Portland, OR, Oct. 14, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global lithium sulfur battery market generated $0.4 billion in 2020, and is projected to reach $5.6 billion by 2030, witnessing a CAGR of 30.1% from 2021 to 2030. The report provides a detailed analysis of changing market dynamics, top segments, value chain, key investment pockets, regional scenario, and competitive landscape.
The need for high energy storage devices in the automotive and aviation industries and adoption of renewable energy across the globe drive the growth of the global lithium sulfur battery market. However, high-cost of manufacturing and the competition from lithium-ion battery restrain the market to some extent. On the other hand, rapid innovation and need for environmentally friendly batteries present new opportunities in the upcoming years.
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COVID-19 scenario:
- The outbreak of the COVID-19 pandemic led to impact the lithium sulfur battery market positively.
- Heavy investment in the development of renewable energy sources during the pandemic boosted the demand for highly efficient energy storage devices such as lithium sulfur battery and increase in awareness among people has boosted the demand for several eco-friendly products.
- Moreover, lithium sulfur batteries were being highly invested by top battery manufacturing companies and research institutes to get the commercialized product during the pandemic.
The report offers detailed segmentation of the global lithium sulfur battery market based on type, power capacity, end use, and region.
Based on type, the high energy density segment held the highest market share in 2020, holding more than two-thirds of the total market share, and is expected to continue its leadership status during the forecast period. Moreover, the same segment is estimated to register the highest CAGR of 30.2% from 2021 to 2030. The research also analyzes the low energy density segment.
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Based on end use, the automotive segment held the largest market share in 2020, holding around two-fifths of the total market share, and is expected to continue its leadership status during the forecast period. However, the power and energy segment is projected to register the highest CAGR of 30.7% from 2021 to 2030.
Based on region, North America contributed to the highest share in terms of revenue in 2020, holding more than one-third of the total market share, and is estimated to continue its dominant share by 2030. However, Asia-Pacific is projected to manifest the fastest CAGR of 30.7% during the forecast period.
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Leading players of the global lithium sulfur battery market analyzed in the research include Advanced Energy Materials, Ilika PLC, Johnson Matthey, LG Chem, Morrow Batteries, NOHMs Technologies, OXIS Energy, PolyPlus, Sion Power, and Williams Advanced.
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