Portland, OR, July 29, 2020 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global gel battery market generated $1.8 billion in 2019, and is estimated to reach $2.6 billion by 2027, registering a CAGR of 4.2% from 2020 to 2027. The report offers an extensive analysis of changing market dynamics, key winning strategies, business performance, major segments, and competitive scenarios.
Cost-effectiveness of gel battery as compared to conventional batteries drives the growth of the global gel battery market. However, availability of substitutes in the market hinder the market growth. On the other hand, growing need for expansion of data centers is expected to create new growth opportunities for market players during the forecast period.
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Covid-19 scenario:
- Several major gel battery manufacturers across the globe have halted their production activities due to raw material supply disruption amidst the lockdown due to Covid-19 pandemic.
- The demand for gel battery has been decreased as electric vechicle manufacturers across the globe have halted their production amid lockdown.
- Cleaning machines and internet broadband devices uses gel batteries for their operation. Growing demand for these devices is expected to increase the demand for gel batteries during the lockdown period.
The report offers a detailed segmentation of the global gel battery market based on type, application, and region.
Based on type, the 12V segment contributed to the largest share in 2019, accounting for more than two-fifths of the total share, and is estimated to maintain its dominant position during the forecast period. In addition, it is estimated to portray the highest CAGR of 4.4% during the forecast period. The research also analyzes segments including 2V and 6V.
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Based on application, the electric mobility segment accounted for the largest share in 2019, holding nearly half of the total share, and is expected to maintain the largest share throughout the forecast period. However, the energy storage & distribution segment is expected to register the highest CAGR of 4.6% from 2020 to 2027.
Based on region, Asia-Pacific contributed the highest share, accounting for nearly two-fifths of the total market share in 2019, and will maintain its dominance throughout the forecast period. However, LAMEA is expected to grow at the highest CAGR of 5.7% from 2020 to 2027.
Leading market players analyzed in the research include BSB Power Company Limited, Exide Technologies (Exide), Power Sonic Corporation (PS Corporation), Leoch International Technology Limited Inc., Canbat Technologies Inc. (Canbat), Storage Battery Systems, LLC (SBS LLC), JYC Battery Manufacturing Co., Ltd., C&D Technologies, Inc. (C&D), Vision Group (Vision), and B.B. TECH (Changsha) Co., Ltd. (B.B. TECH).
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About Allied Market Research:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.