Portland, OR, April 11, 2023 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “Dual-ion Batteries Market by Type (Metal-Organic, Metal-Metal, Sodium-Ion, Zinc-Ion, Others), by Application (Electric Vehicles, Portable Electronics, Renewable Energy Storage, Medical Devices, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031". According to the report, the global dual-ion batteries industry generated $0.3 billion in 2021, and is anticipated to generate $1.6 billion by 2031, witnessing a CAGR of 16.4% from 2022 to 2031.
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Prime determinants of growth
The global dual-ion battery market is experiencing high demand due to its superior energy density when compared to conventional batteries. This results in the ability to store more energy per unit volume or mass, leading to longer battery life, smaller and lighter batteries, and potentially reduced cost. These benefits make dual-ion batteries ideal for a wide range of applications, including electric vehicles, portable electronics, and energy storage. On the other hand, the market growth may be restrained by factors such as high manufacturing costs, limited availability of raw materials, and the lack of standardization. However, a rise in demand for efficient and sustainable energy storage solutions has paved the way for lucrative opportunities in the industry.
Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $0.3 billion |
| Market Size in 2031 | $1.6 billion |
| CAGR | 16.4% |
| No. of Pages in Report | 256 |
| Segments covered | Type, Application, and Region |
| Drivers | Dual-ion batteries have a higher energy density compared to conventional lithium-ion batteries Growth in awareness related to environmental sustainability Increase in demand for energy storage Government initiatives and subsidies promoting the adoption of electric vehicles and renewable energy sources |
| Opportunities | Potential applications in emerging markets |
| Restraints | High manufacturing costs compared to conventional battery technologies Limited availability of raw materials required for dual-ion batteries |
Covid-19 Scenario
- The Covid-19 pandemic had a negative impact on the global dual-ion batteries market as the demand for batteries in certain applications, such as electric vehicles, decreased due to economic uncertainty and reduced travel during lockdowns. However, despite these challenges, the battery industry demonstrated resilience and adaptability. Manufacturers were able to sustain operations and supply chains by leveraging digital technologies and remote work.
- Moving forward, many developed and developing countries are prioritizing the development of sustainable and eco-friendly energy storage systems to support the shift toward renewable energy. This focus on sustainable energy is expected to have a significant impact on the growth of the dual-ion batteries market.
The sodium-ion segment to maintain its leadership status throughout the forecast period
Based on type, the sodium-ion segment held the highest market share in 2021, accounting for nearly three-fourths of the global dual-ion batteries market revenue, and is estimated to maintain its leadership status throughout the forecast period owing to the growing demand for sodium-ion batteries in the renewable energy and automotive industries. However, the metal-organic segment is expected to witness the fastest CAGR of 18.1% from 2022 to 2031. The rapid growth of renewable energy sources has led to the growing need for efficient and reliable energy storage solutions, thus driving the segment growth.
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The portable electronics segment to maintain its leadership status throughout the forecast period
Based on application, the portable electronics segment held the highest market share in 2021, accounting for more than one-third of the global dual-ion batteries market revenue, and is estimated to dominate throughout the forecast period. This is due to the increasing demand for devices with longer battery life and faster charging times. However, the others segment is expected to witness the fastest CAGR of 17.3% from 2022 to 2031. This is because the increase in the population, industrialization, and urbanization across the globe has given way to the increasing demand for power, making the developed and developing countries invest in renewable power generation.
Europe to maintain its dominance by 2031
Based on region, Europe held the highest market share in terms of revenue in 2021, accounting for more than two-fifths of the global dual-ion batteries market revenue, and is likely to dominate the market during the forecast period. In Europe, the market for DIBs is still in its early stages, but there are several key market trends and opportunities that indicate significant potential for growth. One of the biggest market trends driving the growth of DIBs in Europe is the increasing demand for energy storage solutions that can support renewable energy sources such as solar and wind. However, the Asia-Pacific region is expected to witness the fastest CAGR of 17.0% from 2022 to 2031. Governments in the Asia-Pacific region are increasingly supporting the development of new battery technologies through policies and funding.
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Leading Market Players: -
- Faradion Limited
- Tiamat Energy
- Prieto Battery
- Excellatron
- Ionic Materials
- Solid Energy Systems
- Qing Tao Energy Development Co., Ltd.
- Sion Power
- Custom cells Itzehoe GmbH
- Jenax
The report provides a detailed analysis of these key players in the global dual-ion batteries market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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