Market Overview:
The absorbent glass mat battery market involves batteries that employ glass mat separators between the battery plates to separate positive and negative electrode plates. These batteries are commonly used as a reliable source for backup power in telecommunications, utilities, and UPS systems due to their maintenance-free operations and high-power densities. They are also used in electric vehicles and renewable energy storage applications.

Market Dynamics:
The growth of the absorbent glass mat battery market is majorly driven by increasing demand for reliable and uninterrupted power supply from various industries such as telecommunications, utilities, and information technology. Furthermore, wide usage of these batteries in photovoltaic systems and renewable energy storage is also fueling market growth. For instance, according to International Renewable Energy Agency, the total installed capacity of renewable energy increased from 2,014 GW in 2012 to 2,737 GW in 2020. Additionally, rapid expansion of electric vehicles industry and supportive government policies promoting EVs adoption are creating new growth opportunities for absorbent glass mat batteries in the forecast period. However, availability of substitutes such as lithium-ion batteries may hinder the market growth.

The global Absorbent Glass Mat Battery Market Size is estimated to be valued at US$ 14.72 Bn in 2023 and is expected to exhibit a CAGR of 9.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

SWOT Analysis

Strength: Absorbent Glass Mat batteries have a strong robust design that protects them from vibration and impacts making them durable for stationary applications. Their maintenance free design eliminates watering requirements reducing servicing needs. AGMs can deliver deep cycle usage and operate efficiently in a wide range of temperatures.

Weakness: Absorbent Glass Mat batteries have a higher upfront cost as compared to flooded lead acid batteries. Due to the glass mat construction, they are heavier than conventional lead acid batteries.

Opportunity: The growth of the renewable energy sector is driving the demand for energy storage solutions. Absorbent Glass Mat batteries are well suited for application in solar and wind energy storage systems due to their deep cycle and maintenance free operation. Growth in electric vehicles provides an opportunity as AGMs are used in many hybrid and electric vehicles.

Threats: Development of newer chemistry batteries like lithium ion poses a threat as they have higher energy density. Falling prices of lithium ion batteries could impact the demand for AGMs over the long term.

Key Takeaways:

The global Absorbent Glass Mat battery market is expected to witness high growth, exhibiting CAGR of 9.0% over the forecast period, due to increasing demand for backup power solutions across industries. AGMs are widely used in industrial UPS systems, commercial telecom towers, and energy storage applications due to their deep cycle and maintenance free operation.

Regional analysis

North America dominates the global AGM battery market currently, owing to strong presence of UPS system manufacturers and data center operators in the region. However, Asia Pacific region is expected to exhibit the highest CAGR during the forecast period due to rising energy storage deployments across industries and growing electric vehicle adoption in China.

Key players

Key players operating in the Absorbent Glass Mat battery market are EnerSys, Exide Technologies, GS Yuasa, Hoppecke, Crown Battery, Hitachi Chemical, Amara Raja, HBL Power Systems, C&D Technologies, Luminous, Okaya Power, Rolls Battery, Amara Raja Batteries, Hankook AtlasBX Co, Leoch Battery, Power-Sonic, Southern Batteries, Panasonic Corporation, Samsung SDI, LG Chem. The market is fragmented in nature with top players accounting for around 35-40% of the total market share.

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