Gel Battery Market Outlook - 2027
The global gel battery market was valued at $1.8 billion in 2019, and is projected to reach $2.6 billion by 2027, growing at a CAGR of 4.2% from 2020 to 2027.
The term gel in the gel battery refers to the presence of electrolyte in the suspended form. The presence of silica in the electrolyte makes the electrolyte in the gel form or makes the electrolyte to set up or stiffen in the battery. As compared to other types of lead acid batteries it has low recharge voltages. Gel battery is probably the most sensitive battery in terms of over-charging.
The gel battery market is expected to grow, owing to numerous factors such as cost effective, ease of recyclability, and others. Cost of gel battery is one of the factors which outperform other batteries. However, availability of alternative batteries is one of the major factors expected to hinder the market growth. In addition, sensitivity to overcharging and requirement of specific chargers and regulators are some of the factors that are anticipated to hamper the adoption of gel battery. Furthermore, the COVID-19 outbreak has negatively impacted the demand for market, as it has decreased the industrial activities all over the globe; thereby, reducing the demand for energy storage requirements. On the contrary, some of the positives of COVID-19 outbreak on the market are upsurge demand for broadband, cleaning machines, and others, which use gel batteries for operating.
The market is segmented on the basis of type, application, and region. By type, the market is fragmentedinto2V, 6V, and 12V. On the basis of application, it is divided into electric mobility, energy storage & distribution, telecommunication, and others. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. The gel battery market share is analyzed across all regions.
The gel battery market analysis covers in-depth information of the major industry participants. Some of the major players in the market include Exide Technologies (Exide), BSB Power Company Limited., Leoch International Technology Limited Inc., Power Sonic Corporation (PS Corporation), Storage Battery Systems, LLC (SBS LLC), Canbat Technologies Inc. (Canbat), C&D Technologies, Inc., (C&D), JYC Battery Manufacturing Co., Ltd., B.B. TECH (Changsha) Co., Ltd. (B.B. TECH), and Vision Group (Vision).
Other players in the value chain of the gel battery market include Coslight India Telecom Pvt. Ltd., Dynavolt Renewable Energy Technology Co., Ltd., Exide Industries Limited, Microtex Energy Private Limited, The Furukawa Battery CO., LTD., KAYO Battery (Shenzhen) Company Limited, Jayachandran Industries (P) Ltd, AGM Technology, Suntech Batteries, Chilwee Group CO.,LTD, and others.
The key players are adopting numerous strategies such as product launch, business expansion, acquisition, partnership, collaboration, and agreement to stay competitive in the gel battery market.
For instance, Exide launched innovative valve regulated lead acid (VRLA) gel battery for power-hungry trucks. The new product launched has less maintenance and it delivers more cycling endurance than flooded battery and AGM (absorbent glass mat) batteries. This makes it a better option for high energy applications, such as long-haul trucks with “life on board” equipment and commercial vehicles. This product launch has reinforced company’s product portfolio.
12V is projected as the most lucrative segment.
By type, 12V gel battery has not only garnered highest share in the gel battery market in 2019 but also is expected to grow at a fastest growth rate. It has garnered a share of 43.8% in 2019, and is expected to grow at a CAGR of 4.4. This is attributed to its high adoption innumerous applications such as energy storage & distribution, telecommunication, and others.
Energy Storage & Distribution is projected as the most lucrative segment.
By application, the energy storage & distribution segment is anticipated to grow at a highest growth rate. This is attributed to rise in demand for gel batteries for renewable energy application from emerging economies such as China, India, and others. As the gel batteries are used in solar and wind power plants.
Asia-Pacific holds a dominant position in 2019 and would continue to maintain the lead over the forecast period.
Region wise, LAMEA is the fastest growing region, and Asia-Pacific garnered highest share in the market in 2019. LAMEA is expected to grow at 5.7%. It is one the price sensitive market, owing to which it is expected that gel battery market may grow considerably. As available options such as lithium-ion battery is costly as compared to gel battery. Asia-Pacific has garnered 39.9% share in 2019, owing to numerous factors such as vast consumer base and presence of key players in countries such as China, India, and others.
Key Benefits for Stakeholders:
- The gel battery market forecast is studied from 2020 to 2027
- The report provides an in-depth analysis of the market along with the current and future market trends
- This report highlights the key drivers, opportunities, and restraints of the market along with the impact analysis during the forecast period
- Porter’s five forces analysis helps analyze the potential of buyers & suppliers and the competitive scenario of the gel battery industry for strategy building
- The qualitative data in this report aims on market dynamics, market trends, and developments
- A comprehensive analysis of the factors that drive and restrain the gel battery market growth is provided
- The gel battery market size is provided in terms of revenue
Gel Battery Market Report Highlights
Key Market Players
B.B. TECH (Changsha) Co., Ltd., BSB Power Company Limited., Power Sonic Corporation, Exide Technologies, JYC Battery Manufacturing Co., Ltd., Vision Group, Canbat Technologies Inc., Storage Battery Systems, LLC, Leoch International Technology Limited Inc., C&D Technologies, Inc.
The demand for gel batteries is increasing in the regions such as Asia-Pacific and LAMEA. As consumers in these regions prefer low cost products. The initial cost of gel batteries is high although as compared to lithium ion battery it is less costly. The growth of lithium-ion battery in developed region is anticipated to slowdown, owing to increase in adoption of gel batteries. In addition, Brazil and India are some of the countries expected to offer lucrative opportunities for the market expansion. This is attributed to several factors such as rise in adoption of gel battery in numerous applications such as electric mobility application, telecommunication, and energy storage & distribution. In addition, ease of recyclability associated with gel batteries over other batteries is also propelling the market growth.