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- Global Gel Battery Market
Global Gel Battery Market to Reach US$ 3.1 Billion by 2032, Bolstered by Numerous Government Initiatives
March 15, 2022
| Chemical & Materials
According to the report by IMARC Group, titled “Gel Battery Market Report by Type (2V, 6V, 12V), Distribution Channel (Online, Offline), Application (Electric Mobility, Energy Storage and Distribution, Telecommunication, and Others), and Region 2024-2032,” finds that the global gel battery market reached a value of US$ 2.2 Billion in 2023. Gel battery is a valve-regulated lead-acid battery with a jellied electrolyte. It consists of silica that makes the electrolyte set up or stiffen the battery. It is suited for deep cycle application and is used in places without ventilation. It is generally maintenance-free and vibration resistant in nature. As compared to a conventional lead-acid battery, a gel battery requires low recharge voltage as it is sensitive to over-charging. It also offers advantages such as enhanced safety due to the reduced risk of sulphuric acid burns, greater resistance to shock and lower rate of evaporation. As a result, it finds applications in marine equipment, motorcycle designs, cell phones, camcorders, and high-end cars. It is also utilized in solar systems, marine trolling, sailboats, uninterrupted power systems (UPS), and emergence lightings.
Global Gel Battery Market Trends:
The market is primarily driven by rapid urbanization and a significant rise in the number of vehicles on the road. In addition, the growing awareness regarding energy generation from renewable energy sources is also facilitating the change in the infrastructure of electric grid setups. This is creating a high demand for microgrid installation, which is propelling the market growth. Besides this, governments across various countries are implementing supportive policies and promoting the use of off-grid solar photovoltaic (PV) setups, which can be managed independently. They also provide tax credits, incentives, and price concessions on various solar panel components, which is increasing the product demand across various industry verticals. Furthermore, the rising need for solar-powered devices to provide backup during power outages coupled with the growing popularity of electric vehicles, public transportation, and aircraft are creating a positive outlook for the market. Looking forward, the market is expected to reach a value of US$ 3.1 Billion by 2032, exhibiting a CAGR of 3.48% during the forecast period (2024-2032).
Market Summary:
- Based on the type, the market has been segmented into 2V, 6V, and 12V.
- On the basis of the distribution channel, the market has been classified into online and offline channels.
- The market has been categorized based on the application into electric mobility, energy storage and distribution, telecommunication, and others.
- Region-wise, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the market has been examined, with some of the key players being B.B. Battery, BSB Power Company Limited, C&D Technologies Inc., Canbat Technologies Inc., Exide Technologies, Exponential Power Inc., JYC Battery Manufacturer Corporation Limited, Leoch International Technology Limited Inc., Power-Sonic Corporation, and Vision Group.
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IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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