Lithium-air Battery Market revenue to cross USD 22 Billion by 2036, says Research Nester
Key lithium-air battery market players include IBM, PolyPlus Battery Company, Toyota, Sion Power, Seeo (acquired by Bosch), QuantumScape, and Oxis Energy
New York , Oct. 24, 2023 (GLOBE NEWSWIRE) — The global lithium-air battery market size is poised to grow at a CAGR of 6% over from 2024-2036. The market is anticipated to garner a revenue of USD 22 billion by the end of 2035, up from a revenue of USD 15 billion in the year 2023. Lithium-air batteries are still in the research and development stage. While they offer the potential for higher energy density, there were significant technical challenges to overcome, such as stability, efficiency, and cycle life. If successfully developed, lithium-air batteries could find applications in electric vehicles (EVs), enabling longer driving ranges on a single charge. They may also be used for large-scale energy storage to store electricity generated from renewable sources like wind and solar.
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Lithium-air batteries were aiming for energy densities far higher than conventional lithium-ion batteries. In some cases, lithium-air batteries had the potential for energy densities exceeding 1,000 Wh/kg, compared to around 250 Wh/kg for lithium-ion batteries. Lithium-ion batteries dominate the current market for portable electronics and electric vehicles. Other advanced battery technologies, such as solid-state batteries, are also being developed and could compete with or complement lithium-air batteries. The main attraction of lithium-air batteries is their high theoretical energy density. They could store significantly more energy per unit of weight compared to traditional lithium-ion batteries. This potential advantage could lead to longer-range electric vehicles and more extensive renewable energy storage.
Lithium-air Battery Market: Key Takeaways
- Market in Asia Pacific to propel highest growth
- The prototype segment to garner the highest growth
- Market in North America to grow at a highest rate
Increasing Electric Vehicle (EV) Adoption across the Globe to Boost Market Growth
The global electric vehicle industry is expanding rapidly. In 2020, EV sales worldwide surpassed 3 million units, representing a 43% increase compared to 2019. As governments and automakers continue to promote EVs as a means to reduce carbon emissions, the demand for high-capacity batteries, like lithium-air, is expected to rise. Research institutions and private sector companies are actively engaged in advancing lithium-air battery technology. In recent years, numerous patents related to lithium-air battery technologies have been filed, highlighting the strong commitment to research and development in this area. Concerns about environmental sustainability and reducing carbon footprints have put the spotlight on cleaner energy solutions. Lithium-air batteries, being a potentially greener and more energy-dense option, align with global efforts to combat climate change. The global push for renewable energy sources, such as wind and solar, necessitates effective energy storage solutions. Lithium-air batteries can play a pivotal role in storing excess energy generated during peak production hours for use during periods of low or no renewable energy generation. This integration facilitates grid stability and helps in making renewable energy a consistent and reliable power source.
Lithium-air Battery Market: Regional Overview
The global lithium-air battery market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Renewable Energy Growth to Drive the Market Growth in Asia Pacific Region
The lithium-air battery market in Asia Pacific region is estimated to garner the largest revenue by the end of 2036. The expansion of renewable energy sources, including wind and solar power, demands effective energy storage solutions. Lithium-air batteries, with their high energy density, can play a vital role in storing surplus energy generated during peak production hours, thereby enhancing grid stability and promoting sustainable energy use. The Asia Pacific region is experiencing significant growth in renewable energy capacity. As of 2021, it accounted for over 42% of global renewable energy capacity, driven by countries like China and India, which are among the top renewable energy producers globally. Government initiatives and investments have a profound impact on the growth of emerging technologies. In the Asia Pacific region, such support fosters an environment conducive to innovation, research, and the commercialization of lithium-air batteries. Robust research and development efforts underpin the growth of the lithium-air battery market. These efforts focus on materials, safety enhancements, and energy storage efficiency, and are instrumental in bringing these batteries closer to commercial viability.
Strong Government Support and Funding to Propel the Growth in the North America Region
The North America lithium-air battery market is estimated to garner the highest CAGR by the end of 2036. Government initiatives and funding are instrumental in advancing emerging technologies. In North America, this support creates an enabling environment for research, innovation, and commercialization of lithium-air batteries, fostering their growth and market adoption. In 2021, the U.S. Department of Energy allocated USD 185 million for energy storage research, including projects focused on advanced battery technologies. The strong research and development efforts underpin the growth of the lithium-air battery market. These endeavors focus on material advancements, safety enhancements, and energy storage efficiency, accelerating the journey towards commercial viability. Lithium-air batteries’ potential to offer sustainable and energy-dense solutions aligns with the region’s objectives to reduce carbon emissions and transition to cleaner energy sources. This alignment fosters interest in environmentally friendly energy storage technologies.
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Lithium-air Battery, Segmentation by Type
- Commercialization & Manufacturing
Amongst these segments, the prototype segment is anticipated to hold the largest share over the forecast period. Market demand for breakthrough solutions is a significant driver of the prototype segment. As industries and consumers seek novel, efficient, and sustainable alternatives, prototypes serve as tangible demonstrations of what’s possible, influencing investment and development decisions. The global sales for disruptive technologies were valued at USD 647.4 billion in 2019. Different industries face unique obstacles, ranging from materials and resource constraints to compliance requirements. Prototypes allow organizations to tailor solutions precisely to their sectors and test their efficacy in real-world applications. The prototype segment often serves as a bridge between research and market-ready products. When investors and stakeholders see a working prototype, they gain confidence in the technology’s potential, encouraging further financial support and development efforts. As environmental concerns grow, prototypes play a vital role in showcasing sustainable practices and technologies. From renewable energy solutions to eco-friendly materials, prototypes illustrate how innovation can align with sustainability goals. Collaborative efforts between research institutions, businesses, and startups facilitate the creation of prototypes. These partnerships pool resources, expertise, and networks to bring innovative solutions to life.
Lithium-air Battery, Segmentation by End User
- Consumer Electronics
Amongst these segments, the automotive segment is anticipated to hold a significant share over the forecast period. A shift towards more sustainable transportation options is a significant growth driver. Prototypes for electric and hybrid vehicles, as well as mobility-as-a-service (MaaS) concepts, demonstrate a commitment to eco-friendly solutions and contribute to changing consumer preferences. The global sales for sustainable mobility solutions, including car-sharing and ride-sharing services, were valued at USD 23.6 billion in 2020. Advancements in materials science and light weighting technologies are crucial for improving fuel efficiency and reducing emissions. Prototypes incorporating advanced materials illustrate their potential to make vehicles more efficient and environmentally friendly. Automotive prototypes often serve as testbeds for cutting-edge connectivity and infotainment features. These technologies cater to consumer demands for a seamless digital experience while driving, driving investment in this area. The growth of the automotive segment is underpinned by the rise of electric vehicles, autonomous driving technology, sustainability imperatives, advancements in materials, connectivity, government regulations, and the growing trend of vehicle personalization.
Few of the well-known market leaders in the global lithium-air battery market that are profiled by Research Nester are IBM, PolyPlus Battery Company, Toyota, Sion Power, Seeo (acquired by Bosch), QuantumScape, Oxis Energy, and other key market players.
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Recent Development in the Market
- PolyPlus Battery Company announced a strategic partnership with Applied Materials, a global leader in semiconductor manufacturing equipment and services. The partnership will see Applied Materials provide PolyPlus with its expertise in deposition technology to help the company develop its solid-state lithium batteries.
- PolyPlus Battery Company announced the completion of a USD 10 million Series A financing round. The round was led by Tao Capital Partners, with participation from other investors, including AMETEK, Applied Materials, and LG Chem. The funding will be used to support the development and commercialization of PolyPlus’ solid-state lithium batteries.
About Research Nester
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