Press release
Metal-air Battery Market Outlook 2034: Expected to Reach USD 2.1 Billion by 2034, Growing at a Robust CAGR of 12.4% from 2024
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Analyst Viewpoint
The depletion of fossil fuel supplies and the surge in demand for sustainable energy solutions are major factors driving the metal-air battery market. Governments worldwide are emphasizing energy security to meet the demands of a growing population and industrialization. Investments in sustainable energy solutions, such as metal-air batteries, are aimed at reducing carbon emissions and addressing global warming. Key players in the market are focused on developing lightweight and high-energy-density metal-air batteries to enhance the driving range of electric vehicles.
Market Introduction
Metal-air batteries are complex systems used to power various applications, including electric vehicles (EVs), stationary energy storage, consumer electronics, military and defense equipment, medical devices, aerospace devices, and remote area power supplies (RAPS). These batteries operate based on electrochemical charge/discharge reactions between a positive "air electrode" (cathode) and a negative "metal electrode" (anode), using metals like lithium (Li), zinc (Zn), aluminum (Al), iron (Fe), or sodium (Na).
Types of Metal-air Batteries
Lithium-air batteries (LABs)
Sodium-air batteries (SABs)
Magnesium-air batteries (MABs)
Aluminum-air batteries (AABs)
Zinc-air batteries (ZABs)
Key Drivers
Depleting Fossil Fuel Supplies:
The rise in energy needs and the depletion of fossil fuel supplies are boosting the demand for air-activated metal batteries.
The rapid growth in the global population and economy, along with urban migration, is leading to high energy demand.
Fossil fuel reserves are projected to be depleted by 2060, prompting stakeholders to invest in alternative power storage systems like metal-air batteries.
Surge in Demand for Sustainable Energy:
Industries are emphasizing environmental sustainability due to global warming and carbon emissions.
Metal-air batteries offer high energy densities, long operating lives, high safety, sustainability, and material abundance.
These batteries are non-toxic, low-cost, and viable alternatives, contributing to market growth.
Advantages of Metal-air Batteries
High energy efficiency (5 to 30 times greater than lithium-ion batteries)
Non-toxic and low-cost
Abundance of materials in nature
Potential to achieve high energy densities and long operating lives
Regional Outlook
Leading Region: Asia Pacific
Asia Pacific held the largest share of the metal-air battery market in 2023 and is expected to maintain its dominance during the forecast period. The region's market dynamics are driven by the rise in adoption of electric vehicles and investments in sustainable energy storage solutions.
Electric Vehicle Adoption: Nearly 1.9 million electric cars were sold in China from January to March 2024, marking a 35% increase compared to the first quarter of 2023.
Investment in Aluminum-air Batteries: Hindalco Industries signed an MoU with Phinergy and IOC Phinergy Pvt Ltd. for R&D and pilot production of aluminum plates for aluminum-air batteries.
North America
Investment in Sustainable Energy: In 2023, the California Energy Commission (CEC) approved a US$ 30 million grant to Form Energy for an iron-air battery long-duration energy storage project.
Analysis of Key Players
Key players in the metal-air battery market are focused on developing next-generation energy devices and enhancing battery performance with novel catalyst technologies.
Major companies include:
Phinergy
ABOUND
NantWorks, LLC
Fuji Pigment Co., Ltd.
Arconic
Sion Power Corporation
Log9 Materials
PPBC
ACTXE Limited
GP Batteries International Limited
Notable Developments
April 2024: AZUL Energy developed a paper-based, high-performance magnesium-air battery activated by water, using sustainable resources.
February 2024: Indian Oil Corporation Ltd. increased its investment in Phinergy, bringing its holding to 17%.
Market Segmentation
By Type
Zinc-air
Lithium-air
Aluminum-air
Iron-air
Sodium-air
Others
By Application
Electric Vehicles (EVs)
Stationary Energy Storage
Consumer Electronics
Military and Defense
Medical Devices
Aerospace
Remote Area Power Supply (RAPS)
Others
By End-user
Automotive
Industrial
Residential
Commercial
Military
Regions Covered
North America
Europe
Asia Pacific
Latin America
Middle East & Africa
Countries Covered
U.S.
Canada
Germany
U.K.
France
Italy
Russia & CIS
Japan
China
India
ASEAN
Brazil
Mexico
South Africa
GCC
Market Snapshot
Market Size in 2023: US$ 576.5 Mn
Market Forecast (Value) in 2034: US$ 2.1 Bn
Growth Rate (CAGR): 12.4%
Forecast Period: 2024-2034
Historical Data Available for: 2020-2022
Quantitative Units: US$ Mn/Bn for Value and Units for Volume
Market Analysis: Includes segment and regional analysis, as well as qualitative analysis (drivers, restraints, opportunities, key trends, Porter's Five Forces Analysis, value chain analysis, key trend analysis)
Competition Landscape: Market share analysis by company (2023) and company profiles
The metal-air battery market (금속공기전지 시장) is set for significant growth, driven by the need for sustainable energy solutions and the advantages these batteries offer over traditional energy storage systems. Despite being in the R&D phase, metal-air batteries show great potential for various applications, particularly in the automotive and energy sectors.
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Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
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