Dublin, Oct. 20, 2023 (GLOBE NEWSWIRE) -- The "Zinc-ion Battery Market - Global Zinc-ion Battery Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2023-2030 - (By Type Coverage, By Applications Coverage, By Product Type Coverage, By Geographic Coverage and By Company)" report has been added to ResearchAndMarkets.com's offering.
The global zinc-ion battery market is on track for steady growth, projected to attain a market valuation of approximately US$12.67 billion by the end of 2030, up from US$9.5 billion in 2022, according to a comprehensive report by a leading publisher. This market is expected to witness a moderate growth rate, with a Compound Annual Growth Rate (CAGR) of 4.2% anticipated between 2023 and 2030.
Key Trends Driving Market Growth:
- Safety Features in Demand: Increasing consumer demand for batteries with enhanced safety features is driving the adoption of zinc-ion batteries, particularly in electric vehicles and consumer electronics.
- Cost Reduction Initiatives: A strong industry-wide focus on reducing production costs is making zinc-ion batteries more economically competitive with other battery technologies.
- Ongoing Technological Advancements: Despite challenges in material development, performance improvement, and production scalability, continuous research and development efforts are aimed at overcoming these obstacles.
- Expanding Use in Rechargeable Batteries: Zinc-ion batteries have dominated the rechargeable batteries category in 2022, finding applications in remote sensing devices, IoT sensors, and long-lasting, low-power devices due to their high energy density and extended cycle life.
- Medical Device Applications: Rechargeable zinc-ion batteries offer a cost-effective solution for medical devices, reducing the need for frequent battery replacements, leading the market in 2022.
- Zinc-Nickel Batteries on the Rise: Zinc-nickel batteries are expected to witness rapid growth, particularly in applications such as satellites and spacecraft, thanks to their long cycle life and reliability.
- Asia Pacific Leading the Way: The Asia Pacific region is poised to lead the growth of the zinc-ion battery market, driven by increased demand for energy access in off-grid and isolated areas.
Key Growth Determinants:
The growth of the zinc-ion battery market is attributed to several key factors:
- Energy Storage Demand: Zinc-ion batteries play a pivotal role in efficiently storing surplus energy generated by intermittent renewable sources, supporting grid stabilization and enabling load shifting.
- High Energy Density: Zinc-ion batteries offer high energy density, enabling longer driving ranges in electric vehicles, making them an attractive choice for consumers and automakers.
- Safety and Stability: Zinc-ion batteries are favored for their safety features, mitigating concerns related to overheating, fires, or explosions associated with other battery chemistries.
Major Challenges:
Despite their promise, zinc-ion batteries face notable challenges:
- Energy Density Limitations: Zinc-ion batteries have lower energy density compared to certain other battery types, which may limit their suitability for electric vehicles prioritizing extended driving distances.
- Charging Speed: Zinc-ion batteries may have longer charging durations compared to lithium-ion batteries, potentially affecting their appeal in electric vehicles and consumer electronics.
Key Trends and Opportunities:
The zinc-ion battery market is poised for further growth through:
- Material Advancements: Research into materials, especially cathodes and anodes, holds the potential to significantly enhance the energy density of zinc-ion batteries and extend their cycle life.
- Sustainability Focus: Growing environmental consciousness drives demand for environmentally friendly energy storage solutions, where zinc-ion batteries excel due to their reduced environmental impact.
- Electric Vehicle Demand: Government incentives and consumer preferences for electric vehicles are expected to boost interest in zinc-ion batteries for EVs.
Companies Mentioned
- ZincFive, Inc.
- FDK CORPORATION
- Eastman Kodak Company
- ZPower
- ZeniPower (Zhuhai Zhi Li) Battery Co., Ltd.
- Primus Power
- Shenzhen BetterPower Battery Co., Ltd.
- Eos Energy Storage
- Linyi Huatai Battery Co., Ltd.
- Nippo Batteries
- GPB International Limited
- Shenzhen Tcbest Battery Industry Co., Ltd
- Energizer Holdings, Inc.
- Panasonic Corporation
- Zhejiang Yonggao Battery Co., Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/oy9xg0
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