The gel battery market is anticipated to witness considerable growth, owing to factors such asrise in demand from developing region such as Asia-Pacific and LAMEA dueto its less cost as compared to others batteries, as both the regions are price sensitive. Moreover, rise in demand for renewable energy is one of the factors expected to boost the market growth, as gel batteries are used in solar and wind mill units
Cost effectiveness as compared to other batteries and ease of recyclability associated with valve regulated lead acid (VRLA) batteries over lithium-ion batteries drive the growth of the global gel battery market. However, availability of alternatives in the market hampers the market growth. On the contrary, rise in need to expand data centers is expected to create lucrative opportunities for the market players in the coming years.
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By application, the energy storage and distribution segment is projected to manifest the highest CAGR of 4.6% from 2020 to 2027. This is attributed to rise in demand for high quality skin and hair care products from emerging economies such as China, India, and others. On the other hand, the electric mobility segment held the lion’s share in 2019, contributing to nearly half of the global gel battery market, owing to rise in demand for high quality skin and hair care products from emerging economies such as China, India, and others. KW missing
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.
Gel battery market across Asia-pacific held the largest share in 2019, accounting for nearly two-fifths of the global market, owing to numerous factors such as vast consumer base and presence of key players in countries such as China, India, and others. However, the market across LAMEA is expected to manifest the highest CAGR of 5.7% during the forecast period.
Key Findings of the Study:
- The gel battery market is analyzed from 2019 to 2027
- Depending on the type, the12V battery segment is projected to grow at a CAGR of nearly 4.3%, in terms of revenue, during the forecast period
- Region wise, North America is expected to register a CAGR of nearly 3.4%, in terms of revenue, in the coming future
- By application, the energy & distribution segment is estimated to exhibit a CAGR of 4.6%, in terms of revenue
- Asia-Pacific dominated the gel battery market with a share of over 39.9% in 2019, in terms of revenue
- A comprehensive analysis of the factors that drive and restrain the market growth is provided in the report
- The qualitative data in this report aims at the market dynamics, gel battery market trends, and developments in the industry
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.
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