PORTLAND, Oregon, July 2, 2020
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.
PORTLAND, Oregon, July 2, 2020 /PRNewswire/ -- Allied Market Research recently published a report, "Gel Battery Market by Type (2V, 6V, and12V) and Application (Electric Mobility, Energy Storage & Distribution, Telecommunication, and Others): Global Opportunity Analysis and Industry Forecast, 2020-2027". According to the report, the global gel battery industry was pegged at $1.8 billion in 2019, and is projected to reach $2.6 billion by 2027, growing at a CAGR 4.2% from 2020 to 2027.
Drivers, restraints, and opportunities
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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The 12V segment dominated the market
By type, the 12V segment held the largest share in 2019, accounting for more than two-fifths of the global gel battery market. The segment is anticipated to dominate throughout the forecast period. Moreover, this segment is anticipated to register the highest CAGR of 4.4% during the forecast period, owing to its wide application across different sectors such as construction, textiles, and others. KW missing
The energy storage and distribution segment to portray highest CAGR through 2027
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
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Asia-Pacific would dominate, North America to grow at a significant pace throughout the forecast period
By region, the market across Asia-pacific held the largest share in 2019, accounting for nearly two-fifths of the global gel battery 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.
Major market players
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