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Absorbent Glass Mat (AGM) Battery Market Report 2024 - AGM Battery Market Size, Share, Growth And Trends
Absorbent Glass Mat (AGM) Battery Market
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According to The Business Research Company's, The absorbent glass mat (AGM) battery market size has grown steadily in recent years. It will grow from $13.25 billion in 2023 to $13.83 billion in 2024 at a compound annual growth rate (CAGR) of 4.4%. The growth in the historic period can be attributed to increased demand for portable power, growth in automotive applications, expansion of renewable energy storage, telecommunications infrastructure growth, environmental regulations, and lead-acid battery recycling.
The absorbent glass mat (AGM) battery market size is expected to see steady growth in the next few years. It will grow to $16.48 billion in 2028 at a compound annual growth rate (CAGR) of 4.5%. The growth in the forecast period can be attributed to the growth of electric vehicles, industrial automation, and robotics, data centers and cloud computing, renewable energy storage expansion, global economic growth, and urbanization. Major trends in the forecast period include growth in renewable energy integration, rise in residential energy storage solutions, increased demand in industrial applications, military and aerospace sector growth, and smart grid and energy management systems.
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Market Drivers and Trends:
An expanding infrastructure of data centers is expected to propel the growth of the absorbent glass mat (AGM) battery market going forward. A data center refers to a physical space that is used to store and manage data for a variety of purposes, such as the development of new products and services as well as the maintenance and repair of existing ones. The expanding infrastructure of data centers is driven by the increasing demand for data storage, processing, and management due to the growth of digital services and cloud computing. Absorbent glass mat (AGM) batteries are used in data centers for their reliability, maintenance-free operation, and ability to deliver high power quickly, which is crucial for backup and uninterruptible power supplies (UPS). For instance, in May 2021, according to the United States International Trade Commission, a US-based federal agency, there will be 2,600 data centers in the United States. Additionally, there were about 8,000 data centers worldwide as of January 2021. Therefore, the expanding infrastructure of data centers is driving the growth of the absorbent glass mat (AGM) battery market.
Major companies operating in the absorbent glass mat (AGM) battery market are focusing on developing advanced batteries, such as dual AGM batteries, to enhance performance, extend lifespans, and meet the increasing demand for reliable and efficient energy storage solutions. Dual AGM batteries refer to advanced absorbent glass mat (AGM) batteries designed with dual-purpose capabilities. For instance, in July 2023, GS Yuasa Corporation, a Japan-based battery manufacturing company, introduced two new marine dual AGM batteries, the M24-AGM and M28-AGM, expanding their popular YBX Active Marine range. These batteries are designed to address both starting and auxiliary power needs for motorboats, sailboats, yachts, and other watercraft, delivering high performance and reliability. This innovative battery solution is tailored to the demands of the marine environment, offering enhanced performance and reliability for boat owners and enthusiasts.
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Major Key Players of the Market:
Robert Bosch LLC, Universal Power Group, Camel Group Co. Ltd, Clarios, GS Yuasa International Ltd., Exide Technologies, East Penn Manufacturing Company, leoch International Technology Limited Inc, Hollingsworth and Vose, FIAMM Energy Technology S.p.A, C and D Technologies Inc., Shandong Sacred Sun Power Sources Co.ltd., HOPPECKE Batterien GmbH and Co. KG, CROWN BATTERY, Trojan Battery Company, Power Sonic Corporation, Mutlu Akü, Guangdong Dynavolt Power Technology, Surrette Battery's, Renogy, Battery Tender, Optima Batteries, Fullriver Battery, Vision Group SpA, Banner Batterien
Absorbent Glass Mat (AGM) Battery Market 2024 Key Insights:
• The absorbent glass mat (AGM) battery market size is expected to see steady growth in the next few years. It will grow to $16.48 billion in 2028 at a compound annual growth rate (CAGR) of 4.5%.
• Expanding Infrastructure Of Datacenters Fuels Growth In The Absorbent Glass Mat (AGM) Battery Market
• Innovative Dual AGM Batteries Drive Growth In The AGM Battery Market
• Asia-Pacific was the largest region in the absorbent glass mat (AGM) battery market in 2023
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