The zinc-air battery market has been growing rapidly owing to the various advantages zinc-air batteries hold over other chemistries such as high energy density, zero emissions during operation, enhanced safety, and significantly lower material costs. Zinc-air batteries are implemented in applications such as electric vehicles, medical equipment, wireless sensor networks, and portable electronics. The technology provides 2-3 times more energy compared to lithium-ion batteries of similar size and mass which makes them a suitable candidate for electric vehicles offering long-range capacities.
Global zinc-air battery market is estimated to be valued at US$ 2.22 Bn in 2024 and is expected to exhibit a CAGR of 5.8% over the forecast period 2024 To 2031.
Key Takeaways
Key players operating in the Zinc-Air Battery Market Growth are Phinergy, Arotech Corporation, Energizer Holdings, GP Batteries International, Zinc8 Energy Solutions, Panasonic Batteries, Duracell, Renata SA, EverZinc, Ravoyac, Nantenergy, Electric Fuel Battery Corporation, ZAF Energy System, Varta AG, Thunderzee, and AZA Battery. Key opportunities in the market include R&D investments towards advance manufacturing processes to reduce costs and scaling production capacities to cater to growing demand from EVs. The global zinc-air battery market is expected to expand rapidly in North America and Europe owing to stringent emission norms and increasing EV adoption.
Market drivers
The increasing application of zinc-air batteries in electric vehicles is expected to be a key driver for market growth during the forecast period. With continuous R&D, the performance and lifetime of zinc-air batteries is witnessing considerable improvement making them a cost-effective option for EVs compared to lithium-ion batteries. Many electric vehicle manufacturers are evaluating zinc-air battery systems for commercialization in near future which will drive their demand up.
PEST Analysis:
Political: Government regulations pertaining to environmental and energy policies significantly impact the Zinc-Air Battery Market. Some countries have implemented stringent norms to curb carbon emissions and promote renewable energy adoption, benefitting zinc-air batteries.
Economic: The fluctuating prices of raw materials required for manufacturing zinc-air batteries, including zinc, affect their costs. The spending power of end-users also influences the demand for these batteries.
Social: Rising environmental concerns are driving the demand for sustainable and recyclable energy storage solutions like zinc-air batteries. The growing popularity of portable electronic devices and hearing aids provides a fillip to the market.
Technological: Advancements in battery chemistry and the development of micro-fuel cells are expanding the capabilities of zinc-air batteries. Research into improving energy density and cycle life through catalysts and electrode modifications is boosting the technology.
The North American and European regions account for a major share of the global zinc-air battery market in terms of value. High awareness regarding renewable energy and stringent emission norms drive the demand for sustainable batteries in these developed markets.
The Asia Pacific region is projected to witness the fastest growth during the forecast period due to rising electronics consumption, increasing investments to develop domestic manufacturing capabilities, and supportive government policies regarding clean energy adoption in countries like China and India.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it