Global Gel Battery Market to generate $ 2,776.9 million and display a CAGR of 4.0% during the forecast period 2021-2028
NEW YORK, 25 August 2021 / PRNewswire / – Research Dive, in its latest published report, estimates that the Global Gel Battery Market will generate $ 2,776.9 million by 2028, and expose a 4.0% CAGR during the forecast period 2021 to 2028.
The demand for gel batteries is increasing at a rapid rate for solar power systems and other renewable energy sources. Gel batteries are widely used in solar power plants because they are maintenance free, safe to use and easy to install. This battery has a low self-discharge which improves the cycle and the life of the battery. These factors are expected to drive the growth of the global gel battery market during the forecast period. Moreover, the widespread use of gel batteries in deep cycle applications such as mobile phones, marine equipment, motorcycles, camcorders and others is expected to create huge opportunities for the growth of the global market by 2028. However, the extent of damage caused due to overcharging of gel batteries is expected to restrain the market growth within the estimated time frame.
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Impact of COVID-19 on the gel battery market
The COVID-19 outbreak has negatively impacted the growth of the global gel battery market during the pandemic. The adverse impact on gel battery market share and size is mainly due to social distancing standards, supply chain disruption and imposed lockdowns in various countries. This led to the closure of gel battery manufacturing units. In addition, import-export restrictions have resulted in the delay or unavailability of raw materials such as lead, silica, anode, cathode, electrolyte and others necessary for the manufacture of the gel battery. These are the main reasons hindering the growth of the global door market during the pandemic crisis.
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Key market segment results
The research report segments the global market by type, application, and region.
- Depending on the type, the evaluated 12V sub-segment for $ 962.3 million in 2020 and is expected to be the most lucrative during the forecast period. This is mainly because most cars, watches, racing vehicles, refrigerators, televisions, and other electrical devices run on 12V. Additionally, 12V power systems only require a single battery and work well for low power applications and short cables. These factors are expected to drive the growth of the sub-segment.
- Based on the application, the energy storage and distribution sub-segment assessed for $ 596.2 million in 2020 and is expected to hold the majority of the market share during the forecast period. Gel batteries are widely used in energy storage and distribution applications such as renewable energy sources. Gel batteries offer a versatile energy storage option and are low maintenance. These factors are driving the growth of the sub-segment.
- Depending on the region, the Asia Pacific The market size for gel batteries is expected to reach up to $ 935.8 million by 2028 and witness rapid growth during the forecast period. The predominance of this region is attributed to the presence of the largest battery producing and exporting countries in the region, such as China and South Korea. For example, South Korea value of lead-acid batteries exported $ 16.8 billion in 2020.
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Top 10 key players in the gel battery market
Major players in the global market include –
- Exide Technologies
- Battery manufacturer JYC Co. Ltd.
- BSB Power Company Limited
- Vision Group
- Leoch International Technology Limited Inc.
- BB battery
- Power Sonic Corporation
- C&D Technologies, Inc.
- Canbat Technologies Inc.
- Exponential power
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These players are focusing on mergers, collaborations, product development, launches and gel battery market trends to gain a solid position.
In november 2020, Eternity Technologies, the global industrial battery factory, has announced the launch of its new line of Gel Bloc batteries. The “Eternity Technologies Gel Block” is a new generation of maintenance-free products that utilizes advanced VRLA gel technology to provide longer life under harsh conditions, high resistance to deep discharge, extended cycle performance and fully recyclable.
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About the research dive
Research Dive is a market research company based in Pune, India. By maintaining the integrity and authenticity of the services, the company provides services only based on its proprietary data model, constrained by the 360-degree research methodology, which guarantees a complete and accurate analysis. With unprecedented access to several paid data resources, a team of expert researchers and a strict work ethic, the firm delivers extremely accurate and reliable information. By reviewing relevant press releases, government publications, decades of business data, and technical and white papers, Research Dive delivers the services it needs to its clients on time. His expertise is focused on examining niche markets, targeting its key driving factors and detecting threatening obstacles. Complementarily, he also maintains a transparent collaboration with the great aficionado of the industry, which offers an additional advantage to his research.
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