Global Absorbent Glass Mat (AGM) Batteries Market - 2023-2030

Global Absorbent Glass Mat (AGM) Batteries Market - 2023-2030

Market Overview

Absorbent Glass Mat (AGM) Batteries Market reached US$ XX million in 2022 and is projected to witness lucrative growth by reaching up to US$ XX million by 2030. The market is growing at a CAGR of XX% over the forecast period (2023-2030).

Absorbent glass mat (AGM) batteries are sealed lead-acid batteries that use a fiberglass mat to separate and immobilize the acid electrolyte. Absorbent glass mat batteries are also known as ""starved electrolyte"" batteries, as the glass mat absorbs the electrolyte, preventing it from moving freely within the battery. This design provides several advantages over traditional flooded lead-acid batteries, such as improved performance, longer service life and reduced maintenance requirements.

Market Dynamics

Improvements in battery technology, such as higher energy density, longer service life and reduced maintenance requirements, make AGM batteries more attractive to customers. The growing popularity of electric vehicles (EVs) is leading to higher demand for AGM batteries, as they are used in the powertrain of EVs. The increasing need for reliable backup power systems in commercial and industrial settings drives demand for AGM batteries.

Additionally, the growing trend of energy storage systems for residential, commercial and industrial applications is expected to grow the AGM batteries market.

Increased use of renewable energy power sources drives the growth of the global absorbent glass mat (AGM) batteries market

The increased use of renewable energy sources, such as solar and wind power, is driving the growth of the global absorbent glass mat (AGM) batteries market. AGM batteries are well-suited for use in energy storage systems, which are becoming increasingly important as renewable energy sources are integrated into the power grid. AGM batteries can store excess energy generated by renewable sources, such as solar panels and release it when needed to ensure a stable power supply. These batteries can be used in microgrids, small-scale power systems that can operate independently or in conjunction with the main power grid. Microgrids can provide power to remote or isolated areas and renewable energy sources often power them.

AGM batteries can also be used in off-grid applications, such as remote homes or communities not connected to the main power grid. In these applications, AGM batteries can store energy generated by renewable sources, such as solar panels and provide power when needed. These batteries can also be used in conjunction with net metering systems, which allow customers with renewable energy systems to send excess energy back to the grid and receive credits for it. AGM batteries can store this excess energy and release it when needed, reducing the need to purchase power from the grid.

Therefore, the increasing use of renewable energy sources is driving the growth of the global absorbent glass mat (AGM) batteries market by creating a greater need for energy storage and backup power systems that can support the integration of renewable energy into the power grid.

The higher cost of AGM batteries impedes the growth of the global absorbent glass mat (AGM) batteries market

The higher cost of AGM batteries is considered one of the main factors that impede the growth of the global absorbent glass mat (AGM) batteries market. AGM batteries are more expensive than traditional flooded lead-acid batteries, making them less attractive to customers, particularly in price-sensitive markets.

The cost of raw materials, manufacturing process, research and development mainly drive the cost of AGM batteries. The cost of lead, the main component of AGM batteries, has been fluctuating in recent years, which can affect the overall cost of the batteries. Additionally, the manufacturing process for AGM batteries is more complex and labor-intensive than traditional flooded lead-acid batteries, which can also add to the cost.

The higher cost of AGM batteries also makes it challenging for small and regional players to compete with large, established manufacturers. This can limit the number of players in the market, further driving up prices. However, the cost of AGM batteries is expected to decrease over time as the technology matures and economies of scale are achieved. Additionally, the benefits of AGM batteries, such as higher performance, longer service life and reduced maintenance requirements, may justify the higher cost for some customers.

COVID-19 Impact Analysis

The pandemic has caused disruptions to the global supply chain, leading to shortages of raw materials and components for AGM batteries. This has affected the production and delivery of AGM batteries, which has harmed the demand for the batteries. The automotive industry, a major AGM battery market, has been hit hard by the pandemic, leading to a slowdown in the production and sales of vehicles. This has harmed the demand for AGM batteries used in vehicles. The pandemic has also led to a slowdown in economic activity, which has reduced demand for AGM batteries in residential settings. Many people have had to reduce their spending on non-essential items, which has reduced demand for AGM batteries used in residential energy storage systems.

Furthermore, the COVID-19 pandemic has negatively impacted the demand for the global absorbent glass mat batteries market due to disruptions in supply chains, the slowdown in the automotive industry and reduced demand in the industrial, commercial and residential sectors.

Segment Analysis

The global absorbent glass mat (AGM) batteries market is segmented based on type, application, end-user and region.

Due to increased demand for energy storage and backup power systems, stationary batteries are leading the global market

Stationary battery type dominates the global absorbent glass mat (AGM) batteries market due to its wide range of applications in various industries. Stationary AGM batteries are widely used in energy storage systems, such as solar and wind power systems, to store excess energy generated by these sources and release it when needed. This helps to ensure a stable power supply and reduces the need to purchase power from the grid. Stationary AGM batteries are also used in backup power systems, such as emergency lighting and communication systems, to provide power when the main power source is unavailable. This helps to ensure the continuity of operations in commercial and industrial settings and is also used in UPS systems to provide emergency power in case of power outages. This helps ensure operations continuity and protect electronic equipment from damage.

Furthermore, the stationary battery type will continue to dominate the global AGM batteries market in the forecast period. The market is mainly driven by the rising demand for energy storage, backup and uninterruptible power supply (UPS) systems. The growing trend of microgrids and off-grid renewable energy systems is also expected to drive the demand for stationary AGM batteries.

Geographical Analysis

The global absorbent glass mat (AGM) batteries market is segmented based on type, application, end-user and region.

The rapid growth of the automotive industry strengthening the position of Asia-Pacific in the global AGM batteries market

Asia-Pacific accounts for the majority of the market share in the global absorbent glass mat (AGM) batteries market. The automotive industry is a major market for AGM batteries and Asia-Pacific is home to some of the world's largest automotive manufacturers and suppliers. Countries like China, Japan and South Korea are major producers of vehicles and their components, including AGM batteries. China and India are two major players in the global automotive market. China is the world's largest manufacturer and consumer of vehicles, with a market share of around 33%. The country has a large and rapidly growing automotive industry, with many domestic and international automakers operating in the market. China is also the world's largest producer of electric vehicles (EVs) and the government has set ambitious targets for the adoption of EVs in the country.

India is also an important player in the global automotive market, with a market share of around 6%. The country has a large and rapidly growing automotive industry, with many domestic and international automakers operating in the market. The Indian government has also set ambitious targets for the adoption of EVs in the country and the market for EVs is expected to grow rapidly in the coming years.

Furthermore, the growing automotive industry in China and India presents lucrative growth prospects for manufacturers to invest in Asia-Pacific, which resulted in the domination of the Asia-Pacific market in the global AGM batteries market.

Competitive Landscape

The global absorbent glass mat (AGM) batteries market is highly competitive, with several large and well-established players vying for market share. However, the market is also characterized by several small and regional players, which makes the competition intense. Additionally, the market is expected to see the entry of new players, especially from Asia and Europe, which will further increase the competition in the market. The key players in the market are Clarios, Power Sonic Corporation, C&D Technologies, East Penn Manufacturing Company, Fullriver Battery, Enersys, Concorde Battery Corporation, Universal Power Group, Exide Technologies and Fiamm Energy Technology.

Clarios

Overview:Clarios is a global leader in advanced energy storage solutions. It is headquartered in Milwaukee, Wisconsin. Clarios has its headquarters in U.S., Germany, Mexico and China. Clarios designs, manufacture and distributes advanced batteries and energy management systems for various applications, including automotive, commercial, industrial and residential use. The company offers lead-acid and lithium-ion batteries. The clarios global has over 50 facilities across the globe and it has 6 R&D facilities along with 12 R&D partnerships. Clarios’s product sales in more than 140 countries include 25% of the original equipment and 75% of the aftermarket sales.

Product Portfolio:
• Absorbent Glass Mat (AGM) Battery: The product can withstand the toughest applications and keep up with modern automobiles' rising electrification. Even in the most demanding applications, AGM batteries are made to provide exceptional reliability, durability and safety. The product consistently manages demanding loads, a variety of driving patterns and applications. It also exhibits outstanding high heat performance and is resistant to corrosion. High demands are met by high-performance batteries that give inside-out accuracy to fulfill the growing requirement for functional safety. It has features like a patented stamping grid design, thick AGM separator, strengthened case, measured cell compression and precision manufactured design.

Key Development:On January 10, 2022, Clarios introduced smart technology to optimize real-time vehicle performance and monitor vital safety features for electric and autonomous vehicles. To maximize the performance of the low-voltage power supply, Clarios Smart AGM (absorbent glass mat) will give continuous low-voltage power, monitor its performance in real-time, envision the need for battery maintenance and provide safety-critical activities.

Why Purchase the Report?
• To visualize the global absorbent glass mat (AGM) batteries market segmentation based on type, application, end-user and region, as well as understand key commercial assets and players.
• Identify commercial opportunities in the global absorbent glass mat (AGM) batteries market by analyzing trends and co-development.
• Excel data sheet with numerous data points of absorbent glass mat (AGM) batteries market-level with all segments.
• PDF report consisting of cogently put together market analysis after exhaustive qualitative interviews and in-depth market study.
• Product mapping available as excel consisting of key products of all the major market players.

The global absorbent glass mat (AGM) batteries market report would provide approximately 61 tables, 57 figures and 210 Pages.

Target Audience 2023
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies