USD 2.2 billion
Gel Battery Market Size, Share, Growth Analysis, By Type(2V, 6V, 12V, and Others), By Application(Electric Mobility, Energy Storage & Distribution, Telecommunication, and Others), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG20D2231 |
Region:
Global |
Published Date: March, 2024
Pages:
200
|Tables:
65
|Figures:
70
Gel Battery Market Insights
Global gel battery market size was valued at USD 2.2 billion in 2022 and is poised to grow from USD 2.3 billion in 2023 to USD 3.24 billion by 2031, growing at a CAGR of 4.4% in the forecast period (2024-2031).
A gel battery is a flexible battery that can be used without any maintenance. It is a type of valve-regulated lead-acid battery. These batteries are perfect for use in conditions where air flow is minimal as they can work effectively in a wide range of temperatures. Increasing focus on sustainability has increased the demand for recyclable products and gel batteries can be completely recycled, which is why their deployment is projected to increase at a rapid pace over the coming years. Increasing construction of data centers around the world is also a key prospect that is estimated to bolster the sales of gel batteries across the forecast period. Increasing use of off-grid power around the world will also favor gel battery demand in the long run.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
12V
Fastest Growth
2V
Growth Rate
4.4% CAGR
Global Gel Battery Market ($ Bn)
Country Share for Asia Pacific Region (%)
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Gel Battery Market Segmental Analysis
The global gel battery market is segmented based on type, application, and region. In terms of type, the market is segmented into 2V, 6V, 12V, and others. Based on application, the market is divided into electric mobility, energy storage & distribution, telecommunication, and others. Based on region, the market is segmented into Asia Pacific, North America, Latin America, Europe, and the Middle East and Africa.
Analysis by Type
12V gel batteries account for the highest share of the global gel battery market. This high market share can be attributed to the growing use of 12V batteries to power golf carts, light electric vehicles, and other electric mobility devices. Increasing emphasis on the electrification of different industries and products is projected to open a wide scope of applications for 12V gel batteries going forward.
However, the demand for 2V gel batteries is predicted to soar at a high CAGR over the coming years. The growing use of 2V batteries in telecommunications equipment, power backup, etc. is forecasted to help this segment expand at a rapid pace. The deep cycle of 2V gel batteries allows them to stay charged for longer and be used for backup purposes in different industry verticals and applications.
Analysis by Application
Electric mobility accounts for a prominent chunk of the global gel battery market share at present and this can be linked to growing electrification of the automotive industry around the world. High focus on sustainability, advancements in battery technology, and high costs of fossil fuels are key factors that are promoting the demand for gel batteries in the electric mobility segment. The rising popularity and preference for electric vehicles among consumers will allow this segment to maintain a dominant market share.
However, the use of gel batteries for energy storage and distribution is slated to increase at a rapid pace across the forecast period. Increasing adoption of renewable energy sources and growing demand for off-grid power solutions will bolster gel battery sales in this application segment over the coming years.
Global Gel Battery Market By Type
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Gel Battery Market Regional Insights
Robust automotive production and increasing manufacturing and demand for electric mobility vehicles in the Asia Pacific region allow it to account for the largest market share in the world. China is estimated to spearhead the demand for gel batteries in this region followed by India, Japan, and South Korea across the forecast period. Growing adoption of UPS systems for uninterrupted power supply and rising focus on sustainability are other factors that contribute to the gel battery market growth in the Asia Pacific region.
Europe is estimated to emerge as the fastest-expanding market for gel batteries around the world. High focus on sustainability and the growing establishment of new data centers in this region is projected to primarily augment the demand for gel batteries over the coming years. High consumer awareness regarding the benefits of gel batteries and the rising use of the same in electric mobility vehicles will also bolster the gel battery market growth in Europe.
Global Gel Battery Market By Region
- Largest
- Fastest
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Gel Battery Market Dynamics
Drivers
Low Maintenance and Low Costs of Recycling
- Gel batteries are extremely low maintenance and can last a long period of time before needing to be replaced. Disposing and recycling gel batteries is relatively inexpensive as compared to lithium-ion batteries, which is also a trend that is driving gel battery market development.
Growing Demand for Renewable Energy Storage
- High emphasis on sustainability around the world has resulted in high demand for renewable energy storage on a global level and this trend is projected to bolster sales of get batteries in the long run. High use of gel batteries for renewable energy storage applications will boost market growth.
Restraints
Overcharging Issues
- Gel batteries are extremely sensitive to overcharging issues as overcharging them could damage them. Overcharging results in the development of a void in the electrolyte of the battery and renders it useless, which could restrain the gel battery market growth to a certain extent.
Limited Energy Density
- Gel batteries are not as energy dense as other battery alternatives available in the global marketplace, which is a key fzactor that is estimated to slow down gel battery sales going forward. Moreover, advancements in alternative battery technologies are also slated to hurt gel battery market development in the future.
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Gel Battery Market Competitive Landscape
Gel battery manufacturers are focusing on expanding their sales by collaborating and partnering with different industries where batteries are being used on a large scale. Companies are also investing in R&D to improve the efficiency and power output of gel batteries which will help them widen their application scope and revenue generation as well. Gel battery recycling is also a key area of interest for gel battery manufacturers looking to make the most out of their products and boost profitability.
Top Player’s Company Profiles
- Power Sonic Corporation
- Canbat Technologies Inc.
- ABB
- JYC Battery Manufacturing Co. Ltd.
- Leoch International Technology Limited Inc.
- Exide Technologies
- Mighty Max Battery
- Vision Group
- Harbin Coslight Storage Battery Co. Ltd.
- BSB Power Company Limited
- B.B. TECH (Changsha) Co. Ltd..
- Storage Battery Systems
- EnerSys
- Fiamm Energy Technology
- Wolong Electric Group Co. Ltd.
Recent Developments
- Gautam Solar, a provider of renewable energy solutions based in India, announced the launch of a new gel battery back in April 2022. The battery was specially designed for energy storage applications and is suitable for use in homes, solar power plants, etc.
- Offgrid Energy Labs, a new company providing energy equipment and products, announced the launch of its new and innovative gel battery with ZincGel Battery Technology in April 2022.
- In September 2022, Gelion Technologies, a battery manufacturer based in Australia started the first Australian facility to manufacture zinc-bromide battery production in Western Sydney.
Gel Battery Key Market Trends
- Rising Adoption of Renewable Energy: Growing adoption of renewable energy sources around the world could also foster the demand for gel batteries as they are essential in storing energy for a longer period of time.
Gel Battery Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per Skyquest analysis, increasing emphasis on emission reduction and growing demand for energy around the world is projected to bolster the demand for gel batteries in the future. Increasing adoption of off-grid energy systems, growing construction of data centers, and rising popularity of electric mobility vehicles are other factors that could benefit gel battery sales across the forecast period. However, the overcharging sensitivity of gel batteries is predicted to be a key constraint for the gel battery market growth over the coming years. The Asia Pacific region accounts for a dominant share of the global gel battery market owing to the rapid adoption of electric vehicles in countries such as China and India. Companies can leverage the growing adoption of renewable energy to maximize their sales and revenue generation potential in the long run.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 2.2 billion |
| Market size value in 2031 | USD 3.24 billion |
| Growth Rate | 4.4% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Gel Battery Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Gel Battery Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Gel Battery Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Gel Battery Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Gel Battery Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Gel Battery Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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