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Zinc Battery Market Research Report 2024-2033 | Size, Share And Overview
Zinc Battery Market Research
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According to The Business Research Company's, The zinc battery market size has grown rapidly in recent years. It will grow from $0.92 billion in 2023 to $1.09 billion in 2024 at a compound annual growth rate (CAGR) of 17.9%. The growth in the historic period can be attributed to rising demand for portable electronics, zinc batteries have historically been used in automotive applications, military and aerospace needs, government policies and regulations promoting the use of non-toxic and recyclable materials, and cost-effective solution.
The zinc battery market size is expected to see rapid growth in the next few years. It will grow to $2.12 billion in 2028 at a compound annual growth rate (CAGR) of 18.2%. The growth in the forecast period can be attributed to market expansion and investment, increased energy demand from urban areas, electrification of transportation, growth in renewable energy installations, and rising awareness about environmental impact. Major trends in the forecast period include advancements in zinc-air batteries, miniaturization, and integration, innovations in safety technologies, development of zinc-ion batteries, and integration of zinc batteries with renewable energy sources.
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Market Drivers and Trends:
The increasing demand for consumer electronics is expected to propel the growth of the zinc battery market going forward. Consumer electronics refer to electronic devices designed for everyday use by individuals, typically for entertainment, communications, and productivity purposes. The rising demand for consumer electronics is due to continuous technological improvements, the proliferation of the internet and the expansion of high-speed networks, the widespread adoption of smartphones and tablets, and the growth of smart home technology. Zinc batteries are utilized in consumer electronics such as remote controls and toys due to their cost-effectiveness and reliable performance for low-power applications. For instance, in May 2023, according to the Japan Electronics and Information Technology Industries Association, a Japan-based trade association, the total consumer electronics production reached $291.81 million (¥32,099 million) in May 2023, compared to $229.768 million (¥25,268 million) in May 2022. Therefore, the increasing demand for consumer electronics is driving the growth of the zinc battery market.
Major companies operating in the zinc battery market are focusing on developing advanced solutions, such as NiZn technology, to improve battery safety and efficiency. NiZn technology in zinc batteries refers to using nickel and zinc chemistry to enhance performance and environmental sustainability compared to traditional battery types. For instance, in May 2024, ABB Inc., a Switzerland-based provider of electrical equipment and automation products, launched nickel-zinc (NiZn) batteries for data center UPS solutions, significantly advancing safety, reliability, and sustainability. It offers a safer alternative to lead-acid and lithium-ion batteries with a reduced risk of thermal runaway. They also contribute to a lower carbon footprint and greater environmental friendliness. Moreover, their efficiency in requiring less cooling can enhance data centers' overall power usage effectiveness (PUE), marking a meaningful step toward more efficient and eco-friendly energy storage solutions.
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Major Key Players of the Market:
Toshiba Corporation, Energizer Holdings Inc., Duracell Inc., Eastman Kodak Company, GP Industries Limited, FDK Corporation, Nippo Ltd, ZincFive Inc., Primus Power Corp., Zpower LLC, ZAF Energy Systems Inc., Salient Energy Inc., Imprint Energy Inc., Panasonic Energy Co. Ltd., Renata SA, ZeniPower (Zhuhai Zhi Li) Battery Co. Ltd., Zhejiang Mustang Battery Co. Ltd., Multicell International Ltd., ABOUND Ltd, Enerpoly AB, Advanced Battery Concepts LLC, Linyi Huatai Battery Co. Ltd., Shenzhen Tcbest Battery Industry Co. Ltd.
Zinc Battery Market 2024 Key Insights:
• The zinc battery market size is expected to see rapid growth in the next few years. It will grow to $2.12 billion in 2028 at a compound annual growth rate (CAGR) of 18.2%.
• Rising Demand for Consumer Electronics Spurs Zinc Battery Market Growth
• Innovative Solutions Enhanced Zinc Battery Market Growth
• Asia-Pacific was the largest region in the zinc battery market in 2023
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