ID: MRFR/E&P/8976-HCR | 111 Pages | Published By Anshula Mandaokar on March 2023
Gel Battery Market share is projected to reach USD 2.7 Billion by 2027, with a 4.50% CAGR during the forecast period.
The gel battery market size is expected to reach approximately USD 2.7 Billion, projected to register a CAGR of 4.50% from 2022 to 2030.
Consumers in developed and developing countries have different mobility needs. Constant urbanization will lead consumers toward car ownership over the forecast period. An increase in sales of new vehicles and a rise in the number of on-road vehicles in regions such as Asia-Pacific, Latin America, and the Middle East & Africa are estimated to propel the demand for gel batteries in these regions shortly. Moreover, an increase in awareness about energy generation from renewable energy sources has led to a change in the infrastructure of the electric grid setup. Governments of many countries are promoting the use of off-grid setups. In an off-grid setup, the electricity generated by renewable energy sources is managed independently. A battery gel is one of the key components in this setup to store energy. Thus, the rise in the installation of off-grid setups is projected to boost the market.
The COVID-19 outbreak has negatively impacted the demand for the market, as it has decreased industrial activities all over the globe, thereby reducing the demand for energy storage requirements. The manufacturing of gel batteries was halted due to a disruption in demand for manufactured products, which further hampered their sales.
The growing popularity of gel batteries due to their usage in a wide range of applications, such as marine trolling, solar systems, electric vehicles, golf cars, sailboats, uninterrupted power systems (UPS), emergency lighting, and others are the factors expected to propel the market share and size during the analysis timeframe. In addition, the greatest advantages of gel batteries include high capacity at increased temperatures, preventing burns and chemical defaults occurring through the usage of sulfuric acid in batteries, and sand pill proof. All these advantages have contributed to the advanced growth of the market across various industry variables. Moreover, the increased recycling of batteries, improved surge, and the importance of the eco-friendly techniques of lead battery maintenance have improved gel batteries' application and usage capacity. However, the availability of alternative battery sources and the slow charging disadvantage of gel batteries are expected to hamper the growth of this market, thereby acting as prime limitations.
Solar power systems have gained immense popularity in recent years as they are a renewable energy source and do not have any dangerous environmental impact. Gel batteries are better than other batteries, such as absorbent glass mats (AGM), in solar power systems where heat is a concern. This is because gel batteries adapt better to extreme temperatures and are less prone to thermal runaway as they are valve-regulated sealed batteries. In addition, gel batteries in solar provide twice the lifespan of an AGM battery. For instance, the Deka brand solar batteries, a popular company in the power sports industry, has developed solar batteries with 600-800 complete lifecycles, corresponding to AGM.
The gel battery charging is sensitive. One must not overcharge it. Overcharging can develop voids in the electrolyte that can damage the battery. The extent of damage owing to overcharging cannot be reversed or fixed. As a result, the battery loses its capacity of charging, which is estimated to hamper the market growth of gel batteries during the forecast period.
Gel battery deep-cycle is widely used in applications such as camcorders, marine equipment, motorcycles, cell phones, and others. Also, they are used in high-end cars. This results from the little maintenance required by gel batteries, which do not require constant water addition to maintain appropriate electrolyte levels. Because the electrolyte in gel batteries is thick and plasma-like, there is little likelihood of leaks or spills. The gel batteries may therefore be positioned in any manner or at any angle. Additionally, the gel-battery incorporates a valve that prevents excessive pressure since it is less vulnerable to temperature changes and other external factors that might impair its capacity to charge. Gel batteries are, therefore, better and may be utilized in various applications, including propelled scooters and other forms of mobility.
The market segmentation, based on type, is 2V, 6V, and 12V. The gel battery market growth was prominently high under the 12V category in 2021 to its high adoption in numerous applications such as energy storage & distribution, telecommunication, and others. However, 6V is the fastest growing in the coming years as it is widely used in electrical components like lighting, starter, and ignition systems designed to operate on 6V.
The gel battery market segmentation, based on application, is electric mobility, energy storage & distribution, telecommunication, and others. In 2021, energy storage & distribution accounted for the largest market share of the market due to the rise in demand for gel batteries for renewable energy applications from emerging economies. However, the electric mobility category is to register the highest growth rate during the forecast period due to the growing usage of gel batteries in electric mobility.
By region, the gel battery market has been divided into Europe, North America, Asia-Pacific, and the Rest of the World. North America accounted for the most extensive market share. Europe will exhibit the highest CAGR during the forecast period.
Asia-Pacific dominated the market share in 2021 and is projected to grow over the forecast period. The companies in the Asia-Pacific region are heavily investing in the application of electric grid mobility, which is working with advanced effectiveness due to the increasing adoption of gel batteries and a further increase in maintenance options for such batteries. The growing number of market manufacturers in the gel deep cycle battery industry in the region is also expected to fuel the growth of the market, thereby advancing consumer interests and allowing the market to expand. Moreover, many countries, such as US and others, are dependent on Asian countries and other trading partners for their battery supply.
Europe accounted for the second-largest market share in the market in 2021 due to the increasing awareness among individuals of rising pollution levels contributing to the market growth in this region. Besides this, gel batteries are employed in manufacturing electric wheelchairs and ventilators, which are employed in health facilities. The escalating demand for electric wheelchairs on account of the rising prevalence of neurological disorders and the geriatric population, which is more susceptible to orthopedic conditions, is also bolstering the market growth in Europe over the forecasted period.
There are tier-1, tier-2, and local companies in the market. The tier-1 and tier-2 players have a wide range of products and a presence. The market is dominated by businesses like C&D Technologies Inc., Canbat Technologies Inc., Leoch International Technology Ltd., JYC Battery Manufacturing Co. Ltd., and B.B.Tech (Changsha) Co. Ltd. due to their unique products, strategic developments, sound financial standing, and presence across a variety of regions. The participants focus on promoting R&D. To improve their market position further and draw in a sizable consumer base. They embrace strategic growth efforts, including development, joint ventures, product launch, and partnerships. For instance, in April 2022, Gautam Solar launched its new gel batteries for domestic and international markets. This addresses the need for energy storage solutions for solar power plants, telecom & rural electrification.
Prominent gel battery market research players include Vision Group, Exide Technologies, Leoch International Technology Limited Inc., BSB Power Company Limited, Power Sonic Corporation, and Storage Battery Systems LLC, among others.
The objectives of the study are summarized in 5 stages. They are as mentioned below:
Gel Battery Market Forecast & Size:
To identify and estimate the market size for the gel battery market report segmented by type and application by value (in US dollars). Also, to understand the consumption/ demand created by consumers in the gel cell battery market forecast between 2022 and 2030
Market Landscape and Trends:
To identify and infer the drivers, opportunities, restraints, and challenges in the gel battery market growth (Gross Margin, Sales Footprint, Strategy, Channels, Economic Outlook, Growth Projections)
Market Influencing Factors:
To find out the factors which are impacting the gel battery market size among consumers (Profitability, Benchmarking, Volume, Value, Macro-Economic Factors, Y-o-Y Growth Analysis)
Impact of COVID-19:
To identify and understand the several factors involved in the market affected by the pandemic
To provide a detailed insight into the major companies operating in the market. The profiling will include the company's financial health in the past 2-3 years with segmental and regional revenue breakup, product offering, SWOT analysis, recent developments, and key strategies.
|Market Size||2030: USD 2.7 Billion|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type and Application|
|Geographies Covered||North America, Europe, Asia-Pacific, and the Rest of the World (RoW)|
|Key Vendors||C&D Technologies Inc., Canbat Technologies Inc., Leoch International Technology Ltd., JYC Battery Manufacturing Co. Ltd., and B.B.Tech (Changsha) Co. Ltd.|
|Key Market Opportunities||Use of gel battery in deep cycle applications|
|Key Market Drivers||High demand for gel batteries in solar power system|
The gel battery market forecast period is 2022 - 2030
The market is expected to register a CAGR of ~4.50% over the next 10 years, according to the gel battery market research.
Europe is expected to register the highest CAGR during 2022 - 2030
Asia-Pacific held the largest share in 2021
The market size is expected to be USD 2.7 Billion by 2030.
C&D Technologies Inc., Canbat Technologies Inc., Leoch International Technology Ltd., JYC Battery Manufacturing Co. Ltd., and B.B.Tech (Changsha) Co. Ltd. are the major companies operating in the market.