VRLA BATTERIES MARKET REPORT OVERVIEW
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The global VRLA batteries market size was USD 4669.5 million in 2021 and is projected to touch USD 6670.4 million by 2031, exhibiting a CAGR of 3.6% during the forecast period.
The global COVID-19 pandemic has been unprecedented and staggering, with VRLA batteries experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels.
Valve-regulated lead acid (VRLA) batteries are employed as the major energy storage because of their unique properties, including their power density, the removal of gassing, their safety profile, and their low maintenance needs. This battery is also used for off-grid power systems and other applications that need extensive, cost-effective power storage, like portable electronic devices that frequently run on cells. Absorbent glass mat (AGM) batteries and gelled electrolyte batteries are the two varieties of valve-regulated lead acid (VRLA) batteries (Gel).
Increasing demand across telecommunications, UPS, and electricity applications will propel the VRLA batteries market forward during the forecast period.
COVID-19 Impact: Supply Chain Hurdles Created Roadblocks for the Market
The COVID-19 pandemic negatively affected the market due to supply chain disruptions and shortage in raw materials was also observed. Shortage of labor and strict protocols such as lockdowns and restrictions on movement created roadblocks, disruptions in end-use sectors of the product led to lower demand. During the pandemic, major projects to upgrade electrical infrastructure and install new grids were suspended in light of these restrictions, workforce shortages, and raw material unavailability. Additionally, major 5G rollout projects were suspended during the pandemic. The decline in electricity and telecommunications projects thus affected the VRLA batteries market share during COVID-19.
LATEST TRENDS
"Long- Lasting, More Specialized Batteries to Augment the Market demand"
There is a growing need for more specialized batteries that are long-lasting, superior in quality, safe, and efficient. As a result, manufacturers worldwide are concentrating on these parameters to suit client demand in developed countries. For instance, the Energy Storage Project of the Public Service Co. of New Mexico (PNM) was introduced in Albuquerque, United States, by the subsidiary of East Penn Manufacturing Co., Inc. The innovative valve regulated lead acid (VRLA) used in this project, which is essential for solar energy storage and may also be used for peak shifting and voltage smoothing to supply energy when needed, was incorporated.
The absorbent glass mat category is anticipated to have rapid expansion over the course of the projected period in the worldwide market for valve-regulated lead acid batteries. Along with additional benefits including water retention, vibration resistance, acid encapsulation, and considerably faster charging than comparable flooded batteries, AGM delivers great performance in low climates. AGM batteries need less maintenance as well. These factors will propel the VRLA batteries market growth.
VRLA BATTERIES MARKET SEGMENTATION
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- By Type Analysis
By type, market is segmented into absorbed glass mat battery and gel battery. The absorbed glass segment will dominate the market in the coming years.
- By Application Analysis
Based on applications, the market is classified into telecommunications industry, electricity industry, UPS and others. The telecommunications industry segment will lead the global share through 2031.
DRIVING FACTORS
"Increased Consumption Of Batteries In The Automotive Sector To Boost The Market Growth"
Better vibration resistance and cranking power are provided by VRLA batteries, which are also durable batteries with low self-discharge. Because they can be handled safely, valve -controlled lead acid batteries are favoured because they can assure the appropriate operation of products like emergency lights, engine starters, and telecom backup power supplies during power outages.
The increase in consumption of these batteries in the automotive sector, particularly in two-wheelers, is one of the major reasons limiting the growth of the market for valve-regulated lead acid batteries. The two-wheeler industry, for instance, reported sales of 1.42 million units in India, according to the India Brand Equity Foundation (IBEF). Two-wheeler production and consumption made up a substantial portion of the country's automotive market, or roughly 78.6%, IBEF claims.
"Rechargeable Nature of the Batteries to Push the Market Growth"
For stationary uses like monitoring, which entails routine physical examinations, measurements, and cell-by-cell documentation, VRLA batteries are ideal. Other advantages of VRLA batteries include maintenance-free life, high charge efficiency, moderate service life, high rate-capacity, and no electrolyte leakage, resulting in a battery that is safe for use in any orientation. Moreover, VRLA batteries have the additional benefit of being rechargeable, which is a feature that customers have recently come to value highly. The aforementioned factors will promote the growth of the VRLA batteries market in the coming years.
RESTRAINING FACTORS
"High Maintenance to Impede the Market Growth"
The market for VRLA batteries is anticipated to be constrained in its growth due to concerns with proper handling, ventilation, and other maintenance. A further aspect that is hurting the market for VRLA batteries is the battery's life duration. In comparison to conventional flooded batteries, which have a life expectancy of 20 years, the VRLA battery's lifespan, which depends on care, is only three to five years.
VRLA BATTERIES MARKET REGIONAL INSIGHTS
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"Asia Pacific to Capture Maximum Market Share Through 2028"
Asia Pacific is expected to dominate the global market for VRLA batteries due to growing demand from the automotive industry and for uses in the IT, solar, and telecommunications infrastructure industries. Lead acid batteries are more in demand in China due to their expanding use in communications, automotive, low-speed electric vehicle, and automotive applications. Domestic two-wheeler sales in the automotive industry were 16.0 million in 2016, and according to the India Brand Equity Foundation (IBEF), they are expected to increase to 50-55 million by 2026. This is expected to aid in the local market's expansion. Because of increased interest in pollution-free electric vehicles and technological improvements, it is projected that demand for this would rise in the near future.
Lead acid battery demand has increased in North America as a result of the presence of top automakers including Toyota, The Ford Motor Company, General Motors, and Fiat Chrysler Automobiles N.V. According to the International Trade Association, the United States' exports of automobile parts increased steadily from USD 5 billion to USD 7.2 billion.
KEY INDUSTRY PLAYERS
"Key Players Focus on Partnerships to Gain a Competitive Advantage "
Prominent market players are making collaborative efforts by partnering with other companies to stay ahead in the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolio.
List of Market Players Profiled
- Exide Technologies (U.S.)
- GS Battery (Japan)
- Panasonic (Japan)
- Vision Battery (China)
- SBS Battery (India)
- Fiamm (Italy)
- Power-Sonic Europe (U.K.)
- Southern Battery (India)
REPORT COVERAGE
The market research study examines the worldwide market in detail, focusing on important elements such as leading players, product/services or type, and leading end-use applications. Aside from that, the research analyses major advancements and provides insights into lighting market trends. In addition to the causes indicated above, the paper includes a number of other factors that have contributed to recent growth.
REPORT COVERAGE | DETAILS |
---|---|
Market Size Value In |
US$ 4669.5 Million in 2021 |
Market Size Value By |
US$ 6670.4 Million by 2031 |
Growth Rate |
CAGR of 3.6% from 2021 to 2031 |
Forecast Period |
2024-2031 |
Base Year |
2022 |
Historical Data Available |
Yes |
Segments Covered |
Types & Application |
Regional Scope |
Global |
Frequently Asked Questions
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What value is the VRLA batteries market expected to touch by 2031?
Over the research period, the VRLA batteries market will be reaching USD 6670.4 million by 2031.
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What CAGR is the VRLA batteries market expected to exhibit by 2031?
The VRLA batteries market is expected to exhibit a CAGR of 3.6% by 20318.
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Which are the driving factors of the VRLA batteries market?
Rechargeable nature and high demand in the automotive sector are some of the driving factors of the VRLA batteries market.
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Which are the top companies operating in the VRLA batteries market?
Exide Technologies, GS Battery, Panasonic, Vision Battery, SBS Battery, Fiamm and MCA are some of the top companies operating the VRLA batteries market.