New York, USA, Aug. 10, 2022 (GLOBE NEWSWIRE) -- A new report on the global metal-air battery market has been added by Research Dive to its repository. According to the report, the global market is expected to hit $1,123,100.0 thousand by 2027, rising at a striking CAGR of 15.0% from 2020 to 2027. This report is an in-depth study offering meticulous insights into the present situation and future scope of the global industry. The report is drafted by expert market analysts and assures to be a reliable source of data and comprehensive market insights for new market players, investors, prevalent players, stakeholders, shareholders, etc.
The report segments the global metal-air battery market into metal, voltage, application, and region.
Lithium Sub-Segment to Observe Highest Growth
Among the metal segment, the lithium sub-segment grabbed 36.8% market share in 2019 and is expected to witness constant growth during the estimated timeframe. This is mostly because of the growing adoption of lithium in the production of metal-air batteries owing to its high energy density.
Low Voltage Sub-Segment to Experience Dominant Growth
Among the voltage segment, the low voltage sub-segment is expected to observe significant growth with a CAGR of 14.8% during the estimated timeframe. This is mostly because of the growing use of low voltage batteries in miniature electronic devices including hearing aids, watches, lightings, and others.
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Electric vehicles Sub-Segment to Witness Maximum Growth
Among the application segment, the electric vehicles sub-segment is projected to grab foremost market share, growing with a significant CAGR during the estimated timeframe. This is mostly because of the growing adoption of metal-air batteries in the electric vehicles, which are currently the most in-demand and highly opted means of transport worldwide.
Asia-Pacific Metal-air battery Market to Observe Notable Growth
The report analyzes the global metal-air battery market across several regions such as North America, Europe, Asia Pacific, and LAMEA. Among these, the Asia-Pacific market held a market share worth $444,747.6 thousand in 2019 and is estimated to observe remarkable growth in the estimated period. The growth of the region market is mainly because of the rising demand for metal-air batteries owing to growing development of renewable energy projects, rising adoption of electric vehicles, and growing number of consumer electronics industries in this region.
Impact of COVID-19 Pandemic on the Metal-Air Battery Market:
The abrupt rise of COVID-19 pandemic in 2020 has had an adverse impact on the growth of the global metal-air battery market. The implementation of lockdown restrictions and supply chain disruptions ceased the working of many electronics and electric vehicle manufacturing companies, thus the demand for metal-air batteries significantly deteriorated. This has significantly hindered the growth of the metal-air battery market during the pandemic. However, initiatives taken by market players to recover the industry from losses are likely to bring in lucrative opportunities for the market in the coming years.
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Factors Impacting the Metal-Air Battery Market Growth:
The key factors boosting the growth of the global metal-air battery market are the rising need for high energy density storage options for voltage as well as system stability, growing adoption of green energy sources to reduce environment pollution, and increasing shift of consumers toward electric vehicles. Moreover, growing demand for metal-air batteries from the aerospace industry is projected to open doors to valuable opportunities for the growth of the market in the forecast period. However, high costs involved in the design and making of advanced metal-air batteries is expected to obstruct the market growth.
Leading Players of Metal-Air Battery Market:
The report lists some of the foremost players operating in the global industry including
- GPB International Limited
- POLY PLUS
- Arotech Corporation
- Log 9 Materials
- Fuji Pigment Co., Ltd.
- Zinc8 Energy Solutions Inc.
- NantEnergy Inc.
- Arconic
- PHINERGY
- E-Stone Batteries B.V.
The report also offers several industry-top tactics and approaches such as top strategic moves & developments, product/service range, business performance, Porter five forces analysis, and SWOT analysis of the foremost players, functioning in the global industry. For instance, in September 2020, Indian Oil Corporation (IOC), an integrated oil company in India and across the globe, announced its plan to launch the first ever aluminium-air batteries that are possibly a more affordable substitute to lithium-ion batteries for usage in electric vehicles (EVs) and stationary applications areas.
More about COVID-19 Impact on Metal-air Battery Market:
- Fact Check about the Three Foremost Types of Metal-air Batteries
- New Strategic Partnerships & Agreements by Leading Companies to Foster the Growth of the Global Metal-air Battery Market by 2027
