The global absorbent glass mat (AGM) battery market exhibited robust performance, reaching a value of US$ 11 billion in 2021, with further growth anticipated to continue at a rate of 5.3% year-on-year, projecting a value of US$ 11.2 billion in 2022. Projections suggest a promising trajectory, with estimations indicating a substantial increase to US$ 18 billion by the year 2032, driven in part by heightened support from various governmental bodies. Over the forthcoming years, the market is poised to maintain a steady growth pace, expected to register a Compound Annual Growth Rate (CAGR) of 4.8%.
However, the landscape of growth has been significantly impacted by the COVID-19 pandemic, inducing notable disruptions across the supply chain, leading to shortages of critical raw materials and components essential for AGM battery production. While AGM batteries find utility across diverse applications, the automotive sector has notably spearheaded their adoption. Nevertheless, the automotive industry, particularly the international sales of electric vehicles, experienced a stark decline of 44% in the wake of the pandemic. This downturn has consequently impeded the global expansion and production of AGM batteries, necessitating adaptive strategies to navigate these challenges.
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Growth Factors
The increasing integration of renewable energy sources into power grids has underscored the importance of efficient and versatile energy storage systems. As renewable energy adoption continues to surge, there is a growing demand for energy storage solutions that are both effective and adaptable, capable of accommodating the intermittency of renewable sources while ensuring reliability over an extended service life. This demand is expected to be a key driver of market expansion in the forthcoming years.
In tandem with this trend, government initiatives aimed at enforcing stringent carbon-emission regulations are further propelling the need for sustainable energy storage solutions. Such initiatives are fostering an environment conducive to the development and deployment of technologies that mitigate environmental impact and facilitate the transition towards cleaner energy alternatives.
At the forefront of innovation are research and development efforts spearheaded by leading suppliers in the industry. These efforts are driving the fabrication of advanced energy storage solutions, including maintenance-free and non-spill batteries designed to offer prolonged operational lifespans. By prioritizing durability and reliability, manufacturers are catering to the evolving needs of grid operators and renewable energy stakeholders, thus contributing to the continued advancement of the energy storage market.
Key Players
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.
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Key Segments
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
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