the market growth during the pandemic.

Segments of the Market

The report has divided the gel battery market into certain segments based on type, application, and region.

By type, the 12V sub-segment is anticipated to observe robust growth and garner a revenue of $1,316.6 million by 2028. This is mainly because the 12V battery is widely used in electrical components such as starter, lighting, and ignition systems. Besides, the 12 voltage DC circuits are safer than any higher operating voltages, which is predicted to boost the sub-segment's growth in the forecast period.

By application, the energy storage & distribution sub-segment was valued at $596.2 million in 2020 and is expected to account for the majority of market share over the forecast period. This can be majorly attributed to the broad usage of gel batteries in renewable and clean energy sources like wind and solar power. Besides, gel battery has no maintenance and low upfront cost in energy storage & distribution application, which is boosting the sub-segment's growth.

By region, the Asia Pacific gel battery market growth is projected valued for $674.6 million in 2020 and is projected to witness dominant growth during the forecast period, owing to the presence of large number of gel battery manufacturers and suppliers in the region. For example, China tops for battery production capacity among all countries across the globe. Besides, China is projected to have 140 gigafactories by 2030, followed by Europe and the U.S. with 17 gigafactories and 10 gigafactories respectively.

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Prominent Market Players

Some of the top players of the global gel battery market are Exide Technologies, Leoch International Technology Limited Inc., BSB Power Company Limited, Power Sonic Corporation, Canbat Technologies Inc., Exponential Power, C&D Technologies, Inc., Vision Group, B.B. Battery, and JYC Battery Manufacturer Co. Ltd. These players are applying numerous strategies to gain a strong hold and competitive edge in the global industry.

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