Selbyville, Delaware, April 19, 2023 (GLOBE NEWSWIRE) --
VRLA Battery Market size is set to surpass USD 26.7 billion by 2032, according to a new research report by Global Market Insights Inc.
The growing demand for uninterrupted power supply worldwide is expected to have a positive impact on the industry outlook. In the recent past, the number of internet users has increased substantially on account of the dynamic growth in the field of information technology. This has contributed to the significant need for continuous and reliable power, thus encouraging the adoption of VRLA batteries. VRLA batteries also record a wide range of applications in solar power backup, UPS systems, radio communication systems, engines, electrical substations, portable test equipment, security systems, and portable lighting. Moreover, hefty investments in power grids to address the surging global demand for electricity will complement the industry growth.
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Rising adoption of smart electronics to fuel demand for stationary VRLA batteries
VRLA battery market size from stationary applications is anticipated to register 3.2% CAGR from 2023 to 2032. Growing concerns associated with reliable power backup and the increasing adoption of advanced electronics will accelerate the demand for stationary VRLA batteries. Rapid urbanization and the rising disposable incomes worldwide is fuelling consumer spending on advanced electrical appliances. Also, massive foreign direct investments (FDI) and the expansion of commercial settings will foster lucrative demand for stationary VRLA batteries.
Paradigm shift to electric mobility to proliferate preference for AGM batteries
VRLA battery market share from the AGM technology segment reached more than USD 16 billion in 2022. AGM (Absorbed Glass Mat) batteries are widely deployed in traction and electric vehicle (EV) battery units due to their high efficiency and large current discharge performance. The surging EV sales across developed and developing countries will further encourage the adoption of SGM batteries in the automobile sector. These battery systems offer optimum compatibility with extreme weather conditions as they have the ability to withstand harsh environments.
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Growing demand for UPS technologies to influence industry expansion across Europe
Europe held over 20% of the VRLA battery market share in 2022 owing to the increasing automobile production. As per the Europe Automobile Manufacturers Association, automobile registrations increased by 12% in February 2023. Auto sales in the region escalated consecutively for the seventh time with the thriving automotive sector in the U.K., and Spain. Additionally, extensive technological developments in the telecom sector and the substantial need for uninterrupted power supply amidst the surging energy demand will accelerate demand for VRLA batteries in the region.
Business expansion efforts to boost industry growth
Key participants operating in the global VRLA battery market are GS Yuasa International, Leoch International Technology, EXIDE INDUSTRIES, EnerSys, MUTLU, HOPPECKE Battery GmbH, Shandong Sacred Sun Power Sources, Clarios, C&D Technologies, Okaya Power, Microtex Energy, MUSTPOWER, Z-Power Impex, EverExceed Industrial, Ritar International Group, JYC BATTERY MANUFACTURER, DEKSON BATTERIES, Qwik Power Industries India, NorthBatt, Champion Power Tech, and Zibo Torch Energy. These firms are focusing on the expansion of their production capacities to achieve a competitive lead.
Partial Table of Contents (ToC) of the report:
Chapter 2 Executive Summary
2.1 VRLA battery industry 3600 synopsis, 2019 - 2032
2.1.1 Business trends
2.1.2 Application trends
2.1.3 Technology trends
2.1.4 Sales channel trends
2.1.5 Regional trends
Chapter 3 VRLA Battery Industry Insights
3.1 Industry ecosystem analysis
3.2 Regulatory landscape
3.3 COVID- 19 impact on the industry outlook
3.4 Price trend analysis
3.5 Industry impact forces
3.5.1 Growth drivers
3.5.1.1 Global
3.5.1.1.1 Cost competitive solution for energy storage
3.5.1.2 North America & Europe
3.5.1.2.1 Robust development of data centers
3.5.1.2.2 Surging demand for uninterrupted power supply
3.5.1.3 Asia Pacific
3.5.1.3.1 Burgeoning expansion in the automotive industry
3.5.1.3.1.1 China
3.5.1.3.1.2 India
3.5.1.3.1.3 Southeast Asia (SEA)
3.5.1.3.2 Flourishing real estate sector
3.5.1.3.3 Technological advancements in the telecom sector
3.5.1.3.3.1 India
3.5.1.3.3.2 China
3.5.1.4 Middle East, Africa & Latin America
3.5.1.4.1 Declining battery costs
3.5.1.4.2 Increasing investments across the construction sector
3.5.2 Industry pitfalls & challenges
3.5.2.1 Surging penetration of lithium-ion batteries
3.5.2.2 Implementation of strict government policies
3.6 Growth potential analysis
3.7 Porter’s Analysis
3.8 PESTEL Analysis
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
