New York, USA, Aug. 15, 2022 (GLOBE NEWSWIRE) -- As per the newly published report by Research Dive, the global gel battery market is anticipated to grow at a stunning CAGR of 4.0%, thereby garnering a revenue of $2,776.9 million by 2028. This comprehensive report provides a brief outlook of the current framework of the gel battery market including its major characteristics like growth drivers, growth opportunities, restraints, and hindrances during the analysis period of 2021-2028. All the necessary and essential market figures are also provided in this report to help new entrants analyze the market easily.
Dynamics of the Market
Drivers: Gel batteries have seen a surge in demand in the last few years due to their increasing usage in solar power systems. This growth in demand is predicted to boost the gel battery market in the forecast period. Additionally, various advantages of gel batteries such as vibration-resistance, minimal corrosion, low maintenance requirement, etc. is expected to boost the market even further.
Opportunities: Growing usage of gel batteries in deep cycle applications such as cell phones, camcorders, motorcycles, etc. is predicted to offer huge growth opportunities to the market in the forecast timeframe. Moreover, increasing demand for gel batteries in solar power systems is expected to augment the growth of the market.
Restraints: Sensitivity to overcharging is, however, expected to become a restraint in the growth of the gel battery market.
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Impact of Covid-19 on the Market
The Covid-19 pandemic and the subsequent lockdowns across the globe had severely impacted various industries. The gel battery market, too, had been affected adversely. In fact, the gel battery market faced shocks on both the fronts; the supply of raw materials was disrupted as majority of the raw materials required for manufacturing of gel batteries come from China which was the epicenter of the pandemic. Also, the manufacturing of gel batteries was halted due to disruption in demand for manufactured products, which further hampered their sales.
Segments of the Market
The report has divided the market into certain segments based on type, application, and region.
Type: 12V Sub-segment to be the Most Dominating
By type, the 12V sub-segment is expected to have the most dominating market share and is expected to generate a revenue of $1,316.6 million by 2028. The 12V battery supplies a power of 12 volts which is used for electrical components such as ignition systems, starters, lightings, etc. Hence, there is a great demand for 12V batteries, which is predicted to push this sub-segment further.
Application: Energy Storage & Distribution Sub-segment to have the Highest Market Share
By application, the energy storage & distribution sub-segment of the gel battery market is expected to have the largest market share and register a revenue of $815.0 million by 2028. Growing usage of gel batteries in renewable energy sources such as solar and wind energy is anticipated to be the primary growth driver of this sub-segment in the analysis timeframe.
Region: Market in Asia-Pacific Region to be the Most Lucrative
By regional analysis, the gel battery market in the Asia-Pacific region is anticipated to be the most lucrative by growing at a fascinating CAGR of 4.4% during the 2021-2028 timeframe. The presence of large number of gel battery manufacturing companies and suppliers in this part of the world is expected to create massive growth opportunities for the market in this region.
Prominent Market Players
Some of the key players in the gel battery market are
- Exide Technologies
- Power Sonic Corporation
- C&D Technologies, Inc.
- BSB Power Company Limited
- Exponential Power
- B.B. Battery
- Leoch International Technology Limited Inc.
- Vision Group
- Canbat Technologies Inc.
- JYC Battery Manufacturer Co. Ltd.
These key players are devising new technologies and smart innovations to gain a prominent position in the global market.
For instance, in March 2022, Gelion Technologies, an Australian renewable energy technology company, launched its new Zinc-Bromine gel battery series which is primarily manufactured for electric vehicles. This product launch is considered by many experts as a gamechanger as it will help in increasing the pace of EV-mobility revolution. Buy Full Report Here
Finally, the report also summarizes many crucial aspects of the gel battery market including SWOT analysis, latest strategic developments, product portfolio, and financial performance of the key players.
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More about Gel Battery Market:
- Gel Battery: No Breakdowns, No Power Loss
- Global Gel Battery Market to Observe Marvelous Growth Due to Growing Applications of Gel Batteries in Various Sectors
