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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.
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