New York, USA, Sept. 01, 2021 (GLOBE NEWSWIRE) -- 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). The all-inclusive report provides a brief summary of the current market scenario comprising major aspects of the market such as growth factors, restraints, and lucrative growth opportunities. Besides, the report provides all the gel battery market trends, COVID-19 impact on the market, and market estimations making it easier, helpful, and useful for the new participants to understand the market.
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Market Dynamics
As per our analysts, gel batteries and solar power systems are gaining popularity over the recent years as it does not have any harmful environmental impact. Besides, gel
battery when used in solar, provides 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 battery 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 battery is sensitive to overcharging which is estimated to restrict the market growth in the projected timeframe.
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 pandemic.
12V Sub-segment to Grow at the Fastest Rate
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.
Energy Storage & Distribution Sub-segment to Hold Largest Market Share
By application, the energy storage & distribution sub-segment valued for $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 use of gel battery 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.
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Asia Pacific Region to Dominate in the Global Industry
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.
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
- JYC Battery Manufacturer Co. Ltd.
These players are applying numerous strategies to gain a strong hold and competitive edge in the global industry.
For instance, in February 2019, Gelion, the Sydney-based energy storage start-up, announced the launch of zinc bromine gel battery in the Australia’s booming battery
market. This new gel battery is a cheaper, safer, and more sustainable alternative to lithium-ion battery.
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