At a CAGR of 10% Lithium Air Batteries Market Size | Business Opportunities and Future Demands | Tesla, Inc., Mullen Technologies Inc., PolyPlus Battery Co. | Industry Share, Trends, Forecast Report by ZMR
NEW YORK, March 22, 2022 /PRNewswire/ -- As per Zion Market Research study, The global lithium-air batteries market is projected to grow with a high CAGR of 10% during the forecast period. The report analyzes the lithium-air battery market's drivers, challenges, and impact on the demand during the forecast period. Additionally, the report will help navigate and grab emerging opportunities in the lithium-air batteries market.
Zion Market Research published the latest report titled as "Lithium-Air Batteries Market By Type (Aprotic Li-Air Batteries, Aqueous Li-Air Batteries, Mixed Aqueous/Aprotic, And Solid-State Li-Air Batteries), And Application (Automotive & Transportation, Consumer Electronics, Medical Devices, And Others), And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2022 – 2028." into their research database.
Global Lithium-Air Batteries Market: Overview
Lithium-air battery refers to the electrochemical storage that makes use of the lithium oxidation conducted at the anode in order to lower the oxygen extracted from the surrounding environment at the cathode. These batteries are much preferred among end-users as it uses the surrounding air for their functioning, thereby saving the volume and weight of the battery, which further results in a high capacity of energy as compared to the lithium-ion battery. Lithium-ion batteries are referred to as LABs. These batteries hold a high potential for efficient energy storage. Additionally, it also helps address future environmental and energy challenges. The automotive sector is one of the primary end-users of lithium-air batteries.
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The lithium-air battery is also called a lithium-oxygen battery. It is a battery that generates power with the help of the lithium oxidation process. In comparison to standard lithium-ion batteries, it offers the combined benefits of both oxygen and lithium, offering around 5 to 15 times the energy along with three times more power. These are a kind of metal-air battery that works on the process of redox in which current is generated with the help of oxidation of lithium metal and reduction of oxygen. These batteries find a large number of applications in marine, electronics, military, defense, medical, and automotive. It has emerged as vital equipment in both industrial and household appliances.
Industry Dynamics:
Global Lithium-Air Batteries Market: Growth Drivers
Fast proliferating automotive sector to drive global market growth
Lithium-air batteries are considered to be the lightest one available in the market, with lithium being the lightest metal, and air likewise is ultralight in weight. As a result, the automotive sector emerged as a primary end-user of lithium-air batteries. The advent of electric and hybrid electric vehicles globally is further expanding the scope of lithium-air batteries within the segment. These batteries are compact in size with low weight, thereby it is of high use in electric vehicles. However, the surge in demand for electric vehicles is further complimenting the demand significantly. Additionally, these batteries are highly deployed in different sectors, including industrial equipment, electrical, electronics, and many others due to their lightweight nature. The surge in advanced electrical applications like robotics and drones will create massive growth opportunities in the global lithium-air batteries market. Modern-day batteries like lithium-air can enhance power in mobile robots, drones, underwater robots, and power aerial drones. Additionally, these batteries are also used to manipulate and sense data in remote areas where humans find difficulty in reaching out.
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Global Lithium-Air Batteries Market: Restraints
Growing prices of the battery may hamper global market growth.
The production technology needed for manufacturing these batteries is expensive thereby the growing prices of these batteries are likely to emerge as a major restraint of the global lithium-air batteries market.
Global Lithium-Air Batteries Market: Opportunities
New lithium-air batteries are gaining traction in the automotive sector.
The conventional lithium-ion battery is increasingly being replaced by innovative lithium-air batteries owing to its high-performance feature. Additionally, around 10 million electric cars were on the road in 2020, thereby, the scope of lithium-air batteries is constantly increasing.
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Global Lithium-Air Batteries Market: Challenges
A low life cycle is likely to be a huge challenge for the global lithium-air batteries market.
With the growing demand for electric vehicles globally, manufacturers are increasingly seeking batteries that can perform well and can power the vehicles for a longer period of time. However, it has emerged as a huge challenge for market leaders.
List of Key Players of Global Lithium-Air Batteries Market:
- Tesla, Inc.
- Mullen Technologies Inc.
- PolyPlus Battery Co.
Key Industry Insights & Finding of the Global Lithium-Air Batteries Market Reports:
- As per the analysis shared by our research analyst, the Global Lithium-Air Batteries Market is expected to grow annually at a CAGR of around 10% (2022-2028).
- lithium-air batteries in electronic appliances like smart home appliances, smart wearables, and smartphones.
Key questions answered in this report:
- What are the growth rate forecast and market size for Global Lithium-Air Batteries Market?
- What are the key driving factors propelling the Global Lithium-Air Batteries Market forward?
- What are the most important companies in the Global Lithium-Air Batteries Market Industry?
- What segments does the Global Lithium-Air Batteries Market cover?
- How can I receive a free copy of the Global Lithium-Air Batteries Market sample report and company profiles?
Report Scope:
Global Lithium-Air Batteries Market: Segmentation Analysis
The global lithium-air batteries market can be segmented into application, type, and region.
By application, the market can be segmented into energy storage, consumer electronics, automotives, and other applications.
By type, the market can be segmented into solid-state, mixed aqueous, aqueous, and aroptic lithium-air batteries.
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Recent Developments:
- Researchers from Cornell University, Harvard University, and MIT in January 2022 announced that they had researched a way to isolate and study one enigmatic molecule that breaks the key component in Li-air batteries, i.e., lithium superoxide.
- Attero, an e-waste recycling firm, reveals its plan to invest INR 300 crore in a bid to enhance its current lithium-ion battery recycling capacity by 11 times.
Regional Dominance:
North America accounts for the largest share in the global lithium-air batteries market due to the growing penetration of lithium-air batteries in electronic appliances like smart home appliances, smart wearables, and smartphones. Additionally, the growing demand for consumers for advanced, smaller, and thin-performing battery products is further likely to catalyze the growth of the regional market significantly.
Global Global Lithium-Air Batteries Market is segmented as follows:
Global Lithium-Air Batteries Market: By Application Outlook (2022-2028)
- Automotive
- Consumer Electronics
- Energy Storage
- Other Applications
- Global Lithium-Air Battery
Global Lithium-Air Batteries Market: By Type Outlook (2022-2028)
- Aprotic Li-Air Battery
- Aqueous Li-Air Battery
- Mixed Aqueous/ Aprotic Li- Air Battery
- Solid State Li-Air Battery
Global Lithium-Air Batteries Market: By Region Outlook (2022-2028)
North America
- The U.S.
- Canada
Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
Latin America
- Brazil
- Mexico
- Rest of Latin America
Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
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