Wilmington, Delaware, United States, Dec. 11, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global lithium-air batteries market was valued at US$ 9.6 million in 2021. By 2031, it is expected to reach US$ 23.0 million, expanding at a CAGR of 9.3%. Lithium-air batteries must continue to undergo research and development to become successful. Developing high-energy-density storage solutions is necessary for battery manufacturers in order to remain competitive. Advanced battery technologies are likely to be in high demand in fields such as electric vehicles and the storage of renewable energy.
Battery tested for thousands of cycles can store vastly more energy than traditional lithium-ion batteries. Research from the Illinois Institute of Technology (IIT) and Argonne National Laboratory (DOE) has created a lithium-air battery that may make that dream a reality. An airplane and a long-haul truck could one day be powered by the new battery design.
Government policies and regulations can significantly impact new technologies. Lithium-air batteries may be deployed faster with supportive policies, incentives, and regulations. Portable electronic devices would perform better with lithium-air batteries because they provide longer battery life without increasing their size and weight. Portable devices such as smartphones, laptops, and tablets require extra security.
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Global Lithium-air Batteries Market: Key Players
Several large-scale vendors control most of the market share in this highly consolidated industry. Research and development activities are major investments for most companies, mostly aimed at creating eco-friendly products. Leading players expand their product portfolios and acquire new companies.
- Phinergy
- EV Dynamics (Holdings) Limited
- Fuji Pigment Co. Ltd.
- Xinjiang Joinworld Co. Ltd.
- ACTXE Limited
- De Nora Tech Inc.
- Duracell Inc.
- IBM Corporation
- PolyPlus
- Lithium Air Industries Inc.
Key Findings of the Market Report
- With a CAGR of 15.5%, the aprotic lithium-air battery type will dominate the lithium-air batteries market.
- From 2022 to 2031, Asia Pacific is projected to have the largest share of the lithium-air batteries market. A 51.0% share of the market was accounted for by this region in 2021.
- The North American market held 26.4% of the market share in 2021.
- Consumer electronics in developing and developed countries are anticipated to drive lithium-air battery demand.
Global Lithium-air Batteries Market: Growth Drivers
- As compared to traditional lithium-ion batteries, lithium-air batteries possess a much higher energy density. Electric vehicles and portable electronics will benefit from more reliable and powerful energy storage.
- Due to the increasing emphasis on renewable energy sources, efficient energy storage solutions are becoming increasingly important. In addition to storing excess energy generated from renewable resources, lithium-air batteries have a high energy density.
- Batteries are becoming more important as the automotive industry focuses on electric vehicles. Battery technology based on lithium air could extend the range of electric cars and make them lighter and more energy-efficient.
- Mobile electronic devices such as smartphones, laptops, and tablets constantly require new battery technologies. Lithium-air batteries could provide a solution by delivering more energy and sustaining more power for longer periods.
- Companies, research institutions, and governments are developing advanced battery technologies. Research funding and support contribute to advancements in lithium-air batteries and their potential commercialization.
- A traditional battery, especially one that uses non-renewable resources, is bad for the environment. Batteries made from lithium air may offer a more sustainable alternative as long as they are made with eco-friendly materials. Regulations governing emissions and energy efficiency may increase the importance of lithium-air batteries.
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Global Lithium-air Batteries Market: Asia Pacific Top Performing Region
- Asia Pacific is predicted to drive the lithium-air battery market. Increasing demand for renewable energy storage solutions has driven lithium-air battery demand in Asia Pacific. The batteries used in these systems play a vital role in storing energy produced by renewable energy sources.
- Asia Pacific is a leading manufacturer and consumer of lithium-ion batteries, including lithium-air batteries. Li-air batteries are becoming increasingly popular with consumer electronics manufacturers in the region because they are more energy-efficient compared to lithium-ion batteries. As a result, the lithium-air battery market is growing.
- Asia Pacific consumers are increasingly demanding lithium-ion batteries, including lithium-air batteries, as wearables, smartphones, and other consumer electronics become more common. Technology innovation and development in the region are driving the need for advanced battery solutions.
- The growth of the lithium-air battery market in Asia Pacific can be attributed to government initiatives promoting the adoption of clean energy and energy storage technologies. To encourage renewable energies and energy storage, governments provide incentives and subsidies, including lithium-air batteries.
Key Developments
- In September 2023, Lohum, a company that specializes in battery materials and energy transitions, achieved the first commercial production of pure metallic lithium by a non-Chinese company, joining only five other companies around the world. The use of lithium metal ranges from electric vehicle batteries to consumer electronics, aerospace, and metallurgy. Electric vehicles could also travel approximately 1000 kilometers on a single charge using lithium air batteries.
Global Lithium-air Batteries Market: Segmentation
By Type
- Aprotic Lithium-air Battery
- Aqueous Lithium-air Battery
- Mixed Aqueous/Aprotic Lithium-air Battery
- Solid-state Lithium-air Battery
- Others
By Capacity
- Up to 10 KWh
- >10 KWh-50 KWh
- > 50 KWh-100 KWh
- > 100 KWh
By End Use
- Utility Energy Storage
- Automotive
- Defense
- Consumer Electronics
- Power
- Others
By Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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