by Zinc-air batteries are lightweight batteries that produce electricity from the electrochemical reaction between zinc and oxygen from the air. These batteries have a high energy density and are considered safe and environmentally friendly as compared to other rechargeable battery technologies. Zinc-air batteries find applications in areas including electric vehicles, military equipment, sensors, and medical devices. The rising need for clean energy storage systems to meet the global target of reducing carbon emissions is augmenting the demand for zinc-air batteries. The Global zinc-air battery market trends is estimated to be valued at US$ 2.22 Bn in 2024 and is expected to exhibit a CAGR of 5.8% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the zinc-air battery market are Phinergy, Arotech Corporation, Energizer Holdings, GP Batteries International, Zinc8 Energy Solutions, Panasonic Batteries, Duracell, Renata SA, EverZinc, Ravoyac, Nantenergy, Electric Fuel Battery Corporation, ZAF Energy System, Varta AG, Thunderzee, and AZA Battery. The key players are investing in R&D activities to develop improved zinc-air batteries with high performance and long lifespan.
Some of the key opportunities in the market include increasing deployment of electric vehicles which will boost the demand for zinc-air batteries for EV applications. Moreover, growing adoption of zinc-air batteries for renewable energy storage owing to their cost-effectiveness will present lucrative growth prospects.
Technological advancements such as developing alkaline zinc-air batteries with high specific energy and power density comparable to lead-acid batteries through innovations in electrode materials and electrolytes will further support the market growth over the forecast period.
Market Drivers
One of the key drivers for the zinc-air battery market is the increasing awareness regarding the environmental impact of conventional batteries. Zinc-air batteries are non-toxic and use readily available zinc as an anode material which makes them safer and more eco-friendly than other battery technologies. This is expected to drive their demand from various end-use industries aiming to reduce their carbon footprint.
Current challenges in Zinc-Air Battery market
The zinc-air battery market is still at a nascent stage and faces several challenges. Some of the key challenges include high manufacturing costs, issues related to scalability of production, cost and availability of key raw materials like zinc and lack of widespread infrastructure for recharging and replacing zinc-air batteries. Concerns around the lifespan and cycle life of zinc-air batteries are also limiting more widespread commercial adoption. Extended research and development is required to make zinc-air batteries more cost-competitive with other alternative battery technologies and address challenges around recycling to drive higher acceptance rates.
SWOT Analysis
Strength: Long battery life and high energy density; Environment-friendly as zinc is recyclable.
Weakness: High self-discharge rate; Variable performance under different climate conditions.
Opportunity: Growth of electric vehicles and other alkaline batteries; Scope for advancement through R&D to reduce production costs.
Threats: Stiff competition from lithium-ion batteries; Dependency on price and availability of zinc as raw material.
Geographical regions for value concentration
Currently, North America accounts for the largest share of the global zinc-air battery market owing to rapid adoption of EVs and other battery-powered devices. Asia Pacific is also among the major regional markets led by countries like China, Japan and South Korea.
Fastest growing region
The zinc-air battery market in Asia Pacific is expected to register the highest growth during the forecast period attributed to rising electric vehicle sales, widespread renewable energy adoption and government support for development of domestic battery technologies especially in China and India.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
