Gel Battery Market Major Industry Players
The key players operating and profiled in the gel battery market include Exide Technologies (Exide), BSB Power Company Limited., Leoch International Technology Limited Inc., Power Sonic Corporation (PS Corporation), Storage Battery Systems, LLC (SBS LLC), Canbat Technologies Inc. (Canbat), C&D Technologies, Inc., (C&D), JYC Battery Manufacturing Co., Ltd., B.B. TECH (Changsha) Co., Ltd. (B.B. TECH), and Vision Group (Vision).
Other players in the value chain of the gel battery market include Coslight India Telecom Pvt. Ltd., Dynavolt Renewable Energy Technology Co., Ltd., Exide Industries Limited, Microtex Energy Private Limited, The Furukawa Battery CO., LTD., KAYO Battery (Shenzhen) Company Limited, Jayachandran Industries (P) Ltd, AGM Technology, Suntech Batteries, Chilwee Group CO.,LTD, and others.
According to a new report published by Allied Market Research titled, the gel battery market size was valued at $1.8 billion in 2019, and is projected to reach $2.6 billion by 2027, growing at a CAGR of 4.2% from 2020 to 2027.
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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
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.
This is attributed to presence of huge consumer base in the region as well as presence of key manufacturing players in countries such as China. In addition, growth of the telecommunication and energy sector in Asia-Pacific is also one of the factors that boosts the growth of the gel battery market.
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.
The gel battery market is driven owing to its adoption in numerous applications such as telecommunication, uninterrupted power supply (UPS), and others. This is attributed to its beneficial specifications such as less maintenance, leakage proof, high compatibility with sensitive electronic equipment, lowest cost-per-month, and others.
Various applications of gel battery studied in the market include electric mobility, energy storage & distribution, telecommunication, and others.
Gel battery for energy storage & distribution application in Asia-Pacific and LAMEA is expected to grow at CAGR of 4.7% and 6.3%, respectively, during 2020 to 2027.
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Gel battery has pre-determined quantity of an electrolyte, together with sulphuric acid and silica fumes. It is one of the types of valve regulated lead acid (VRLA) battery. Gel battery is used in numerous applications such as electrification, hybrid power systems, navigational aids, mobile phones, motorcycles, camcorders, marine equipment, and others.
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