Lithium-air batteries are electrochemical batteries that oxidize lithium at the anode and reduce ambient oxygen at the cathode. Lithium-air batteries utilize ambient air, which reduces the weight and volume of the battery, resulting in a greater energy storage capacity than lithium-ion batteries. Increasing renewable energy sources and the demand for energy storage systems are two of the most important factors driving the global lithium-air battery market. In addition, the growing use of lithium-air batteries in consumer electronics, automobiles, and medical equipment is anticipated to expand the global lithium-air battery market. The fact that lithium-air batteries have a two-month lifespan, a low storage capacity, and a very slow charging rate are the primary market restraints for these batteries. During the period between 2024 and 2032, the lithium-air battery market is anticipated to expand at a CAGR of over 8.5%. In the first quarter of 2020, the COVID-19 outbreak did not have a significant impact. The market for lithium-air batteries is anticipated to expand due to factors such as the expansion of renewable energy sources and the rising demand for energy storage devices. The use of lithium-air batteries in transportation, including both light and heavy vehicles, has tremendous potential. Additionally, it can function in the power distribution network, driving the lithium-air battery market. However, the lithium-air battery is less stable, has low energy efficiency, and has a shorter cycle life, which is expected to impede the growth of the market.
Numerous governments throughout the world are working to reduce their carbon footprint. Due to the imminent depletion of fossil fuel reserves, major automakers are making substantial investments in the development and introduction of electric vehicles (EVs). These factors motivate sustainable energy research and development. This is expected to stimulate the market for lithium-air batteries in the near future. On a single charge cycle, conventional lithium-ion batteries provide a driving range of approximately 100 miles. Consequently, these batteries are considered costly for use in electric vehicles. Lithium-air batteries offer superior performance at a lower price than lithium-ion batteries.
Japan's National Institute of Materials (NIMS) and Softbank Corp. announced in January 2023 the development of a lithium-air battery with an energy density greater than 500Wh/kg. This is considerably higher than the current energy density of lithium-ion batteries. Thus, it is anticipated that the high energy density of lithium-ion batteries will propel the market development of lithium-air batteries over the next few years. By the end of the year 2020, the global stock of electric vehicles had reached 11.21 million units, with China accounting for a significant portion of 5.4 million units. According to the International Energy Agency (IEA), electric vehicle registrations increased by 41% in 2020. In the near future, it is anticipated that the rise in EV adoption will increase lithium-air battery market statistics.
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Conventional lithium-ion batteries provide approximately 100 miles of range on a single charge cycle and are considered the costliest component in the production of an electric vehicle. Due to their low cost and high performance, the new and innovative lithium-air batteries are gaining traction in the automotive industry. The global demand for electric vehicles is accelerating the development of lithium-air battery technology, which uses ambient air as an active cathode to generate electricity, thereby reducing the overall weight of automobiles. The lightweight design of a new range of engineered EV models and brands would increase sales and demand for electric vehicles due to their increased environmental relevance. Additionally, Li-O2 batteries can store 700% more energy than standard Li-Ion batteries, enabling an electric vehicle to travel 500 miles on a single charge at an average cost of $10. As a result, the growing preference for battery-powered cars over fuel-powered vehicles has environmental and economic benefits, which will continue to drive innovations and improvements in the lithium-air battery market.
Increasing penetration of lithium batteries in consumer goods and electronic appliances such as smartphones, smart wearables, and smart home appliances, among others, is creating opportunities for growth in the global lithium-air battery market. Increasing consumer demand for thinner, more compact, and high-performance battery products is hastening the incorporation of lithium-air batteries in smart devices, laptops, and other electronic devices. In addition, the miniaturization of mobile electronics is driving the demand for lightweight and less expensive lithium-air battery cells and packs to meet the energy and power needs of the portable device industry.
In the field of energy storage systems, the price of materials with a higher energy density is a major obstacle. This has led to significant investment in the R&D of less expensive energy storage solutions, fueling the growth of the lithium-air battery market. In 2017, MIT researchers announced the development of an "air-breathing" battery capable of storing electricity for extended periods. The battery has the potential to store energy at a much lower cost than existing technologies (roughly US$ 20 to US$ 30 per kWh versus US$ 100 per kWh). Additionally, it may have minimal location restrictions and zero emissions. It is possible to use lithium-air batteries as a low-cost solution for grid storage. In addition to possessing a low chemical cost, these batteries are made from inexpensive components. As a result, it is anticipated that the low cost of lithium-air batteries will boost market dynamics in the coming years.
According to the most recent lithium-air batteries market trends, the aprotic lithium-air battery segment is projected to lead the industry with a CAGR of 10.5% over the forecast period. Due to the fact that they do not require a cathode material and can use atmospheric oxygen as the oxidant, apriotic lithium-air batteries have a significantly higher energy density than conventional lithium-ion batteries.
In 2023, the automotive segment had the largest revenue share among end-use segments. Electric vehicles have been developed due to the need to reduce transportation's dependence on imported oil and emissions (EVs). In addition, governments around the world are promoting the widespread adoption of electric vehicles. Several measures have been taken, including a significant decrease in prices and an expansion of the selection of electric vehicles (EVs). On a single charge cycle, conventional lithium-ion batteries provide a driving range of approximately 100 miles. Therefore, they are regarded as expensive components in the production of an electric vehicle. Due to their high performance and low cost, the new and innovative lithium-air batteries are gaining traction in the automotive industry. Japan's National Institute of Materials (NIMS) and Softbank Corp. announced in January 2023 the development of a lithium-air battery with a significantly higher energy density than existing lithium-ion batteries.
MIT research indicates that lithium-air and zinc-air batteries are the best options for the next generation of secondary batteries for electric vehicle applications. In addition, the Samsung Advanced Institute of Technology (SAIT) has been conducting extensive research on next-generation LIB electrode materials and post-Lithium-ion battery systems, including all-solid-state and lithium-air battery technologies. It is expected that this will make the range of EVs comparable to that of conventional vehicles. In response to technological advancements, other companies, such as Toyota and IBM, have increased their R&D expenditures and R&D activities in order to develop these batteries for EVs.
According to the most recent market forecast for lithium-air batteries, Asia Pacific is expected to hold the largest share from 2024 to 2032. In 2023, the region accounted for a 51.5% share. Rapid industrialization and increased demand for lithium-air batteries in the defense and aerospace industries are expanding the region's market share. China is poised to be the industry's growth engine in Asia-Pacific, driven by the expansion of its automotive, electronics, and energy sectors. In 2023, North America held a 25% share. In the near future, growth in the automotive and transportation industries is anticipated to drive market revenue in the region. In 2023, Latin America and Middle East & Africa accounted for a small portion of the market.
A small number of large-scale companies control the majority of the market share worldwide. The majority of businesses are investing significantly in extensive research and development, primarily to develop eco-friendly products. Expansion of product lines and mergers and acquisitions are two of the most important strategies utilized by prominent players. Key market participants include 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 and others.
Recent development in the Lithium-Air Battery market include:
