The lithium air battery, also known as the lithium oxygen battery, is a kind of battery that generates electricity through the lithium oxidation process. When compared to standard lithium-ion batteries, the lithium air battery combines the benefits of both lithium and oxygen, providing approximately 5 to 15 times the specific energy and over 3 times the power. They are metal-air batteries that function on a redox process, in which the current flow is produced by oxidation of the lithium metal followed by reduction of oxygen. The market is experiencing growth owing to the use of lithium-air batteries in the automotive, medical, defence & military, electronics, and marine industries, as well as in power backup systems. Batteries are necessary equipment in both households and industries; therefore, there is always a need for them. Technological developments assure the continual creation of new equipment and devices that require batteries; as a result, battery materials are likely to be in high demand in the near future. Lithium air batteries have the ability to hold more than 40 times the charge of a standard Li-Ion battery of comparable weight. The ultra-light weight and high energy density of rechargeable Li-O2 batteries make them a popular choice for electric automobiles and other portable electronic gadgets.
COVID-19 Impact analysis
COVID-19 has had an impact on the global economy, resulting in a considerable drop in demand for products and raw materials produced by many key sectors across the world. Several industries, including energy storage, electronics, and automobiles, are encountering problems in project development, shipment delays, production, and research & development of new goods for market expansion, since demand for products has decreased owing to regional lockdown. China is the largest manufacturer of lithium-ion (Li-ion) batteries, CATL, and BYD goods in the Asia-Pacific area, but the pandemic scenario caused by the Coronavirus resulted in the announcement of production delays for goods utilized by a variety of end users. Original equipment manufacturers (OEMs) are most vulnerable to market interruptions due to battery and raw material supply issues, as the majority of raw materials are sourced from China. Due to COVID-19-induced market problems, the lithium-ion battery manufacturing sector in China has experienced a drop in demand from 25GWh to 30GWh in capacity in 2020, and manufacturers are facing a scarcity of raw materials for manufacturing.
Top Impacting Factors
Because lithium is the lightest metal and air is likewise ultra-light, lithium-air batteries are among the lightest batteries accessible. As a result, the automotive sector is likely to be the primary use for these batteries, particularly in hybrid and electric cars. Because of their lightweight and small size, these batteries are expected to become an essential component of electric vehicles. Increase in demand, rise in urbanisation & industrialization, technical advancements, expansion in research & development efforts, and a wide range of applications drive the growth of the lithium-air batteries market. On the other side, lack of effectiveness is anticipated to hamper the market growth. The worldwide lithium-air batteries market is being driven by an increase in demand for electric cars and improvements in production methods. Due to their small weight, these batteries may also be used in various appliances such as electronic, electrical, and industrial equipment.
- The surge in use of sophisticated industrial applications such as drones and robots, among others, is presenting enormous potential for industry participants. Aerial drones, underwater robots, drones, and mobile robots might all benefit from new battery technology, such as the lithium-air battery. These batteries can also be used to perceive and alter data in locations where people are unable to reach.
- The increase in use of lithium-air batteries in smart home appliances, smartphones, smart wearables, and other gadgets is a major factor fueling the regional market expansion.
- One of the most important reasons driving the market demand is the surge in need to reduce imported oil and emissions, which has resulted in the development of electric cars (EVs). This aspect has led in widespread use of these batteries, necessitating price reductions and increased battery range.
- The market is expected to be driven by the low storage capacity and increase in price of current lithium-ion batteries. Lithium-air batteries are thought to be five times more energy-dense than the lithium-ion batteries that power today's phones, laptops, and electric cars.
- Because the raw material contains far less heavy transition metal components like cobalt or nickel than typical Li-ion cathodes, lithium-air batteries may have a lower cost per kWh than lithium-ion batteries.
- On a single charging cycle, typical lithium-ion batteries provide a driving range of about 100 miles. As a result, they are regarded to be costly in the production of an electric car. Because of the high-performance characteristics supplied at a lower cost, the new and revolutionary lithium-air batteries have been gaining popularity in the automobile sector.
- With the expected increase in the penetration of lithium-air batteries in consumer goods and electronic appliances such as smartphones, smart wearables, smart home appliances, and so on, North America is expected to account for a significant share of the global lithium-air battery market, opening up huge opportunities for growth in the region. The growing demand from customers for thin, smaller, and higher-performing battery products is accelerating the use of lithium-air batteries in smart devices, laptops, desktops, and other electronic gadgets.
- Poly Plus Battery Co., Mullen Technologies Inc., and Tesla, Inc. are key companies in this industry. Lithium Air Industries, Inc.
Key Benefits of the Report
- This study presents the analytical depiction of the lithium air batteries along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the lithium air batteries market share.
- The current market is quantitatively analyzed to highlight the lithium air batteries market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed lithium air batteries market analysis based on competitive intensity and how the competition will take shape in coming years
Lithium Air Batteries Market Report Highlights
Key Market Players
Dyson Ltd., Johnson Matthey PLC, Protonex Technology Corporation, BASF SE, Panasonic Corporation, Duracell, ALABCORP, BYD Company Limited, Tesla Inc., SK Innovation