DUBLIN, Oct. 24, 2023 /PRNewswire/ — The “Zinc-ion Battery Market – Global Zinc-ion Battery Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2023-2030 – (By Type Coverage, By Applications Coverage, By Product Type Coverage, By Geographic Coverage and By Company)” report has been added to ResearchAndMarkets.com’s offering.
The global zinc-ion battery market is on track for steady growth, projected to attain a market valuation of approximately US$12.67 billion by the end of 2030, up from US$9.5 billion in 2022, according to a comprehensive report by a leading publisher. This market is expected to witness a moderate growth rate, with a Compound Annual Growth Rate (CAGR) of 4.2% anticipated between 2023 and 2030.
Key Trends Driving Market Growth:
Safety Features in Demand: Increasing consumer demand for batteries with enhanced safety features is driving the adoption of zinc-ion batteries, particularly in electric vehicles and consumer electronics.
Cost Reduction Initiatives: A strong industry-wide focus on reducing production costs is making zinc-ion batteries more economically competitive with other battery technologies.
Ongoing Technological Advancements: Despite challenges in material development, performance improvement, and production scalability, continuous research and development efforts are aimed at overcoming these obstacles.
Expanding Use in Rechargeable Batteries: Zinc-ion batteries have dominated the rechargeable batteries category in 2022, finding applications in remote sensing devices, IoT sensors, and long-lasting, low-power devices due to their high energy density and extended cycle life.
Medical Device Applications: Rechargeable zinc-ion batteries offer a cost-effective solution for medical devices, reducing the need for frequent battery replacements, leading the market in 2022.
Zinc-Nickel Batteries on the Rise: Zinc-nickel batteries are expected to witness rapid growth, particularly in applications such as satellites and spacecraft, thanks to their long cycle life and reliability.
Asia Pacific Leading the Way: The Asia Pacific region is poised to lead the growth of the zinc-ion battery market, driven by increased demand for energy access in off-grid and isolated areas.
Key Growth Determinants:
The growth of the zinc-ion battery market is attributed to several key factors:
Energy Storage Demand: Zinc-ion batteries play a pivotal role in efficiently storing surplus energy generated by intermittent renewable sources, supporting grid stabilization and enabling load shifting.
High Energy Density: Zinc-ion batteries offer high energy density, enabling longer driving ranges in electric vehicles, making them an attractive choice for consumers and automakers.
Safety and Stability: Zinc-ion batteries are favored for their safety features, mitigating concerns related to overheating, fires, or explosions associated with other battery chemistries.
Major Challenges:
Despite their promise, zinc-ion batteries face notable challenges:
Energy Density Limitations: Zinc-ion batteries have lower energy density compared to certain other battery types, which may limit their suitability for electric vehicles prioritizing extended driving distances.
Charging Speed: Zinc-ion batteries may have longer charging durations compared to lithium-ion batteries, potentially affecting their appeal in electric vehicles and consumer electronics.
Key Trends and Opportunities:
The zinc-ion battery market is poised for further growth through:
Material Advancements: Research into materials, especially cathodes and anodes, holds the potential to significantly enhance the energy density of zinc-ion batteries and extend their cycle life.
Sustainability Focus: Growing environmental consciousness drives demand for environmentally friendly energy storage solutions, where zinc-ion batteries excel due to their reduced environmental impact.
Electric Vehicle Demand: Government incentives and consumer preferences for electric vehicles are expected to boost interest in zinc-ion batteries for EVs.
Companies Mentioned
ZincFive, Inc.
FDK CORPORATION
Eastman Kodak Company
ZPower
ZeniPower (Zhuhai Zhi Li) Battery Co., Ltd.
Primus Power
Shenzhen BetterPower Battery Co., Ltd.
Eos Energy Storage
Linyi Huatai Battery Co., Ltd.
Nippo Batteries
GPB International Limited
Shenzhen Tcbest Battery Industry Co., Ltd
Energizer Holdings, Inc.
Panasonic Corporation
Zhejiang Yonggao Battery Co., Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/6ebq05
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