Pune, India, March 23, 2022 (GLOBE NEWSWIRE) -- The global zinc-air battery market size is anticipated to hit USD 196.7 million by 2028 and exhibit a CAGR of 7.7% during the forecast period. The growing research and development activities in zinc-air batteries and escalating advancements in electric vehicles are expected to boost the market growth. Fortune Business InsightsTM has presented this information in its report titled, “Zinc-air Battery Market, 2021-2028”. The market size stood at USD 112.2 million in 2020 and USD 117.0 million in 2021. Additionally, rising adoption of renewable energy sources, including wind, solar, and others for power generation is likely to augment the demand for battery energy storage systems and complement the zinc-air battery market growth.
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Companies Profiled in the Zinc-air Battery Market:
- Duracell (U.S.)
- Ravoyac (U.S.)
- Nantenergy (U.S.)
- Electric Fuel Battery Corporation (U.S.)
- ZAF Energy System (U.S.)
- Varta AG (Germany)
- GP Batteries (Hong Kong)
- Phinenergy (Israel)
- Thunderzee (U.S.)
- Renata SA (Switzerland)
- AZA Battery (Belgium)
COVID-19 Impact-
COVID-19 Hampered the Market Growth
The sudden rapid spread of the coronavirus pandemic has hindered the market growth. Disruptions in batteries and other vital components’ supply have hampered the market growth. Shutdowns of manufacturing plants, halted construction projects and activities, and supply chain disruptions due to the pandemic have negatively affected the market growth. Nonetheless, the market is stabilizing as the global economy is gradually recovering from the pandemic’s extensive impact.
To get to know more about the short-term and long-term impact of COVID-19 on this market,
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REPORT SCOPE & SEGMENTATION:
| Report Coverage | Details |
| Forecast Period | 2021-2028 |
| Forecast Period 2021-2028 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 | Type, Application, Region |
| Growth Drivers | Higher Capacity of Zinc-air batteries and Economical Advantage Will attract significant Investment from Leading Manufacturers |
| Growing Advancements in Electric Vehicles to Propel the Adoption of Zinc-Air Battery | |
| Increased Acceptance of Renewable Sources for Power Generation to Support Growth | |
| Pitfalls & Challenges | Health Concern Owing to Mercury Reduces the Adoption of Zinc-Air Batteries |
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Segments-
Type, Application, and Region are Studied
On the basis of type, the market is bifurcated into rechargeable and non-rechargeable. On the basis of application, the market is segmented into safety lamps, military devices, hearing aids, and others. Geographically, the market is classified into Asia Pacific, North America, Europe, and the rest of the world.
Report Coverage-
- It analyzes the individual segments such as type, applications, and regions.
- It highlights technological advancements in zinc-air batteries.
- It showcases the latest industry developments.
- It includes a detailed analysis of the COVID-19 pandemic’s impact on the market.
- It offers SWOT analysis of key players in the market.
Drivers & Restraints-
Increasing R&D Activities in Electric Vehicles to Fuel Market Growth
The increasing research and development activities in zinc-air batteries for usage in electric vehicles and energy storage devices are expected to fuel the zinc-air battery market growth. The economic advantages of zinc-air batteries such as lower manufacturing costs over the lithium-ion battery and higher energy density are expected to stimulate market growth. The increasing efforts by key players to improve battery’s characteristics are anticipated to create lucrative growth opportunities for the market.
The rising adoption of renewable energy sources, such as wind and solar, for power generation is expected to favor the market growth. The growing concern to reduce greenhouse gas emissions is anticipated to augment the demand for battery storage systems and is thus anticipated to complement the market growth.
Lastly, the growing advancements in electric vehicles are expected to fuel the market growth.
However, health concerns due to mercury’s presence may restrain the market growth.
Regional Insights-
Asia Pacific to hold the Lion’s Share
Asia Pacific is anticipated to dominate the global zinc-air battery market share. Japan and China account for a large electric vehicle market globally. The high adoption of zinc-air batteries for application in electric vehicles is likely to bolster the region’s market growth. Additionally, the growing investments in renewable energy and R&D activities to improve battery’s efficacy are expected to complement the region’s market growth.
North America is anticipated to exhibit stable growth. The U.S. is likely to lead the regional market. The vast presence of market players and their increasing efforts to develop optimal zinc-air batteries are anticipated to boost the region’s market growth.
Europe is projected to exhibit substantial growth due to increasing government emphasis on reducing greenhouse gas emissions. France, Argentina, Germany, and other European countries have set targets to reach zero CO2 emissions by 2050. Additionally, projects, such as NECOBAUT, to develop modern batteries for the automotive industry are anticipated to augment the region’s market growth.
The rest of the world is predicted to register significant growth due to increasing urbanization.
Competitive Landscape-
Key players Emphasize Developing Optimal Zinc-air Batteries
The major market players emphasize developing optimal zinc-air battery to attain lucrative growth opportunities. For instance, Ashok Leyland and Hindustan Zinc collaborated with IIT-Madras to develop zinc-air batteries in September 2020.
Industry Development-
- May 2021: Researchers at South Korea’s Hanyang University developed a new kind of zinc air cell pouch that enhances anti-freezing properties, ion-discerning property, compatibility for crosslinking, and resistance towards swelling for zinc-air 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
- Key Developments: Mergers, Acquisitions, Partnership, etc.
- Latest Technological Advancement
- Regulatory Landscape
- Porters Five Forces Analysis
- Qualitative Analysis – Impact of COVID-19
- Impact of COVID-19 on Zinc-Air Battery Market
- Steps Taken by the Government to Overcome the Impact
- Key Developments in the Industry in Response to COVID-19
- Potential Opportunities and Challenges due to COVID-19 Outbreak
- Global Zinc-Air Battery Market Analysis (USD Million), Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Type
- Non-Rechargeable
- Rechargeable
- Market Analysis, Insights and Forecast – By Application
- Hearing Aids
- Military Devices
- Safety Lamps
- Others
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Rest of World
- North America Zinc-Air Battery Market Analysis (USD Million), Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Type
- Non-Rechargeable
- Rechargeable
- Market Analysis, Insights and Forecast – By Application
- Hearing Aids
- Military Devices
- Safety Lamps
- Others
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