NEWARK, Del, March 11, 2024 (GLOBE NEWSWIRE) -- According to Future Market Insights (FMI), the growing popularity of electronic devices, the adoption of electric vehicles, and developments in laser and 3D printing are expected to drive the global metal-air battery market towards a US$ 2.8 Billion valuation by 2034. From 2024 to 2034, the market is anticipated to expand at a CAGR of 15.2%. Metal-air batteries are expected to outperform lithium-ion batteries in several applications due to their lower cost, higher energy density, and lack of need for frequent recharging.
The potential for breakthrough innovations in electrode materials, electrolyte formulations, and system design holds immense promise for further enhancing the performance and viability of metal-air batteries across diverse applications.
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Innovations in electrode materials are crucial for improving metal-air batteries' efficiency, stability, and longevity. Researchers are exploring novel materials with enhanced conductivity, surface area, and catalytic properties to optimize electrode oxygen reduction and evolution reactions. These advancements could lead to higher energy densities, faster charging rates, and extended cycle life for metal-air batteries.
Advancements in electrolyte formulations are key to addressing challenges such as electrolyte degradation, dendrite formation, and corrosion of electrode materials. Researchers are investigating new electrolyte chemistries, additives, and solvents to enhance ion conductivity, stability, and safety in metal-air batteries. These innovations are likely to improve battery performance and reliability by mitigating issues related to electrolyte decomposition and side reactions and increasing the demand for metal-air batteries.
“Innovations in system design, including cell architecture, packaging, and thermal management, are crucial for optimizing metal-air batteries' performance and safety. These improvements are anticipated to enhance energy efficiency, reduce internal resistance, and improve thermal stability, making them more effective in various environments,” – opines Nikhil Kaitwade, Associate Vice President at Future Market Insights (FMI).
Key Takeaways from the Metal-air Battery Market:
- The United States metal-air battery industry is projected to experience a CAGR of 15.5% through 2034.
- Japan’s metal-air battery market is expected to rise at a CAGR of 15.7% through 2034.
- The United Kingdom’s metal-air battery industry is anticipated to register a CAGR of 16.3% through 2034.
- South Korean metal-air battery industry is expected to grow at a significant CAGR of 17.7% through 2034.
- Chinese metal-air battery market is expected to witness a CAGR of 16.0% through 2034.
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Competitive Landscape of the Metal-air Battery Market:
Through strategic initiatives, cooperative efforts, and unwavering innovation, establishments are playing a crucial role in creating the metal-air battery market's future perspective. Innovative research on electrode materials, electrolyte formulations, and system designs is being carried out by research institutes with the aim of improving battery performance, energy density, and cycle life. Manufacturers of batteries make investments in infrastructure and increase production to keep up with the increasing demand for metal-air batteries from a variety of sectors.
In order to ensure battery development and deployment that is safe, dependable, and environmentally sustainable, regulatory authorities are setting standards and rules. To promote cooperation and information exchange among stakeholders and hasten the market's expansion, industry groups are working to increase the use of metal-air batteries. All of these businesses are laying the groundwork for a future in which grid-scale energy storage solutions, electric cars, renewable energy systems, and the next generation of electronics are all powered by metal-air batteries. This is expected to make the transition to a more sustainable and energy-efficient future achievable.
Recent Developments in the Metal-air Battery Industry:
- LG Energy Solution invested in Arizona-based Sion Power in January 2024, demonstrating its commitment to developing next-generation lithium-metal battery technologies, with the investment expected to be carried out by Bricks Capital Management and LG Technology Ventures.
- Japanese scientists developed an all-solid-state rechargeable air battery (SSAB) in June 2023 using a proton-conductive polymer electrolyte and redox-active organic negative electrodes, utilizing organic compounds like quinone- and amine-based chemicals for redox processes involving protons and hydroxide ions.
Key Companies in the Global Metal-air Battery Market:
- ZAF Energy Systems
- ACTXE Limited
- PolyPlus Battery Company
- GP Batteries International Limited
- Arotech Corporation
- Phinergy
- NantEnergy
- Log9 Materials
- Electric Fuel Limited
- Metalectrique
- Eos Energy Storage
- Fluidic Energy
- Fuji Pigment Co., Ltd.
- Changhong Batteries
- STORNETIC GmbH
- Phinergy
- Alcoa Corporation
- Duracell Inc.
- Power Japan Plus
- ReVolt Technology
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Global Metal-air Battery Market Segmentation Analysis:
By Metal:
- Zinc
- Aluminium
- Iron
- Lithium
- Others
By Voltage:
- Low
- Medium
- High
By Application:
- Electric Vehicles
- Military Electronics
- Electronic Devices
- Stationary Power
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East and Africa
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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