Absorbent Glass Mat batteries are used across diverse applications such as telecom, electrical vehicles, and uninterrupted power supply, owing to their properties like low cost, high stability, and maintenance-free operations. These batteries are valued for their economical operation as a backup power source for telecom towers, railroad signals, switchgears, and automatic power generators.
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 9.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends
The rising adoption of absorbent glass mat batteries in the telecom and utility sectors has been a key trend fueling the growth of this market. These batteries are now widely adopted as backup power sources for telecom towers, railroad signals, automatic power generators due to their maintenance-free operations and low-cost features. The demand from the telecom industry has significantly increased in recent years as mobile networks upgrade to newer technologies like 4G/L5G, which require higher reliability of telecom towers. As absorbent glass mat batteries minimizes downtimes of telecom towers by providing backup power for extended hours, their adoption has accelerated among telecom operators globally. Furthermore, the push towards renewable energy has also created opportunities for these batteries in applications like energy storage, which is expected to further drive the market during the forecast period.
Segment Analysis
The global absorbent glass mat battery market is dominated by the motive industrial segment. This segment accounted for more than 60% of the total market share in 2022. The motive industrial segment includes forklifts, airport ground support equipment, mining equipment, and material handling equipment that require high starting power. Absorbent glass mat batteries fulfill these heavy duty requirements and provide reliable power over the life of the equipment. Thus they are widely used in motive industrial applications.
Key Takeaways
The global Absorbent Glass Mat Battery Market Share is expected to witness high growth during the forecast period of 2023-2030. The market size is projected to reach US$ 14.72 billion by 2024.
Regional analysis: The Asia Pacific region is expected to witness the highest growth in the absorbent glass mat battery market during the forecast period. This is primarily attributed to the massive industrial and motive equipment manufacturing sectors in countries like China and India. The rapid industrialization and infrastructure development activities in these countries require a large fleet of forklifts, mining equipment, and other material handling tools that run on absorbent glass mat batteries.
Key players operating in the absorbent glass mat battery market are Procter & Gamble Co., Henkel AG & Co. KGaA, Unilever PLC, Reckitt Benckiser Group PLC, Church & Dwight Co., Inc., Colgate-Palmolive Company, Kao Corporation, Lion Corporation, The Clorox Company, McBride plc, S. C. Johnson & Son, Inc., Seventh Generation, Inc. (Unilever), Nice Group, Nirma Limited, Liby Enterprise Group Co., Ltd.
