Several industries are facing the brunt of COVID-19 pandemic which has created enormous uncertainties for business operations. The gel battery market has experienced negative impact during the pandemic owing to restrictions laid down by various countries on import-export of non-essential goods. In addition, closed borders and social distancing norms have resulted in shortage of labors. In 2019, China was the top exporter of batteries acquiring a revenue of $2.4 billion. However, in 2020, this export was greatly affected as China was badly hit by the pandemic. This has widened the supply-demand gap in other countries that import raw material and batteries from China. Due to complete lockdown, restrictions on movement of people, and non-availability of raw materials, manufacturing units were closed in many countries. All these factors have negatively impacted the revenue of gel battery market.
Gel Battery Market Analysis:
Various benefits offered by gel battery is estimated to drive the market growth. For instance, a gel battery is maintenance free, because it is comprised of gel instead of liquid. Hence, it is maintenance free. Unlike, other batterie such as wet cell batteries that are packed in plastic encasement are prone to leakage. But a gel battery is sealed with a valve that removes excess pressure and keeps the electrolyte present inside it intact. A gel battery can be installed anywhere and, in any position, as there are no spills. Due to this they are used across various deep cycle applications such as floor scrubbers, portable power as well as in standby & emergency backup applications such as cable TV, emergency lighting, uninterrupted power systems (UPS), and others.
Slow charging cycle associated with gel battery is estimated to hamper the market growth. This is due to presence of gel inside the battery instead of liquid. Hence, the charger needs to be unplugged as soon as the charging is complete as it can cause irreversible damage to the battery due to developments of voids.
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The ease of recyclability of gel battery is estimated to generate enormous growth opportunities in the market. The disposal of batteries can greatly harm the ecosystem leading to water and air pollution as it contains hazardous metals such as sulfur. For instance, European regulations have designated all batteries under hazardous waste and hence they require treatment before disposal. Increasing concerns regarding hazardous properties of metals and substances, increase in environmental sensibility, and rise in demand for sustainable management of natural resources have increased the demand for gel battery recycling process. Most of the valve regulated lead acid (VRLA) batteries such as gel battery is recyclable. Due to this the gel batteries are sustainable and environment-friendly. This recycling process will also reduce the cost of gel battery and improve its efficiency by recovering the metals.
Based on type, the gel battery market has been divided into 2V, 6V, and 12V. The 12V sub-segment is predicted to show fastest growth rate and generate a revenue of $1,316.6 million by 2028.
Based on application, the gel battery market has been divided into electric mobility, telecommunication, energy storage & distribution, oil & gas, and others. The energy storage & distribution sub-segment is predicted to show fastest growth rate and generate a revenue of $815.0 million by 2028.
Based on geographical scope, the market was investigated across North America, Europe, Asia-Pacific, and LAMEA. The Asia-Pacific gel battery market is anticipated to rise at a growth rate of 4.4% by 2028 from the revenue generated in 2020.
The companies involved in the global gel battery market are Exide Technologies, BSB Power Company Limited, Leoch International Technology Limited Inc., Power Sonic Corporation, Exponential Power, Canbat Technologies Inc., C&D Technologies, Inc., B.B. Battery, Vision Group, and JYC Battery Manufacturer Co. Ltd.
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