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The latest report by IMARC, titled “ Gel Battery Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028 ” finds that the global gel battery market reached a value of US$ 2.1 Billion in 2022.
Gel battery is a valve-regulated lead-acid battery with a jellied electrolyte. It consists of silica that makes the electrolyte set up or stiffen the battery. It is suited for deep cycle application and is used in places without ventilation. It is generally maintenance-free and vibration resistant in nature. As compared to a conventional lead-acid battery, a gel battery requires low recharge voltage as it is sensitive to over-charging.
It also offers advantages such as enhanced safety due to the reduced risk of sulphuric acid burns, greater resistance to shock and lower rate of evaporation. As a result, it finds applications in marine equipment, motorcycle designs, cell phones, camcorders, and high-end cars. It is also utilized in solar systems, marine trolling, sailboats, uninterrupted power systems (UPS), and emergence lightings.
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The market is primarily driven by rapid urbanization and a significant rise in the number of vehicles on the road. In addition, the growing awareness regarding energy generation from renewable energy sources is also facilitating the change in the infrastructure of electric grid setups. This is creating a high demand for microgrid installation, which is propelling the market growth. Besides this, governments across various countries are implementing supportive policies and promoting the use of off-grid solar photovoltaic (PV) setups, which can be managed independently.
They also provide tax credits, incentives, and price concessions on various solar panel components, which is increasing the product demand across various industry verticals. Furthermore, the rising need for solar-powered devices to provide backup during power outages coupled with the growing popularity of electric vehicles, public transportation, and aircraft are creating a positive outlook for the market. Looking forward, the market is expected to reach a value of US$ 2.7 Billion by 2028, exhibiting a CAGR of 4% during the forecast period (2023-2028).
Looking forward, the market value is projected to reach a strong growth during the forecast period (2023-2028).
Market Summary:
Breakup by Type:
• 2V
• 6V
• 12V
Breakup by Distribution Channel:
• Online
• Offline
Breakup by Application:
• Electric Mobility
• Energy Storage and Distribution
• Telecommunication
• Others
Breakup by Region:
• North America
• United States
• Canada
• Asia-Pacific
• China
• Japan
• India
• South Korea
• Australia
• Indonesia
• Others
• Europe
• Germany
• France
• United Kingdom
• Italy
• Spain
• Russia
• Others
• Latin America
• Brazil
• Mexico
• Others
• Middle East and Africa
Competitive Landscape with Key Players:
B.B. Battery
• BSB Power Company Limited
• C&D Technologies Inc.
• Canbat Technologies Inc.
• Exide Technologies
• Exponential Power Inc.
• JYC Battery Manufacturer Co. Ltd.
• Leoch International Technology Limited Inc.
• Power-Sonic Corporation
• Vision Group.
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