According to the report published by Allied Market Research, the global absorbent glass mat battery market generated $11.6 billion in 2021, and is estimated to reach $19.5 billion by 2031, witnessing a CAGR of 5.4% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscape, and competitive scenario. The report is a helpful source of information for leading market players, new entrants, investors, and stakeholders in devising strategies for the future and taking steps to strengthen their position in the market.
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Covid-19 Scenario:
- The outbreak of the COVID-19 pandemic adversely impacted the absorbent glass mat battery market in the first half of 2020, owing to the closure of manufacturing plants during the lockdown period.
- Due to social distancing and work from home norms across the world, the residential sector observed high installation demand for uninterrupted power source (UPS) systems. Many power plants and substations were working with a limited workforce, resulting in frequent power outages. Owing to this, the market saw an upsurge in the demand for UPS systems and energy storage devices in various sectors, which boosted the global market growth.
- Post the pandemic, the government of various countries worldwide invested in the renewable power generation such as solar power plant, which increased the demand for absorbent glass mat battery through energy storage devices. Furthermore, various technological advancements which are used in the optimization of absorbent glass mat battery for solar systems, UPS systems, and energy storage devices led to a growth in the global absorbent glass mat battery industry.
The report offers a detailed segmentation of the global absorbent glass mat battery market based on type, voltage range, end use, application, and region. The report provides an analysis of each segment and sub-segment with the help of tables and figures. This analysis helps market players, investors, and new entrants in determining the sub-segments to be tapped on to achieve growth in the coming years.
Based on type, the stationary segment held the largest share in 2021, accounting for nearly three-fourths of the global absorbent glass mat battery market, and would rule the roost through 2031. The motive segment, on the other hand, is estimated to witness the fastest CAGR of 5.7% during the forecast period. The report also discusses the devices segment.
Based on the voltage range, the 2–4 volts segment held the largest share in 2021, accounting for more than two-fifths of the global absorbent glass mat battery market, and would rule the roost through 2031. However, the 12 volts and above segment is estimated to witness the fastest CAGR of 5.8% during the forecast period. The report also discusses the 6-8 volts segments.
In terms of end use, the OEM segment captured the largest market share of nearly two-thirds in 2021 and is expected to lead the trail during the forecast period. However, the aftermarket segment is likely to achieve the fastest CAGR of 5.8% through 2031.
Based on region, the market in North America was the largest in 2021, accounting for more than one-third of the global absorbent glass mat battery market, and is likely to maintain its leadership status during the forecast period. However, the absorbent glass mat battery market in the Asia-Pacific is expected to manifest the highest CAGR of 6.0% from 2022 to 2031. The other regions analyzed in the study include Europe and LAMEA.
Leading players of the global absorbent glass mat battery market analyzed in the research include Clarios, LLC, Exide Technologies, LLC, Universal Power Group, Inc., EnerSys, East Penn Manufacturing Company, Yusa Group, FIAMM Energy Technology, Robert Bosch GmbH, Duracell Inc., Johnson Controls International plc, MK Battery, and Power-Sonic Corporation.
The report analyzes these key players of the global AGM battery market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments by every market player.
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SOURCE: GlobeNewswire
