Lithium-Air Batteries Market To Reach USD 27.7 Billion By 2032 | DataHorizzon Research
The lithium air batteries market size valued at USD 11.4 Billion in 2023 and is anticipated to reach USD 27.7 Billion by 2032 at a CAGR of 10.4%.
Fort Collins, Colorado, May 02, 2024 (GLOBE NEWSWIRE) --*Technological advances in battery systems is projected to drive the industry growth.*
The anticipated market growth of *lithium-air batteries* is underpinned by their superior chemistry and remarkable theoretical energy density. These batteries possess the unique ability to absorb oxygen from the surrounding air and use it as an active cathode material within the battery itself. This innovative design reduces battery weight and enhances energy storage capacity.
Depending on the electrolyte employed, lithium-air batteries can achieve energy densities exceeding 1000 Wh/kg, surpassing those of lithium-ion batteries by more than threefold. Moreover, the voltage characteristics of lithium-air cells are higher from start to finish, thereby reducing the number of cells required to attain high battery voltages.
The potential applications of lithium-air batteries extend to long-range vehicles such as battery-powered long-haul trucks and energy storage devices, further driving market growth. These batteries offer promising solutions for grid backups, enabling renewable energy storage. Additionally, the growing demand for long-range electric vehicles (EVs) fosters the development of reliable lithium-air battery chemistry. Notably, initiatives such as the collaboration between the National Institute of Material Science and Japan Softbank Corp. have yielded lithium-air batteries with impressive energy densities, such as around 500 Wh/kg, paving the way for advancements in this field.
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*Segmentation Overview:*
*The lithium-air batteries market has been segmented into type, application, and region.*
*Automotive is the leading application segment with a high market share.*
· The lithium-air batteries market has been segmented based on application such as automotive, consumer electronics, and energy storage. The automotive segment accounted for the greater market share owing to extensive demand for longer-range electric vehicles in recent years.
*The solid-state is the leading segment projected to attract growth in the coming years.*
· The lithium air batteries market has been segmented by type as aprotic, aqueous, solid state, and mixed aqueous. The solid-state segment is expected to dominate the market during the forecast period. Its components include a solid lithium anode, a porous carbon cathode, and a solid electrolyte from ceramic, glass, or other conducting material.
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*Lithium-Air Batteries Market Report Highlights:*
· The lithium-air batteries market growth is anticipated at a *CAGR of 10.4% by 2032.*
· Asia Pacific will likely account for a significant market share in the forthcoming years. This can be attributed to the presence of many prominent battery manufacturers in this region, such as Contemporary Amperex Technology Co., Limited (CATL), LG Energy Solution, BYD, and Panasonic.
· Some prominent players in the lithium-air batteries market report include Mullen Technologies, Inc., Toyota, Tesla, Inc., Poly Plus Battery Co., and Lithium Air Industries, Inc.
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