Pune, india, Feb. 13, 2023 (GLOBE NEWSWIRE) -- The global zinc-air battery market size is projected to grow from USD 117 million in 2021 to USD 196.7 million in 2028 with a CAGR of 7.7%. The market size was USD 112.2 million in 2020 and was negatively impacted by the COVID-19 pandemic. The growth of the energy sector and advances in technology and innovation have driven the demand for efficient and eco-friendly energy storage solutions. Zinc-air fuel cell batteries are known for their long life and environmentally friendly nature, making them a resilient option in the market.
List of Key Players Covered in the Report
- Phinergy
- NantEnergy
- Arotech Corporation
- PolyPlus Battery Company
- Zinc8 Energy Solutions
- GP Batteries
- Thunderzee
- Duracell Inc.
- Energizer Holdings
- Panasonic
- Epsilor Electric Fuel
- Renata SA
- ZeniPower (Zhuhai Zhi Li) Battery Co. Ltd.
- Guangdong Tianqiu Electronics Technology Co., Ltd.
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Zinc-Air Battery Market Scope:
| Report Coverage | Details |
| Forecast Period | 2021-2028 |
| Forecast Period 2021 to 2028 CAGR | 7.7% |
| 2028 Value Projection | USD 196.7 million |
| Base Year | 2020 |
| Market Size in 2020 | USD 112.2 million |
| Historical Data for | 2017-2019 |
| No. of Pages | 165 |
| Segments covered | By Type; By Application; and By Region |
| Growth Drivers | Increased Research and Development Activities in Zinc-Air Battery Will Propel Market |
| Higher Capacity of Zinc-air batteries and Economical Advantage Will attract significant Investment from Leading Manufacturers |
Drivers & Restraints:
Increasing Vehicle Pollution to Augment Market Growth
As manufacturers devise strategies to profit from these favorable sentiments, there is a growing demand for electric vehicles. The increased production of electric vehicles will contribute to positive market growth. Furthermore, the market is seeing positive growth. The battery is found in medical devices such as hearing aids and other small electronic devices such as heart monitors. During the forecast period, these factors will boost the zinc-air battery market growth. However, the market may suffer as a result of the concern about the presence of mercury, which is a health hazard.
COVID-19 Impact
Zinc-air battery sales are expected to decline in the current COVID-19 situation since severe disruptions in businesses and the global economy limit the supply of batteries and other components. The current situation has had an impact on the battery industry's supply chain eventually having an adverse impact on the market.
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Segmentation of Report:
On the basis of type, the market is bifurcated into non-rechargeable and rechargeable. Rechargeable batteries are known for their extended shelf-life and lower cost. That is why it is the market leader in this sector. Rechargeable zinc-air batteries are widely used in a variety of applications, ranging from large vehicles to small-scale devices.
It's also well-known for its dependability, output generation, and durability. Compared to non-rechargeable types, this is an improved option. As a result, it is predicted to continue growing and capturing a larger market share during the projected period.
Regional Insights
Europe to be the Greatest Region in the Global Market Due to Abundance of Electric Vehicles
Europe is the top region for electric vehicles due to its abundance of manufacturers. North America comes second in terms of the zinc-air battery market share due to the policy shift toward more environmentally friendly vehicles, the usage and opportunities for the market are massive. As a result of the rising digitization and rapid growth of the information technologies and automotive industries in countries such as India, China, Australia, South Korea, and Japan, the Asia-Pacific region is expected to be the primary market for zinc-air batteries. Furthermore, due to their large populations and high need for electric vehicles and electronic devices, India and China are expected to dominate the region.
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Competitive Landscape
Key Players to Collaborate to Expand Business
Prominent players to focus on collaborations to sustain in the market. For instance, in September 2020, Hindustan Zinc and Ashok Leyland collaborated with IIT-M to create a zinc-air battery as a replacement for lithium-ion batteries.
Industry Development
January 2021: Thunderzee introduced a new revolutionary zinc-air battery that’s less expensive, safer, lighter, and more efficacious than lithium-ion batteries.
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Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Latest Technological Advancement
- Regulatory Landscape
- Porter Five Forces Analysis
- Qualitative Analysis – Impact of COVID-19
- Impact of COVID-19 on the Zinc-Air Battery Market
- Steps Taken by the Government to Overcome the Impact
- Key Developments by Industry Players in Response to COVID-19
- Potential Opportunities and Challenges due to COVID-19 Outbreak
- Competitive Analysis
- Company Market Share Analysis, 2020
- Company Profile
- LICAP Technologies, Inc.
- Business Overview
- Product & Service Offering
- Overall Revenue
- Geographic Presence
- Recent Development
- LICAP Technologies, Inc.
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