Absorbent Glass Mat Battery is Estimated to Witness High Growth Owing to Increasing Demand for Renewable Energy Storage

Absorbent Glass Mat (AGM) batteries are a type of lead-acid battery that utilizes fibreglass mats to separate the plates. AGM batteries are commonly used for standby power, backup power, and motive power applications. AGM battery technology offers several benefits over traditional flooded lead-acid batteries such as lower maintenance, better performance in any mounting position, higher discharge rates, and longer shelf and service life. They are widely used as starting, lighting and ignition batteries in automobiles. The batteries are also gaining popularity for power storage applications in the renewable energy sector to store energy from solar and wind farms.

The global absorbent glass mat battery market is estimated to be valued at US$ 14.72 Bn in 2023 and is expected to exhibit a CAGR of 5.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:
One of the primary drivers fueling the growth of the absorbent glass mat battery market is the increasing deployment of renewable energy sources such as solar and wind farms globally. AGM batteries are commonly used to store energy harnessed from such renewable sources. As the share of renewable energy increases in the global power generation mix, the demand for large-scale energy storage solutions is also growing. According to the International Renewable Energy Agency, renewable power capacity additions increased by 12% in 2019. This factor is expected to propel the demand for AGM batteries for stationary storage applications over the forecast period. Furthermore, increasing demand for AGM batteries as SLI batteries in automobiles is another major factor expected to positively influence the market growth over the coming years.

SWOT Analysis
Strength: Absorbent Glass Mat battery is proven to be more reliable and durable than other lead acid batteries. It can sustain greater depths of discharge and longer cycle lives. The operational efficiency of AGMs is also higher compared to conventional batteries.
Weakness: AGMs have higher upfront costs than traditional lead acid batteries. The flooded battery technology is more cost effective initially but has lower performance over time. AGMs also weigh more than regular lead acid batteries due to the absorption materials used.
Opportunity: The growing demand for advanced lead acid batteries from industries such as motive, automotive, and telecommunications present multiple opportunities. AGMs have the potential to capture more market share from flooded batteries in stationary and automotive applications.
Threats: Cheaper lithium-ion alternatives threaten the growth of the AGM battery market. Advancements in battery technologies may reduce the usage of AGMs in certain industries over the long run. Volatility in lead and plastic prices can negatively impact the production costs.

Key Takeaways
The Global Absorbent Glass Mat Battery Market Size is expected to witness high growth over the forecast period. The rising usage of UPS systems and growing motive applications are fueling the demand for advanced lead acid batteries worldwide.

Regional analysis: North America currently dominates the AGM battery market owing to robust telecom and renewable energy sectors in the region. Asia Pacific is projected to grow at the fastest pace during 2023-2030 backed by escalating industrial and automotive activities in India and China.

Key players: Key players operating in the absorbent glass mat battery market are Nippon Steel Corporation, Thyssenkrupp AG, ArcelorMittal, Tata Steel, Outokumpu Oyj, Aperam, VDM Metals GmbH, Jindal Stainless Limited, Allegheny Technologies Incorporated, Ulbrich Stainless Steels & Special Metals, Inc., Carpenter Technology Corporation, Nucor Corporation, Daido Steel Co., Ltd., Sandvik AB, Elgiloy Specialty Metals. These companies are focusing on new product developments and capacity expansions to strengthen their positions.


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