According to Future Market Insights, the global absorbent glass mat (AGM) battery market is expected to be worth US$ 18 billion by the end of the forecast period, with a 4.8% CAGR. Growing government support is expected to fuel market growth in the coming years. In 2022, the industry is expected to generate $11.2 billion.
The number of research and development by the leading manufacturer and the production of maintenance-free and non-spillage batteries with loner life is the primary factor driving the growth of the absorbent glass mat (AGM) battery market. The increasing demand for renewable energy projects across the globe is also expected to fuel the demand of the market over the forecast period.
The UPS segment is likely to offer remunerative opportunities for the global absorbent glass mat(AGM) battery market. Several emerging economies are making significant developments in their automotive sector, thereby, providing lucrative opportunities to players in the market.
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Key Takeaways:
- By application, the UPS segment is expected to record a 3.8% CAGR by 2032
- By voltage, the 2-4volts segment to expand at a 3.2% growth rate during the forecast period
- The U.S market to garner US$ 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.
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
- Motor Vehicle
- Motor Cycle
- 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
Absorbent Glass Mat (AGM) Battery Market by Region:
- North America Absorbent Glass Mat (AGM) Battery Market
- Europe Absorbent Glass Mat (AGM) Battery Market
- Asia-Pacific Absorbent Glass Mat (AGM) Battery Market
- Middle East & Africa Absorbent Glass Mat (AGM) Battery Market
- Latin America Absorbent Glass Mat (AGM) Battery Market
About Future Market Insights, Inc.
Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware, USA. A recipient of Clutch Leaders Award 2022 on account of high client score (4.9/5), we have been collaborating with global enterprises in their business transformation journey and helping them deliver on their business ambitions. 80% of the largest Forbes 1000 enterprises are our clients. We serve global clients across all leading & niche market segments across all major industries.
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