May 23, 2024
Zinc-Air Battery Market

Zinc-Air Battery Market is Estimated to Witness High Growth Owing to Advancement in Energy Storage Solutions

Zinc-air batteries are a type of batteries that produce electricity from the reaction between zinc and oxygen from the air. They are appealing due to their high energy density and the fact that oxygen is freely available from the atmosphere, avoiding the need for it to be stored with the battery. Zinc-air batteries are rechargeable and can power appliances like hearing aids and mobility scooters. They are also being explored for electric vehicles and energy storage applications owing to their ability to deliver high electrical power.

The Global zinc-air battery market is estimated to be valued at US$ 2.22 Bn in 2024 and is expected to exhibit a CAGR of 5.8% over the forecast period 2024 To 2031.

Key Takeaways

Key players operating in the Zinc-Air Battery Market Growth are Phinergy, Arotech Corporation, Energizer Holdings, GP Batteries International, Zinc8 Energy Solutions, Panasonic Batteries, Duracell, Renata SA, EverZinc, Ravoyac, Nantenergy, Electric Fuel Battery Corporation, ZAF Energy System, Varta AG, Thunderzee, and AZA Battery.

The key opportunities in the market include increasing adoption of zinc-air batteries in electric vehicles owing to their high energy density and zero emissions. Development of zinc-air batteries with enhanced energy storage capabilities is another growth opportunity.

Technological advancements such as development of rechargeable zinc-air batteries, use of nano-materials to improve power and efficiency, and adoption of 3D printing for battery component manufacturing are expected to boost the zinc-air battery market growth.

Market drivers
One of the major drivers for zinc-air battery market is increasing demand for energy storage solutions. Zinc-air batteries are well-suited for energy storage applications because of their high energy density and ability to deliver high electrical power over long duration. This makes them attractive for renewable energy storage and electric vehicle applications. Growing demand for sustainable and clean energy solutions is expected to drive the adoption of zinc-air batteries globally.

Current challenges in zinc-air battery market:

The zinc-air battery market is facing few key challenges currently which need to be addressed to achieve higher growth rate. The limited capacity of zinc-air batteries compared to lithium-ion batteries restricts their usage in high power demanding applications. The moisture dependent chemistry of zinc-air batteries makes them suitable only for dry indoor conditions. Achieving higher energy density without increasing size or reducing life is a technological challenge. Developing advanced catalysts that can increase recharge efficiency is an active area of research. Commercially scaling up production to meet growing demand levels poses operational challenges for companies.

SWOT Analysis
Strength: Long shelf life and low self-discharge rate of zinc-air batteries make them suitable for standby applications. The non-toxic and safe chemistry of zinc-air batteries enables their usage in consumer devices.

Weakness: Zinc-air batteries have low energy density compared to lithium-ion batteries. Their performance degrades in wet outdoor conditions due to moisture sensitivity.

Opportunity: Growth of electric vehicles and energy storage systems provides opportunities for zinc-air battery usage. Advancements in 3D electrode architecture and catalyst designs can enhance energy density.

Threats: Stringent environment regulations around zinc and air emissions during battery manufacturing. Established lithium-ion battery technology poses competition, especially in portable devices market.

Geographical regions with high market value:
North America currently holds the largest share of the global zinc-air battery market in terms of value, owing to high demand from defense and transportation sectors in USA and Canada. Asia Pacific region is expected to witness fastest growth during forecast period supported by manufacturing and energy storage development across China, Japan, and South Korea.

Fastest growing geographical region:
Asia Pacific region is projected to grow at fastest CAGR during forecast period in zinc-air battery market owing to factors like growing electronics, automotive, and renewable energy sectors increasing demand for energy storage solutions in China, India, Japan and other countries. Government initiatives for electric vehicles and emphasis on boosting domestic battery manufacturing also drive the growth.

1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it