Metal-air Battery Market Expected to Reach $1,123,100.0 Thousand by 2027, at a Growing CAGR of 15.0% - Research DiveDownload Sample Reports Overview
According to a new study by Research Dive, the overall metal-air battery market size is predicted to surpass $1,123,100.0 thousand by 2027, growing from $364,600.0 thousand in the year 2019 at a 15.0% CAGR.
Metal-air Battery Market, COVID-19 Effect:
The novel coronavirus pandemic has a negative impact on the global metal-air battery market growth in the year 2020. This is mainly because of decrease in the utilization of metal-air batteries in various sectors like automotive and consumer electronics due to the lockdown restrictions. However, some of the government bodies are supporting the adoption of electric vehicles, which is directly affecting the metal-air demand during the pandemic time. For example, in September 2020, The Dubai Supreme Council of Energy announced to develop green mobility targets for increasing the number of electric and hybrid vehicles in government organizations. Moreover, government organizations in Dubai announced to raise their percentage of electric and hybrid vehicles to at least 10% of their overall annual production of vehicles until the end of 2024. This factor is predicted to have positive impact on the metal-air battery market in the COVID-19 pandemic.
Metal-air Battery Market, Overview:
Increasing demand for high-energy batteries to increase storage capacity of batteries is driving the demand for metal-air batteries are predicted to impel the market growth during the forecast time. In addition, rapid growth of plug-in electric vehicles is predicted to significantly produce growth prospects for the metal-air battery market in the upcoming years. Furthermore, in 2019, NTRS - NASA started working on the “Integrated Computational-Experimental Development of Lithium-Air Batteries for Electric Aircraft project” to develop advanced batteries for aircraft applications. The major purpose of the project is to develop innovative electrolytes and cathode materials for lithium-air batteries by utilizing modern computational material methods with battery multi-physics tools. This factor is anticipated to upsurge the growth of the market in the forecast years. However, technical difficulties related to metal-air batteries such as poor recycling stability and difficulty in finding better electrolyte to enhance the effectiveness and stability are expected to hinder the growth of the industry in the forecast years.
Metal-air Battery Market, Segmentation Insights:
Iron sub-segment is expected to experience a noteworthy growth and is predicted to account a revenue of $135,622.3 thousand till 2027. Increasing requirement of high-energy density application is anticipated to fuel iron air battery market growth. This is majorly owing to iron-air batteries being a potential candidate for large scale storage application in batteries. This factor is predicted to fuel the market growth in the review time.
The metal-air battery market for medium voltage is expected to grow at a CAGR of 15.7% and is estimated to account for $435,948.0 thousand by the end of 2027. Increasing utilization of medium voltage metal-air batteries in the EV power sources and unmanned aerial vehicles is predicted to accelerate the growth of the industry in the review time.
The global metal-air battery market for military electronics application generated a revenue of $40,401.2 thousand in 2019 and is anticipated to rise at a fast rate during the analysis time. Growing demand for interconnected and portable devices from military sector for daily operations like communication and navigation purposes is anticipated to drive the demand for metal-air batteries.
The global metal-air battery market for North America region is expected to experience a significant growth in the analysis time and is predicted to grow at a healthy CAGR of 15.1% during the prediction time. The metal-air battery market gained lucrative opportunities across the North America region owing to rising demand for electric vehicles that use metal-air battery. Furthermore, some market leaders are concentrating on various development strategies such as partnerships and collaborations with metal industries to adopt new technologies in manufacturing air-metal batteries. For instance, in January 2020, New York signed a deal with Zinc8 Energy Solutions Inc., a Canada-based innovation leader in battery technologies, for manufacturing a100 kW/1 MWh capacity zinc-air battery by investing into R&D activities. This factor is predicted to propel the market growth in the North America region.
Metal-air Battery Market, Significant Market Players:
The major metal-air battery market participants include –
- Arotech Corporation
- Zinc8 Energy Solutions Inc.
- E-Stone Batteries B.V.
- GPB International Limited
- Fuji Pigment Co., Ltd.
- POLY PLUS
- NantEnergy Inc.
- Log 9 Materials
Porter’s Five Forces Analysis for Metal-air Battery Market:
- Bargaining Power of Suppliers: This market has a huge number of large and small & medium size suppliers and negotiating power is estimated to be more. The cost difference between dealers is anticipated to be high. However, increasing consumer demand is creating huge investment opportunities in the industry. The bargaining power of suppliers is Moderate.
- Bargaining Power of Consumer: Metal-air battery market has a high concentration of consumers. However, advanced metal-air battery systems are very expensive. These factors exhibit Moderate bargaining power of the user.
- Threat of New Entrants: High initial investments are needed for the development of metal-air battery technologies. Moreover, lack of advanced infrastructure and skilled workforce may restrict new participants into the market. The threat of new participants is Moderate.
- Threat of Substitution: There are very few substitutes for metal-air battery systems, and results in a major demand for metal-air battery technologies. However, high implementation cost for metal-air battery systems have resulted in Moderate threat of replacements.
- Competitiveness in the Industry: Metal-air battery market includes huge number of significant participants. These players are underlining on new technology and R&D activities to enhance the product quality and performance. These are common strategies implemented by the major players. The competitive rivalry in the industry is High.