New York, USA, June 22, 2021 (GLOBE NEWSWIRE) -- According to a newly published report by Research Dive, the global metal-air battery market is estimated to generate $1,123,100.0 thousand revenue by 2027, and grow at healthy CAGR of 15.0% over the forecast period (2020 to 2027). As per our analysts, the growing need of high energy density storage systems and the growing shift towards green energy sources to reduce environmental pollution are the significant factors estimated to fuel the growth of the global metal-air battery market during the analysis period. Besides, the growing adoption of electric vehicles is driving the market growth. Moreover, the growing demand for metal-air batteries from the aerospace industry across the globe is projected to create lucrative growth opportunities for the overall market. However, high investment is required for the development & design of metal-air batteries, which may restrict the market growth in the upcoming years.
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Impact of COVID-19 on the Market
The outbreak of COVID-19 worldwide has adversely impacted the global metal-air battery market. The slow growth of the market during the pandemic crisis can be attributed to the disruption in battery supply chains due to early lockdown in China, as the country is the leading manufacturing hub of batteries. However, some of the battery manufacturers are taking measures and adopting various strategies to sustain during the unprecedented times. For example, Phinergy, the leading battery manufacturer, has resumed the development of aluminum-air batteries and is aiming to enhance the company’s portfolio in the Indian battery market.
Lithium Metal Sub-segment to be Most Lucrative
By metal, the lithium sub-segment valued for majority of market share in 2019 and is projected to dominate in the global industry throughout the forecast period. The dominance can be attributed to wide-ranging utilization of lithium metal in metal-air battery manufacturing due to its high energy density. Besides, lithium-air batteries are considered as the strong and powerful competitor to other traditional metal used in manufacturing of batteries.
Low Voltage Sub-segment to Hold Highest Market Share
By voltage, the low sub-segment accounted for $152,728.0 thousand in 2019 and is anticipated to hold highest market share by 2027 with a CAGR of 14.8%. This is mainly due to extensive utilization of low voltage batteries in various miniature electronic devices such as lightings, watches, hearing aids, and others. In addition, the growing demand for miniature electronic devices such as smart watches, pacemaker, and others is predicted to drive the sub-segment’s growth in the coming years.
Electric Vehicles Sub-segment to be Most Profitable
By application, the electric vehicles sub-segment valued for a notable market size in 2019 and is projected to witness bolstering growth over the forecast period. The significant growth of the sub-segment is majorly owing to the increased and continuous utilization of metal-air batteries in electric vehicles. Besides, government promotions and initiatives to use electric vehicles in order to minimize the consumption of fossil fuels is another factor responsible for the sub-segment’s growth.
Connect with Analyst to Reveal How COVID-19 Impacting On Market: https://www.researchdive.com/connect-to-analyst/313
Asia Pacific Region to Hold Dominant Market Share
By region, the Asia Pacific market for metal-air battery accounted for $444,747.6 thousand in 2019 and is predicted to hold the majority of market share during the forecast period. This is mainly due to the growing demand for the advanced metal-air batteries for electric vehicles, renewable energy, and from consumer electronics industry. Many leading companies present in region are implementing various strategies such as partnerships and collaborations to expand their business across the globe.
Key Metal-air Battery Market Players
The report presents several aspects of the prominent market players such as business & financial performance, key strategic moves, latest developments, SWOT analysis, and product portfolio. Some of the top players of the global metal-air battery industry are: Arconic, Arotech Corporation, GPB International Limited, Fuji Pigment Co., Ltd., POLY PLUS, Zinc8 Energy Solutions Inc., E-Stone Batteries B.V., Log 9 Materials, NantEnergy Inc., and PHINERGY. These players are adopting numerous strategies and business tactics to gain a leading position in the global industry.
For instance, in March 2021, Phinergy, a leading pioneer in metal-air technology, entered into a partnership with Indian Oil Corporation (IOC) with an aim to develop ultra-lightweight metal-air batteries for electric vehicles.
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