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The Absorbent Glass Mat Battery Market Growth Accelerated by Improved Battery Performance

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naufan
The Absorbent Glass Mat Battery Market Growth Accelerated by Improved Battery Performance

The absorbent glass mat battery market is witnessing high demand due to growing adoption of renewable energy sources and electric vehicles globally. Absorbent glass mat batteries offer improved performance, energy density, maintenance-free operation, and deep cycle discharge properties. They are commonly used in UPS systems, telecommunication systems, switchgear, and electric vehicles.

The global absorbent glass mat battery market is estimated to be valued at US$ 14.72 Bn in 2023 and is expected to exhibit a CAGR of 5.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

The increasing adoption of electric vehicles worldwide is a major factor driving the growth of the absorbent glass mat battery market. Absorbent glass mat batteries are widely used in electric vehicles due to their improved cycle life and leakproof operations over traditional flooded lead-acid batteries. Major automakers are focusing on expanding their electric vehicle fleet, which is expected to boost the demand for absorbent glass mat batteries during the forecast period. Furthermore, the growth of renewable energy industry is augmenting the market growth as absorbent glass mat batteries are commonly used for energy storage in solar and wind power projects. They provide reliable energy backup and are low maintenance, which makes them suitable for large scale energy storage applications.

Segment Analysis

The global absorbent glass mat battery market is dominated by the valve regulated lead-acid batteries segment. These batteries are best suited for stationary applications such as grid energy storage, telecom tower power backup, and uninterruptible power supply systems. The maintenance-free nature and tolerance to partial state of charge cycling make them ideal for use in these applications where frequent water refills are not possible. Due to their suitability and reliability, valve regulated lead-acid batteries currently occupy around 80% of the global absorbent glass mat battery market share.

Key Takeaways

The Global Absorbent Glass Mat Battery Market Size is expected to witness high growth over the forecast period of 2023-2030 supported by increasing demand for stationary energy storage solutions. Major factors driving the adoption of these batteries include growing renewable integration worldwide and focus on grid reliability and power quality improvement in developing economies.

Regional analysis: The Asia Pacific region dominates the global absorbent glass mat battery market with over 40% share currently. China, India, and Japan are the major markets in the region contributing to the lead demand. With extensive investments in grid-scale energy storage projects and increasing focus on renewable energy integration, the Asia Pacific region is expected to witness the highest growth over the forecast period.

Key players operating in the absorbent glass mat battery market are Nippon Steel Corporation, Thyssenkrupp AG, ArcelorMittal, Tata Steel, Outokumpu Oyj, Aperam, VDM Metals GmbH, Jindal Stainless Limited, Allegheny Technologies Incorporated, Ulbrich Stainless Steels & Special Metals, Inc., Carpenter Technology Corporation, Nucor Corporation, Daido Steel Co., Ltd., Sandvik AB, Elgiloy Specialty Metals.


Get more insights on this topic:

https://www.dailyprbulletin.com/absorbent-glass-mat-battery-market-insights/

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