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EN2009363 |
Pages: 175 |
Aug 2021 |
The global gel battery market accounted for $2,069.5 million in 2020 and is predicted to grow with a CAGR of 4.0%, by generating a revenue of $2,776.9 million by 2028.
Gel battery market is gaining huge popularity as these batteries are used in wide range of applications such as solar systems, marine trolling, electric vehicles, sailboats, golf cars, UPS (Uninterrupted Power Systems), emergency lighting, and others. This is majorly owing to various benefits offered by gel batteries such as they are maintenance free, spill proof, vibration-resistant, and have minimal corrosion due to which they are compatible with sensitive electronic equipment and suitable for variety of applications. Also, these batteries can be installed in places where ventilation is limited as gel batteries do not release any harmful gases or fumes such as sulfur dioxide or flammable hydrogen gas.
However, gel battery requires charging at a slower rate compared to other lead acid batteries and you must stop its charging, immediately after charging is completed as it can develop voids with its electrolyte. This factor is anticipated to restrain the market growth.
According to regional analysis, the Asia-Pacific gel battery market accounted for $674.6 million in 2020 and is predicted to grow with a CAGR of 4.4% in the projected timeframe.
A gel battery is a valve regulated lead-acid battery which is robust and versatile. Gel batteries are best suited for deep cycle applications such as personnel carriers, wheelchairs, floor scrubbers, cable TV, computer backup, and others. They have a lifespan of 500-5000 cycles. The gel batteries are made with flat or tubular positive plates. The sulfuric acid is mixed with finely divided silica to form a gel or thick paste. This gel offers better heat conduction and heat produced due to overcharge is lost efficiently. Hence, the gel battery is similar to lead-acid battery with the addition of silica to the electrolyte that forms gel-like substance. Gel battery can be installed anywhere, and they can be virtually used in any position, they are leak-proof as they are sealed with a valve that removes excess pressure.
The global crisis and economic losses caused by COVID-19 pandemic have negatively affected various industries across the globe. The COVID-19 containment measures such as nation-wide lockdown, closed borders, and social distancing norms have severely affected the gel battery market. The raw materials required for the manufacturing of gel battery such as lead, lead oxides, glass, antimony, sulfuric acid, and others are majorly imported from China. But, China being the epicenter of COVID-19 virus supply & procurement of goods, was completely affected. For instance, The Observatory of Economic Complexity, the online data visualization & distribution platform, stated that in 2019, China was the largest exporter of batteries gaining a revenue of $2.4 billion. However, COVID-19 virus has greatly affected the export causing delay in the availability of raw materials due to shortage of labors. In addition, some countries such as India and the U.S. have imposed restrictions on movement of non-essential goods. Also, the gel battery manufacturing units were closed for unprecedented time which resulted in huge revenue losses. All these factors have negatively impacted the demand and sales of gel battery during the pandemic.
Various government initiatives such as incentives for the companies that setup advanced battery manufacturing units to support the use of electric vehicles and reduce the dependence on oil are helping society to recover from pandemic. For instance, as stated on September 26, 2020, in the Times of India, the popular news website, the Indian government to offer $4.6 billion incentives for the companies to setup advanced battery manufacturing units. In addition, India is planning to keep import tax rate of 5% on batteries imported from other countries, until 2022, after which import tax will be increased to 15% to support local manufacturing.
Solar power systems have gained huge popularity in recent years as it is renewable source of energy and do not have any harmful environmental impact. Gel batteries outperform other batteries such as absorbent glass mat (AGM) in solar power systems where heat is a concern. This is because gel battery adapts better to extreme temperatures, and they are less prone to thermal runaway as they are valve-regulated sealed batteries. In addition, the use of gel battery in solar, provides twice the lifespan of AGM battery. For instance, the solar batteries by Deka brand, which is popular company in power sports industry, has designed solar batteries with 600-800 complete lifecycles, compared to AGM which has a range of 400-500 lifecycles. Hence, gel battery is preferred in solar batteries as they are easy to install and can sustain different environmental conditions.
To know more about global gel battery market drivers, get in touch with our analysts here.
The charging of gel battery is sensitive as one must not overcharge it which can lead to development of voids in electrolyte that can damage the battery. The extent of damage due to overcharging cannot be fixed or reversed, as a result the battery loses its charging capacity which is estimated to restrain the market growth during the forecast period.
Gel battery is widely used in deep cycle applications such as camcorders, motorcycles, marine equipment, cell phones, and others. Also, they are used in high-end cars. This is due to low maintenance required by gel battery as users do not have to regularly add water to the battery to ensure electrolyte levels are normal. Gel battery has very less chance of leaks or spills as the electrolyte present in this battery is plasma-like substance and viscous in nature. Due to this, gel battery can be placed at any angle or position. Also, the gel battery has valve that eliminates excessive pressure. As gel battery is less susceptible to heat fluctuations and other environmental conditions which could affect its charging ability. Hence, gel battery is superior and can be used across wide range of applications such as powered scooters and other transportation equipment.
To know more about global gel battery market opportunities, get in touch with our analysts here.
[TYPEGRAPH]
Source: Research Dive Analysis
The 12V sub-type is anticipated to have a dominant market share and generate a revenue of $1,316.6 million by 2028, growing from $962.3 million in 2020. The 12V battery supplies 12 volts power under nominal load due to which this battery is widely used in electrical components such as lighting, starter, and ignition systems that are designed to operate on 12V. In addition, the 12 voltage DC circuits are safer compared to any higher operating voltages. Most of the domestic appliances such as refrigerators operate on 12-volt systems.
[APPLICATIONGRAPH]
Source: Research Dive Analysis
The energy storage & distribution sub-segment is anticipated to have a dominant market share and generate a revenue of $815.0 million by 2028, growing from $596.2 million in 2020. This is majorly owing to use of gel battery in renewable and clean energy sources such as solar and wind power. Gel battery is widely used in these applications because it has low upfront cost, and no maintenance is needed. For instance, Vmaxtanks, the leading company that offers top deep cycle & maintenance free batteries, offers gel battery that has excellent storage capacity and can be used for residential photovoltaic solar panel systems. In addition, one can pair this battery with high-quality inverter and this battery has a life span of up to 10 years.
[REGIONGRAPH]
Source: Research Dive Analysis
The Asia-Pacific gel battery market accounted $674.6 million in 2020 and is projected to grow with a CAGR of 4.4%. This growth is majorly attributed to the presence of large number of gel battery manufacturers and suppliers in this region. For instance, as stated on February 11, 2021, in The Washington Post, the popular news website, China dominates the battery production capacity in the world with the presence of 93 “gigafactories” that manufacture different types of batteries. In addition, China is anticipated to have 140 gigafactories by 2030, followed by Europe with 17 gigafactories, and the U.S. with 10 gigafactories. In addition, the U.S. and other countries are dependent on China and other trading partners for its battery supply. Moreover, JYC Battery Manufacturer Co., Ltd., the leading gel battery manufacturer based in China, has designed JYC gel series battery, which is equipped with proven silica gel technology that improves the battery lifecycle and performance at wider temperature range.
Source: Research Dive Analysis
Some of the leading gel battery market players are Exide Technologies, BSB Power Company Limited, Leoch International Technology Limited Inc., Power Sonic Corporation, Exponential Power, Canbat Technologies Inc., C&D Technologies, Inc., B.B. Battery, Vision Group, and JYC Battery Manufacturer Co. Ltd.
Porter’s Five Forces Analysis for the Global Gel Battery Market:
Aspect | Particulars |
Historical Market Estimations | 2019-2020 |
Base Year for Market Estimation | 2020 |
Forecast Timeline for Market Projection | 2021-2028 |
Geographical Scope | North America, Europe, Asia-Pacific, LAMEA |
Segmentation by Type |
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Segmentation by Application |
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Key Companies Profiled |
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1.Research Methodology
1.1.Desk Research
1.2.Real time insights and validation
1.3.Forecast model
1.4.Assumptions and forecast parameters
1.4.1.Assumptions
1.4.2.Forecast parameters
1.5.Data sources
1.5.1.Primary
1.5.2.Secondary
2.Executive Summary
2.1.360° summary
2.2.Type trends
2.3.Application trends
3.Market overview
3.1.Market segmentation & definitions
3.2.Key takeaways
3.2.1.Top investment pockets
3.2.2.Top winning strategies
3.3.Porter’s five forces analysis
3.3.1.Bargaining power of consumers
3.3.2.Bargaining power of suppliers
3.3.3.Threat of new entrants
3.3.4.Threat of substitutes
3.3.5.Competitive rivalry in the market
3.4.Market dynamics
3.4.1.Drivers
3.4.2.Restraints
3.4.3.Opportunities
3.5.Technology landscape
3.6.Regulatory landscape
3.7.Patent landscape
3.8.Market value chain analysis
3.9.Strategic overview
4.Gel Battery Market, by Type
4.1.2V
4.1.1.Market size and forecast, by region, 2020-2028
4.1.2.Comparative market share analysis, 2020 & 2028
4.2.6V
4.2.1.Market size and forecast, by region, 2020-2028
4.2.2.Comparative market share analysis, 2020 & 2028
4.3.12V
4.3.1.Market size and forecast, by region, 2020-2028
4.3.2.Comparative market share analysis, 2020 & 2028
5.Gel Battery Market, by Application
5.1.Electric Mobility
5.1.1.Market size and forecast, by region, 2020-2028
5.1.2.Comparative market share analysis, 2020 & 2028
5.2.Telecommunication
5.2.1.Market size and forecast, by region, 2020-2028
5.2.2.Comparative market share analysis, 2020 & 2028
5.3.Energy Storage & Distribution
5.3.1.Market size and forecast, by region, 2020-2028
5.3.2.Comparative market share analysis, 2020 & 2028
5.4.Oil & Gas
5.4.1.Market size and forecast, by region, 2020-2028
5.4.2.Comparative market share analysis, 2020 & 2028
5.5.Others
5.5.1.Market size and forecast, by region, 2020-2028
5.5.2.Comparative market share analysis, 2020 & 2028
6.Gel Battery Market, by Region
6.1.North America
6.1.1.Market size and forecast, by Type, 2020-2028
6.1.2.Market size and forecast, by Application, 2020-2028
6.1.3.Market size and forecast, by country, 2020-2028
6.1.4.Comparative market share analysis, 2020 & 2028
6.1.5.U.S.
6.1.5.1.Market size and forecast, by Type, 2020-2028
6.1.5.2.Market size and forecast, by Application, 2020-2028
6.1.5.3.Comparative market share analysis, 2020 & 2028
6.1.6.Canada
6.1.6.1.Market size and forecast, by Type, 2020-2028
6.1.6.2.Market size and forecast, by Application, 2020-2028
6.1.6.3.Comparative market share analysis, 2020 & 2028
6.1.7.Mexico
6.1.7.1.Market size and forecast, by Type, 2020-2028
6.1.7.2.Market size and forecast, by Application, 2020-2028
6.1.7.3.Comparative market share analysis, 2020 & 2028
6.2.Europe
6.2.1.Market size and forecast, by Type, 2020-2028
6.2.2.Market size and forecast, by Application, 2020-2028
6.2.3.Market size and forecast, by country, 2020-2028
6.2.4.Comparative market share analysis, 2020 & 2028
6.2.5.Germany
6.2.5.1.Market size and forecast, by Type, 2020-2028
6.2.5.2.Market size and forecast, by Application, 2020-2028
6.2.5.3.Comparative market share analysis, 2020 & 2028
6.2.6.UK
6.2.6.1.Market size and forecast, by Type, 2020-2028
6.2.6.2.Market size and forecast, by Application, 2020-2028
6.2.6.3.Comparative market share analysis, 2020 & 2028
6.2.7.France
6.2.7.1.Market size and forecast, by Type, 2020-2028
6.2.7.2.Market size and forecast, by Application, 2020-2028
6.2.7.3.Comparative market share analysis, 2020 & 2028
6.2.8.Spain
6.2.8.1.Market size and forecast, by Type, 2020-2028
6.2.8.2.Market size and forecast, by Application, 2020-2028
6.2.8.3.Comparative market share analysis, 2020 & 2028
6.2.9.Italy
6.2.9.1.Market size and forecast, by Type, 2020-2028
6.2.9.2.Market size and forecast, by Application, 2020-2028
6.2.9.3.Comparative market share analysis, 2020 & 2028
6.2.10.Rest of Europe
6.2.10.1.Market size and forecast, by Type, 2020-2028
6.2.10.2.Market size and forecast, by Application, 2020-2028
6.2.10.3.Comparative market share analysis, 2020 & 2028
6.3.Asia Pacific
6.3.1.Market size and forecast, by Type, 2020-2028
6.3.2.Market size and forecast, by Application, 2020-2028
6.3.3.Market size and forecast, by country, 2020-2028
6.3.4.Comparative market share analysis, 2020 & 2028
6.3.5.China
6.3.5.1.Market size and forecast, by Type, 2020-2028
6.3.5.2.Market size and forecast, by Application, 2020-2028
6.3.5.3.Comparative market share analysis, 2020 & 2028
6.3.6.Japan
6.3.6.1.Market size and forecast, by Type, 2020-2028
6.3.6.2.Market size and forecast, by Application, 2020-2028
6.3.6.3.Comparative market share analysis, 2020 & 2028
6.3.7.India
6.3.7.1.Market size and forecast, by Type, 2020-2028
6.3.7.2.Market size and forecast, by Application, 2020-2028
6.3.7.3.Comparative market share analysis, 2020 & 2028
6.3.8.South Korea
6.3.8.1.Market size and forecast, by Type, 2020-2028
6.3.8.2.Market size and forecast, by Application, 2020-2028
6.3.8.3.Comparative market share analysis, 2020 & 2028
6.3.9.Australia
6.3.9.1.Market size and forecast, by Type, 2020-2028
6.3.9.2.Market size and forecast, by Application, 2020-2028
6.3.9.3.Comparative market share analysis, 2020 & 2028
6.3.10.Rest of Asia Pacific
6.3.10.1.Market size and forecast, by Type, 2020-2028
6.3.10.2.Market size and forecast, by Application, 2020-2028
6.3.10.3.Comparative market share analysis, 2020 & 2028
6.4.LAMEA
6.4.1.Market size and forecast, by Type, 2020-2028
6.4.2.Market size and forecast, by Application, 2020-2028
6.4.3.Market size and forecast, by country, 2020-2028
6.4.4.Comparative market share analysis, 2020 & 2028
6.4.5.Latin America
6.4.5.1.Market size and forecast, by Type, 2020-2028
6.4.5.2.Market size and forecast, by Application, 2020-2028
6.4.5.3.Comparative market share analysis, 2020 & 2028
6.4.6.Middle East
6.4.6.1.Market size and forecast, by Type, 2020-2028
6.4.6.2.Market size and forecast, by Application, 2020-2028
6.4.6.3.Comparative market share analysis, 2020 & 2028
6.4.7.Africa
6.4.7.1.Market size and forecast, by Type, 2020-2028
6.4.7.2.Market size and forecast, by Application, 2020-2028
6.4.7.3.Comparative market share analysis, 2020 & 2028
7.Company profiles
7.1.Exide Technologies
7.1.1.Business overview
7.1.2.Financial performance
7.1.3.Product portfolio
7.1.4.Recent strategic moves & developments
7.1.5.SWOT analysis
7.2.BSB Power Company Limited
7.2.1.Business overview
7.2.2.Financial performance
7.2.3.Product portfolio
7.2.4.Recent strategic moves & developments
7.2.5.SWOT analysis
7.3.Leoch International Technology Limited Inc.
7.3.1.Business overview
7.3.2.Financial performance
7.3.3.Product portfolio
7.3.4.Recent strategic moves & developments
7.3.5.SWOT analysis
7.4.Power Sonic Corporation
7.4.1.Business overview
7.4.2.Financial performance
7.4.3.Product portfolio
7.4.4.Recent strategic moves & developments
7.4.5.SWOT analysis
7.5.Exponential Power
7.5.1.Business overview
7.5.2.Financial performance
7.5.3.Product portfolio
7.5.4.Recent strategic moves & developments
7.5.5.SWOT analysis
7.6.Canbat Technologies Inc.
7.6.1.Business overview
7.6.2.Financial performance
7.6.3.Product portfolio
7.6.4.Recent strategic moves & developments
7.6.5.SWOT analysis
7.7.C&D Technologies, Inc.
7.7.1.Business overview
7.7.2.Financial performance
7.7.3.Product portfolio
7.7.4.Recent strategic moves & developments
7.7.5.SWOT analysis
7.8.B.B. Battery
7.8.1.Business overview
7.8.2.Financial performance
7.8.3.Product portfolio
7.8.4.Recent strategic moves & developments
7.8.5.SWOT analysis
7.9.Vision Group
7.9.1.Business overview
7.9.2.Financial performance
7.9.3.Product portfolio
7.9.4.Recent strategic moves & developments
7.9.5.SWOT analysis
7.10.JYC Battery Manufacturer Co. Ltd.
7.10.1.Business overview
7.10.2.Financial performance
7.10.3.Product portfolio
7.10.4.Recent strategic moves & developments
7.10.5.SWOT analysis
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