PUBLISHER: Coherent Market Insights | PRODUCT CODE: 1357986
PUBLISHER: Coherent Market Insights | PRODUCT CODE: 1357986
The Absorbent Glass Mat Battery Market size is expected to reach US$ 26.90 billion by 2030, from US$ 14.72 billion in 2023, at a CAGR of 9% during the forecast period.
Report Coverage | Report Details | ||
---|---|---|---|
Base Year: | 2022 | Market Size in 2023: | US$ 14.72 Bn |
Historical Data for: | 2018 to 2021 | Forecast Period: | 2023 - 2030 |
Forecast Period 2023 to 2030 CAGR: | 9.00% | 2030 Value Projection: | US$ 26.90 Bn |
Absorbent Glass Mat (AGM) batteries have become increasingly popular in various industries due to their superior performance and versatility. These batteries are a type of valve-regulated lead-acid (VRLA) battery, which means they are maintenance-free and can be used in a wide range of applications.
AGM batteries are designed with a mat of absorbent glass fibers that hold the electrolyte solution, making them spill-proof and resistant to vibration. This unique construction allows AGM batteries to deliver high currents and provide reliable power to various devices and systems.
The global market for AGM batteries is experiencing significant growth, driven by the increasing demand for power backup and storage solutions. AGM batteries are widely used in industries such as automotive, telecommunications, healthcare, and renewable energy, among others.
The Absorbent Glass Mat (AGM) Battery market is driven by several factors that are shaping its growth trajectory. One of the key drivers is the growing demand for reliable power backup solutions. As industries become more reliant on uninterrupted power supply, AGM batteries offer a convenient and efficient solution. These batteries can provide consistent power during power outages or in remote locations where grid access is limited.
Another driver for the AGM battery market is the increasing adoption of renewable energy sources. AGM batteries are used to store energy generated from solar and wind sources, ensuring a steady power supply during fluctuating weather conditions. The shift towards greener and more sustainable energy solutions is expected to drive the demand for AGM batteries in the coming years.
However, the market also faces certain challenges that could hinder its growth. One of the major restraints is the high initial cost of AGM batteries compared to traditional lead-acid batteries. This cost factor may limit their adoption, especially in price-sensitive markets. Additionally, AGM batteries have a limited lifespan, and their performance can be affected by extreme temperatures and overcharging.
Despite the challenges, the AGM battery market presents significant opportunities for growth. The increasing demand for electric vehicles (EVs) is expected to drive the market, as AGM batteries are used in EVs for their high energy density and ability to deliver power quickly. Moreover, advancements in AGM battery technology, such as improved cycle life and faster charging capabilities, are opening up new application areas, including grid storage and telecommunications.
Absorbent Glass Mat Battery Market Segmentation