Lithium-Air Battery Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Lithium-Air Battery Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Lithium mining production is projected to grow at a CAGR of more than 10% during the forecast period. Lithium-air battery technology is the next evolutionary step that can be used in several applications such as consumer electronics, energy storage, and automobiles. With the growth in renewable energy sources, lithium-air battery is expected to increase the demand for devices optimal for energy storing. These batteries have great potential for use in transportation, in light and heavy vehicles and it can also work in the power distribution network, which in turn, is likely to drive the lithium-air battery market. However, the lithium-air battery is less stable, posses low energy efficiency, and has shorter cycle life, which are expected to restrain the growth of the market.

Key Highlights

• The limited storage capacity and the comparatively higher costs of current lithium-ion batteries are likely to drive the market. Lithium-air batteries are believed to have the capacity to hold up to five times more energy than the same lithium-ion batteries powering today’s phones, laptops, and electric vehicles. Since the raw material uses much less heavy transition metal elements like cobalt or nickel than traditional Li-ion cathodes, the eventual cost per kWh of lithium-air batteries could be much cheaper than lithium-ion batteries.
• The increasing penetration in advanced industrial applications such as drones and robotics, etc is creating massive opportunities for market players. New generation of batteries such as the lithium-air battery could better power aerial drones, underwater robots, drones and mobile robots. These batteries can also be deployed to sense and manipulate data in remote areas that are hard for humans to reach.
• North America is expected to be the largest market for lithium-air batteries, owing to the increasing consumer goods and electronic appliances, mainly driven by the United States.

Key Market TrendsElectric Vehicle Holds the Significant Share in The Market

• The need for reduced reliance on imported oil and emissions due to transportation has buoyed the development of electric vehicles (EVs). In addition, for EVs to reach mass adoption, a significant reduction in the prices and an increased range is required.
• The conventional lithium-ion batteries offer a driving range of approximately 100 miles on a single charging cycle. They are, therefore, considered to be expensive in the manufacturing of an electric vehicle. As a result, the new and innovative lithium-air batteries have been gaining traction in the automotive industry on account of high-performance features provided at a cheaper cost.
• In China, in 2018, the sales volumes for new-energy vehicles exceeded 1.25 million, and it is anticipated to cross more than 2 million in 2020, and to more than 5 million in 2025, which is expected to drive the demand of lithium-air battery in future.
• Research conducted by MIT has shown that lithium-air and zinc-air batteries are known to be the most suitable alternatives for the next-generation secondary batteries for EV applications.
• Moreover, the Samsung Advanced Institute of Technology (SAIT) has been actively researching the next-generation LIB electrode materials and post-Lithium-ion battery systems, such as all-solid-state battery and Lithium-air battery technologies. This is expected to enable the driving range of EV to be equivalent to that of conventional vehicles.
• Similarly, other companies, such as Toyota, and IBM, have also taken a keen interest in developing these batteries for EVs through increasing investment with high R&D activities based on technological advancements.

North America is Expected to Account for Significant Market Share

• North America is expected to account for significant share with the expected increase in the penetration of lithium-air batteries in consumer goods and electronic appliances such as smartphones, smart wearable, smart home appliances, etc., thereby opening huge opportunities for growth in global lithium-air battery market in the region.
• The increasing demand from consumers for thin, smaller and advanced performance featuring battery products are catalyzing the application of lithium-air batteries in smart devices and laptops, computers, etc.
• Electric battery-powered vehicles in the United States emit lower global warming discharge than the median new gasoline-powered cars. However, the cost of electric vehicles pursue to be more expensive than internal combustion engine (ICE) vehicles, mainly due to the additional cost of batteries and the ways to reduce the cost of batteries include making them more efficient and out of less costly materials which lithium-air battery suits the most for it. This will increase the demand of lithium-air battery in the region.
• This higher energy density of Lithium-air batteries are foreseen to lower the cost essential for developing energy storage systems that can be scaled for use with the grid. For instance, University of Illinois at Chicago and the United State Department of Energy’s (DOE) Argonne National Laboratory has produced a new design for a beyond-lithium-ion battery cell that operates by running on air over many charges and 750 discharge cycles.

Competitive Landscape

The lithium-air battery market is consolidated with limited number of players such as Poly Plus Battery Co., Mullen Technologies Inc. and Tesla, Inc. that are currently involved in the market.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned

Poly Plus Battery Company (PPBC)
Tesla, Incorporation
Mullen Technologies, Inc.

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