NEW YORK – Research Dive in its latest published report estimates that the Global Gel Battery Market will generate $2,776.9 million by 2028, and exhibit a CAGR of 4.0% during the forecast period from 2021 to 2028.
Market Dynamics
The demand for gel batteries is increasing for solar power systems and other renewable energy sources at a fast pace. Gel batteries are widely used in solar power plants as it is maintenance free, safe to operate, and easy to install. This battery has low self-discharge that enhances the long cycle and shelf life of the battery. These factors are projected to foster the global gel battery market growth during the during the forecast period. Moreover, the wide usage of gel batteries in deep cycle applications such as cell phones, marine equipment, motorcycles, camcorders, and others are estimated to create massive opportunities for the growth of the global market by 2028. However, the extent of damage caused due to overcharging gel batteries are expected to restrict the market growth in the estimated timeframe.
COVID-19 Impact on the Gel battery Market
The COVID-19 outbreak has adversely impacted the global gel battery market growth during the pandemic. The unfavorable impact on the gel battery market share and size is majorly due to the social distancing norms, disruption in supply chain, and lockdown imposed across various countries. This led to shutting down of gel battery manufacturing units. Besides, import-export restrictions led to the delay or non-availability of raw materials such as lead, silica, anode, cathode, electrolyte, and others required for the gel battery manufacturing. These are the major reasons hindering the global door market growth during the pandemic crisis.
Key Segment Findings of the Market
The research report segments the global market into type, application, and region.
- Based on type, the 12V sub-segment valued for $962.3 million in 2020 and is projected to be most lucrative over the forecast period. This is mainly because most of the cars, watches, race vehicles, refrigerators, televisions, and other electrical appliances operate on 12V. In addition, the 12V power systems require only one battery work well for lower-power applications and short wire runs. These factors are expected to boost the sub-segment’s growth.
- Based on application, the energy storage & distribution sub-segment valued for $596.2 million in 2020 and is expected to hold the majority of market share during the forecast period. The gel batteries are widely used in energy storage & distribution applications such as in renewable energy sources. The gel batteries offer versatile energy storage option and requires low maintenance. These factors are driving the sub-segment’s growth.
- Based on region, the Asia Pacific gel battery market size is expected to reach up to $935.8 million by 2028 and witness rapid growth over the forecast period. The dominance of this region is attributed to the presence of largest battery manufacturing and exporting countries in the region such as China and South Korea. For example, South Korea exported lead-acid batteries worth $16.8 billion in 2020.
Top 10 Key Players of Gel Battery Market
The prominent players of the global market include –
- Exide Technologies
- JYC Battery Manufacturer Co. Ltd.
- BSB Power Company Limited
- Vision Group
- Leoch International Technology Limited Inc.
- B.B. Battery
- Power Sonic Corporation
- C&D Technologies, Inc.
- Canbat Technologies Inc.
- Exponential Power
These players are focusing on mergers, collaborations, product development, launches, and gel battery market trends to gain a strong position.
In November 2020, Eternity Technologies, the global industrial battery plant, announced the launch of their new range of Gel Bloc batteries. The ‘Eternity Technologies Gel Bloc’ is a novel generation of maintenance free product that uses advanced VRLA Gel technology to provide longer life in harsh conditions, high resilience to deep discharge, extensive cycle performance, and fully recyclable.
