CHICAGO, Dec. 5, 2023 /PRNewswire/ — The global lithium-sulfur battery market size is expected to grow from USD 32 million in 2023 to USD 209 million in 2028, at a CAGR of 45.6% from 2023 to 2028 according to a new report by MarketsandMarkets™. A lithium-sulfur battery is a rechargeable battery that employs sulfur as the cathode and lithium as the anode.
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Lithium-Sulfur Battery Market Report Scope:
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Report Coverage |
Details |
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Market Revenue in 2023 |
$ 32 million |
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Estimated Value by 2028 |
$ 209 million |
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Growth Rate |
Poised to grow at a CAGR of 45.6% |
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Market Size Available for |
2019–2028 |
|
Forecast Period |
2023–2028 |
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Forecast Units |
Value (USD Million/Billion) |
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Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
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Segments Covered |
By Component, Type, Capacity, Application and Region |
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Geographies Covered |
North America, Europe, Asia Pacific, and Rest of World |
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Key Market Challenge |
Complexities involved in manufacturing Li-S battery |
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Key Market Opportunities |
Li-S battery benefits over other technologies |
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Key Market Drivers |
Rising R&D activities to commercialize lithium-sulfur batteries |
Lithium-sulfur batteries show immense possibilities across various applications, making them a crucial factor for technological advancements. In aerospace, their lightweight design and high energy density are advantageous for powering unmanned aerial vehicles and satellites. In the automotive and transportation sectors, the potential for extended driving ranges and reduced weight positions lithium-sulfur batteries as a candidate for electric vehicles and other modes of transport. Consumer electronics benefit from their high specific energy, contributing to longer lasting and lighter devices. As these sectors expand with new developments taking place, they will further support the growth of the lithium-sulfur battery market.
The market for below 500 mAh capacity segment is expected to gain a significant market share during the forecast period.
Lithium-sulfur batteries, with a capacity below 500 mAh, are prominent for their compact and lightweight design, positioning them as an optimal power source for small electronic devices like wearables, medical instruments, and wireless communication devices. Their attributes include a high energy density and an extended cycle life, ensuring prolonged and efficient operation for connected devices. The expansion of the lithium-sulfur battery market, specifically within the below 500 mAh capacity range, is propelled by several key factors such as the ongoing trend of electronic component miniaturization, and an increasing emphasis on energy efficiency. Devices in these sectors necessitate batteries that are not only compact but also possess high power density for effective operation. Hence, as these trends are adopted globally the market for below 500 mAh capacity is anticipated to see a significant growth in the forecast period.
Automotive & Transportation segment is expected to grow at an impressive CAGR during the forecast period.
Lithium-sulfur batteries hold significant potential for application in electric vehicles (EVs) due to their high specific energy, safety, and lower mass density compared to traditional batteries. A distinctive characteristic that sets lithium-sulfur batteries apart is the utilization of sulfur instead of cobalt, a prevalent element in lithium-ion batteries. This substitution not only contributes to a reduced cost but also enhances the overall energy density of lithium- sulfur batteries, making them an economically viable and environmentally friendly alternative for the EV market. Further these batteries are also being explored for marine transportation applications such as boats, or ships. As these batteries possess high energy density and are extremely safe to use. As technology progresses and these batteries are commercialized it is predicted that their demand in automotive and transportation sectors will rise during the forecast period.
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Europe is expected to hold a significant market share of the lithium-sulfur battery market during the forecast period.
The European market includes the Germany, UK, France, and the Rest of Europe. The European lithium-sulfur battery industry is anticipated to experience significant growth driven by various factors. Europe’s prominent position as a major electric vehicle (EV) manufacturer, coupled with its substantial e-aviation sector, will create considerable influence on the market dynamics. The escalating demand for high-performance batteries characterized by high energy density and extended cycle life, propelled by the increasing adoption of EVs, will serve as a pivotal driver for the expansion of the lithium-sulfur battery market across the region.
Key players
The key players in this lithium-sulfur battery companies include PolyPlus Battery Company (US), NexTech Batteries Inc. (US), Li-S Energy Limited (Australia), Lyten, Inc. (US), Theion GmbH (Germany), Gelion plc (Australia), Zeta Energy LLC (US) and others.
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