Gel Battery Market: Current Analysis and Forecast (2022-2028)

Report Description

Gel Battery market was valued at USD 2.2 billion in 2021 & is expected to grow at a CAGR of 5.0% from 2022-2028. Gel batteries are a type of sealed lead-acid battery that uses a gel electrolyte instead of a liquid electrolyte. They are designed to be maintenance-free, highly reliable, and have a longer lifespan compared to traditional lead-acid batteries. Energy storage systems that use gel batteries have gained popularity in recent years as reliable and cost-effective solutions for renewable energy adoption. These systems are typically used in off-grid applications, such as remote areas, where there is no access to a power grid or during power outages. They can also be used in on-grid applications to reduce peak demand and improve grid stability. One of the advantages of using gel batteries in energy storage systems is their ability to discharge at a high rate without damaging the battery. This makes them suitable for applications that require high power, such as electric vehicles, solar-powered homes, and backup power for critical infrastructure. Additionally, gel batteries have a longer lifespan than other battery types, such as lithium-ion batteries, making them more cost-effective in the long term.

Some of the major players operating in the market include Exide Technologies, JYC Battery Manufacturer Co. Ltd., Power Sonic Corporation, Canbat Technologies Inc., B.B. Battery, C&D Technologies, Inc., Leoch International Technology Limited Inc., Vision Group, BSB Power Company Limited, and Exponential Power. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report

“Amongst TYPE, the 12V segment held a dominating share of the market in 2021.”

Based on type, the market is segmented into 2V, 6V, and 12V. The 12V segment is expected to hold a significant market share during the forecast period. The demand for 12V Gel batteries has been growing in recent years due to their advantages over other battery types. These batteries are commonly used in a variety of applications, including renewable energy systems, backup power supplies, and recreational vehicles. The 12V Gel batteries are popular due to their maintenance-free operation, long lifespan, deep cycle performance, and safety features. As more people turn to renewable energy sources and require reliable backup power, the demand for 12V Gel batteries is expected to continue growing. Additionally, advancements in technology and increased manufacturing efficiency are making these batteries more affordable, further driving their demand.

“Amongst applications, the storage & distribution segment register significant CAGR during the forecast period.”

On the basis of application, the market is segmented into energy storage & distribution, electric mobility, telecommunication, and others. The storage & distribution segment is expected to register a higher CAGR during the forecast period owing to their superior performance and reliability compared to other types of batteries. Gel batteries use a gel electrolyte instead of a liquid one, which makes them more resistant to vibration and temperature changes. This makes them ideal for use in environments where traditional batteries cannot operate effectively.

“Asia-Pacific dominated the Gel Battery market in 2021.”

Asia-Pacific dominated the gel battery market in 2021. One of the key factors driving the demand for Gel batteries in Asia Pacific is the increasing adoption of renewable energy sources such as solar and wind power. Gel batteries are well-suited for use in these applications because they are able to provide a steady supply of power over an extended period of time. Furthermore, the increasing demand for electric vehicles (EVs) in the Asia Pacific is also driving the demand for Gel batteries. Gel batteries are commonly used in EVs because they are lightweight, have a high energy density, and can be charged and discharged quickly. As the adoption of EVs continues to increase in the region, the demand for Gel batteries is expected to rise as well.

Gel Battery Market Report Coverage

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

Customization Options:

The global gel battery market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

You can also purchase parts of this report. Do you want to check out a section wise
price list?

Get in touch with team

Research Methodology

Research Methodology for the Gel Battery Market Analysis (2022-2028)

Analyzing the historical market, estimating the current market, and forecasting the future market of the global gel battery market were the three major steps undertaken to create and analyze the adoption of gel batteries in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global gel battery market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the gel battery market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the gel battery market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as type and application. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the gel battery market. Further, we conducted factor analysis using dependent and independent variables such as type and application of the gel battery market. A thorough analysis was conducted of demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the gel battery market sector across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global Gel Battery market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of revenue (USD) and the adoption rate of the gel battery market across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the global gel battery market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global gel battery market. data was split into several segments & sub-segments post studying various parameters and trends in the areas of the type and application in the global gel battery market.

The main objective of the Global Gel Battery Market Study

The current & future market trends of the global gel battery market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the gel battery market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of the type and application.
• Define and analysis of the regulatory framework for the gel battery
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
• Analyze the current and forecast market size of the gel battery market for the major region.
• Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World
• Company profiles of the gel battery market and the growth strategies adopted by the market players to sustain in the fast-growing market.
• Deep dive regional level analysis of the industry

You can also purchase parts of this report. Do you want to check out a section wise
price list?

Get in touch with team