With 4% CAGR, Gel Battery Market to hit US$ 2.7 Billion 2023-2028

SHERIDAN, WYOMING, UNITED STATES, December 5, 2022 /EINPresswire.com/ -- IMARC Group has recently released a new research study titled “Gel Battery Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2023-2028”, offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends, and competitive landscape to understand the current and future market scenarios.

What are the growth prospects of the gel battery industry?

The global gel battery market size reached US$ 2.1 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 2.7 Billion by 2028, exhibiting a growth rate (CAGR) of 4% during 2023-2028.

What is a gel battery?

A gel battery represents a valve-regulated lead-acid battery with a jellied electrolyte. It comprises silica that makes the electrolyte set up or stiffens the battery. A gel battery is durable and lightweight, has a longer lifespan, can withstand extreme temperature ranges, etc., as compared to conventional batteries. In line with this, it is suited for the deep-cycle application and widely used in places without ventilation. A gel battery is usually maintenance-free and vibration resistant in nature. It also offers various benefits, such as enhanced safety, owing to the greater resistance to shock, reduced risk of sulphuric acid burns, lower rate of evaporation, etc. Consequently, a gel battery is extensively utilized in marine trolling, solar systems, sailboats, uninterrupted power systems (UPS), emergency lighting, etc.

Impact of COVID-19:

We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.

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What are the major market drivers in the gel battery market?

The increasing demand for solar power devices to offer backup during power outages in remote areas is primarily driving the gel battery market. Additionally, the launch of numerous favorable policies by government bodies for promoting the usage of renewable energy sources via incentives, price concessions, tax credits, etc., on solar panel components is further catalyzing the market growth. Besides this, the growing consumer concerns towards the negative impact of fuel-based vehicles on the environment are propelling the adoption of gel batteries in EVs, public transportation, aircraft, etc., which is acting as another significant growth-inducing factor. Moreover, the inflating need for electric wheelchairs, on account of the rising prevalence of neurological disorders and the expanding geriatric population who are more susceptible to developing orthopedic conditions, is anticipated to fuel the gel battery market over the forecasted period.

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Report Segmentation:

The report has segmented the market into the following categories:

Breakup by Type:

2V
6V
12V

Breakup by Distribution Channel:

Online
Offline

Breakup by Application:

Electric Mobility
Energy Storage and Distribution
Telecommunication
Others

By Geography:

North America (United States, Canada)
Europe (Germany, France, United Kingdom, Italy, Spain, Others)
Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
Latin America (Brazil, Mexico, Others)
Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)

List of Major Key Players:

B. Battery
BSB Power Company Limited
C&D Technologies Inc
Canbat Technologies Inc
Exide Technologies
Exponential Power Inc
JYC Battery Manufacturer Co. Ltd
Leoch International Technology Limited Inc
Power-Sonic Corporation
Vision Group

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About Us:

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

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IMARC Services Private Limited
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