The global Lithium-Air Batteries Market is valued at USD 9.8 Billion in 2022 and is projected to reach a value of USD 18.4 Billion by 2030 at a CAGR (Compound Annual Growth Rate) of 9.5% over the forecast period.
Lithium-Air Batteries, or Li-Air batteries, is a metal-air electrochemical cell or battery chemistry that uses oxidation of lithium at the anode and reduction of oxygen at the cathode to induce a current flow. The global Lithium-Air Batteries market is expected to grow significantly during the forecast period owing to the rising production of electric vehicles (EVs) combined with low-energy system storage systems. Additionally, rising investments in the R&D departments and an inclining focus of prominent manufacturers to boost the growth of the Lithium-Air Batteries will create lucrative opportunities for the market to grow. Lithium-Air Batteries are often utilized as emergency energy storage systems for electrical grids, further adding value to the market.
Various government agencies across the globe are focusing on reducing their carbon footprint. Central authorities are further increasing their investments in developing and launching EVs. Factors such as depleting fossil fuels are pushing the growth of EVs, increasing the footprint of the global Lithium-Air Batteries market. Conventional Lithium-Air Batteries enable an average of 200 miles when appropriately integrated with an effective drivetrain on a single charging cycle. These batteries are expected to reach an optimal cost level shortly when enough volume is gained. For instance, in January 2022, researchers at the National Institute of Materials (NIMS) and Softbank Corp. in Japan announced that they were developing a lithium-ion battery with an energy density of over 500 Wh/kg, exceeding the current load of lithium-ion batteries.
The global EV stock reached 11.21 million units by the end of 2020, with China commanding over 5.4 million units. According to the International Energy Agency, electric car registrations increased by more than 41% in 2020. The rise of EV adoption is expected to widen the growth of the global Lithium-Air Batteries market during the forecast period. One of the significant hindrances in the field of the energy storage system is the higher cost of materials. This is leading to significant development of R&D for cheaper energy storage systems, which is expected to widen further the scope of the Lithium-Air Batteries market. In 2017, researchers at the Massachusetts Institute of Technology (MIT) reported the development of an "air-breathing" battery that could be used for storing electricity for extended periods. The battery can store energy at a substantially lower cost, USD 20 to USD 30 per kWh, compared to USD 100 kWh per existing technologies.
Lithium-Air Batteries Market Size, 2022 To 2030 (USD Billion)
In the summer of 2022, various politicians, economists, and market professionals agreed on a great semantic debate that the global economy would plunge toward a recessive state. However, the term recession is completely difficult to tend to. According to the National Bureau of Economic Research (NBER), a recession can be termed a significant decline in economic activity that can spread across the economy and last more than a few months. The Russo-Ukraine war has been going on between Russia (Along with Russian separatists in Ukraine) and Ukraine since February 2014. Following Ukraine's Revolution of Dignity, Russia annexed Crimea from Ukraine and supported pro-Russian separatists in the war in Donbas. Beginning in 2021, Russia built up a large build-up of forces alongside the Ukrainian border.
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1. Rising Demand for Aprotic Lithium-Air Batteries: According to an ongoing trend, the aprotic lithium-air battery type is expected to be utilized at a higher pace during the forecast period. Aprotic Lithium-Air Batteries have a higher battery density than traditional lithium-ion batteries. Additionally, aprotic batteries do not require a cathode material and can use atmospheric oxygen as an oxidant. These batteries make them highly valuable for integration in automotive and energy storage applications.
2. Electronic Products: The global Lithium-Air Batteries market is expected to be dominated by the rising utilization of consumer electronic products. These batteries can be used in electronic products such as cell phones, laptops, and tabs. These devices require high-performance batteries for longer batteries. Additionally, these batteries can provide relatively higher energy disbursement and energy storage. The ongoing demand for consumer electronics is expected to increase the footprint of the global Lithium-Air Batteries market.
3. Expanding Automotive Segment: The need for reduced reliance on imported oil and emission due to a booming transportation sector is pushing the sales of electric vehicles (EVs). In 2020, there were more than 10 million EVs on the road. Moreover, the Samsung Advanced Institute of Technology (SAIT) has been actively researching the next-generation LIB electrode materials and post-lithium-ion battery systems, such as all-solid-state and lithium-ion battery technologies.
The global Lithium-Air Batteries market can be categorized on the following: Type, Application, and Regions. Based on type, the market can be categorized into aprotic li-air batteries, aqueous li-air batteries, mixed aqueous/aprotic, solid-state li-air batteries, and others. By application, the market can be segmented across automotive and transportation, consumer electronics, medical devices, and others. By Likewise, based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
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Based on Type
Solid-State Li-Air Batteries to Occupy Largest Market Share Owing to Non-Combustible Nature
The global Lithium-Air Batteries market is expected to be dominated by solid-state li-air batteries in terms of revenue and share. Solid-state batteries are non-combustible due to their precise manufacturing process. This eliminates the chances of any explosive activities during operation. The current generation of solid-state Li-air batteries has a higher load for carrying capacity, which is expected to increase the footprint of the segmental value. Also, they are suitable candidates for facilitating a desired flow of air, which will add value to the global Lithium-Air Batteries market. Surging demand for low-cost energy systems combined with rising investments in R&D is expected to boost the growth of solid-state li-air batteries. Li-air batteries are expected to grow with the fastest-growing CAGR during the forecast period owing to the rising utilization of electric vehicles.
Based on Applications
Automotive & Transportation to Lead Market Owing to Rising Demand for EVs
Automotive and transportation will lead the largest market share during the forecast period in revenue and share. Factors such as increased sales of electric vehicles, particularly in the European and North American region, are expected to increase the footprint of the segmental value. Rising concerns regarding environmental pollution combined with the growing penetration of two and three-wheeler electric mobility devices are expected to widen the growth of the automotive and transportation. Many government agencies are focusing on launching initiatives supporting sustainable market growth. These factors are expected to increase the footprint for the global Lithium-Air Batteries market. Consumer electronics will grow with the fastest growing CAGR during the forecast period owing to rising sales of consumer electronics such as laptops, mobile phones, and televisions.
Based on Region
Asia Pacific to Dominate Largest Market Share Owing to Rising Industrialization
The global Lithium-Air Batteries market is expected to be dominated by the region of Asia Pacific in terms of revenue and share during the forecast period. Factors such as rapid industrialization combined with rising demand for Lithium-Air Batteries in defense and aerospace industries are expected to widen the scope of the Asia Pacific Lithium-Air Batteries market. Studies indicate that China will be a significant growth engine for augmenting the regional market's growth. Rising demand from end-use industries such as automotive, electronics, and energy will contribute to the market's growth. Rising automobile sales, especially electric vehicles, combined with a well-developed electronics market, are expected further to increase the footprint of the North American market.
Europe will grow with the fastest growing CAGR during the forecast period owing to expanding electric vehicle industry and rising integration of renewable energy systems. Additionally, an expanding consumer electronic sector combined with rising sales of smartphones, smart wearables, smart home appliances, and laptops will add value to the European Lithium-Air Batteries market.
The global Lithium-Air Batteries market is highly fragmented due to numerous dominant players. The competitive landscape is full of large-scale vendors that control most of the market. The market leaders are investing significantly during the forecast period by focusing on their comprehensive development activities, primarily to create environmental-friendly products. They are also focused on expanding their product portfolio by acquiring like-minded organizations.
The key players in the global Lithium-Air Batteries market include - Poly Plus Battery Co. (U.S.), Mullen Technologies Inc. (U.S.), Tesla Inc. (U.S.) among others.
· January 2022: Researchers from MIT, Harvard University, and Cornell University announced that they were working towards finding a way to isolate and study one enigmatic molecule that may be responsible for the breakdown of critical components in Li-Air batteries, i.e., lithium superoxide.
· April 2021: Zinc8 Energy Solution announced that they developed a battery technology for energy storage that has worked with the New York State to install these systems. This system uses zinc and air as fuel and will focus on increasing storage speed in contrast with speedy operations.
· February 2020: Daegu Gyeongbuk Institute of Science and Technology, South Korea, announced that they invented a new cathode type by which the battery life can be improved by boosting the catalytic activity and electrical conductivity of the electrode.
Segmentation of the Global Lithium-Air Batteries Market
- Type (Aprotic Li-Air Batteries, Aqueous Li-Air Batteries, Mixed Aqueous/Aprotic, Solid-State Li-Air Batteries, Other Types)
- Application (Automotive & Transportation, Consumer Electronics, Medical Devices, Other Applications)
- Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa)
|Regions & Countries Covered
- North America - (U.S., Canada, Mexico)
- Europe - (U.K., France, Germany, Italy, Spain, Rest Of Europe)
- Asia Pacific - (China, Japan, India, South Korea, South East Asia, Rest Of Asia Pacific)
- Latin America - (Brazil, Argentina, Rest Of Latin America)
- Middle East & Africa - (GCC Countries, South Africa, Rest Of Middle East & Africa)
- Poly Plus Battery Co. (U.S.)
- Mullen Technologies Inc. (U.S.)
- Tesla Inc. (U.S.)
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