Zinc-Air Battery Market Driven By Advancement In Energy Storage Technology And Its Adoption In Iot Applications
Zinc-air batteries utilize the electrochemical reaction between zinc and oxygen to produce an electric current. Some key advantages of zinc-air batteries include high energy density, low cost, and environment friendly design. With rising demand for portable electronics such as smartphones, laptops and wearable devices, zinc-air batteries are preferred over other chemistries due to their compact size and lightweight nature. Rise in applications such as electric vehicles, medical devices and renewable energy backup requires efficient energy storage, driving the need for zinc-air batteries to provide high energy density at low costs.
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. Key players such as Phinergy and Zinc8 Energy Solutions are focusing on developing improved zinc-air battery technologies for electric vehicles and renewable energy backup.
The growing demand for portable electronic devices and demand for sustainable energy storage solutions is driving the global zinc-air battery market. The usage of zinc-air batteries in medical devices, sensors, electric vehicles, and renewable energy storage is increasing. The advantages of high energy density and low operational costs along with a non-toxic design makes zinc-air batteries attractive for long-lasting portable power applications.
The demand for effective energy storage solutions from regions such as Asia Pacific, North America, and Europe is increasing at a rapid pace. Manufacturers are expanding their production facilities across major consumer markets to cater to the growing deployment of zinc-air batteries in various end-use industries. Partnerships with OEMs and device manufacturers will help drive the global expansion of the zinc-air battery market over the forecast period.
Market drivers
The growth of the Internet of Things (IoT) ecosystem that connects billions of devices requires compact, long-lasting and cost-effective energy storage solutions. Zinc-air batteries meet the requirements of IoT devices with their high energy density and lightweight design. The demand for zinc-air batteries from IoT applications such as industrial sensors, smart home devices, smart city infrastructure is a major market driver. Additionally, renewable energy storage systems and electric vehicles also offer substantial opportunities for zinc-air battery manufacturers over the forecast period.
Impact of geopolitical situation on Zinc-Air Battery Market growth
The ongoing geopolitical tensions and economic uncertainties between major countries are negatively impacting the growth of the zinc-air battery market. Rising conflicts have disrupted the supply chain networks and inflated the prices of key raw materials like zinc powder and potassium hydroxide which are crucial for manufacturing zinc-air batteries. Additionally, due to economic sanctions and trade restrictions, manufacturers are facing difficulties importing advanced electrochemical technologies from other nations, hampering the R&D activities. This has postponed the launch of innovative zinc-air battery prototypes targeted at sectors like electric vehicles. Furthermore, the slowdown in global economic activities amid various crises has lowered the demand from end-use industries like transportation and telecommunications which utilize zinc-air batteries.
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