ZINC-AIR BATTERY MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

Zinc-Air Battery Market Size and Trends

The zinc-air battery market is estimated to be valued at USD 2.22 Bn in 2024 and is expected to reach USD 3.30 Bn by 2031, growing at a compound annual growth rate (CAGR) of 5.8% from 2024 to 2031.

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The market is primarily driven by the increasing demand for zinc-air batteries in applications such as hearing aid devices, military applications, and other medical appliances due to advantages such as high energy density, safety, and longer shelf life. The zinc-air battery market is expected to witness significant growth over the forecast period. There is an increasing focus on the development of advanced and lightweight zinc-air batteries for applications such as electric vehicles and energy storage systems. The rising adoption of zinc-air batteries across IoT-enabled devices and electronics is also expected to support the market growth. However, high costs associated with zinc-air batteries may hamper the market expansion to some extent.

Higher Energy density potential of Zinc-air Batteries

Zinc-air batteries have the potential of providing higher energy density compared to other conventional battery technologies like lithium-ion batteries. The theoretical energy density of zinc-air batteries is over 1,000 watt-hours per kilogram which is significantly higher than lithium-ion batteries which have an energy density of around 250 watt-hours per kilogram. This higher energy density of zinc-air batteries is owing to the chemistry of the battery where zinc metal reacts with oxygen from air to produce electricity. Zinc metal provides a higher specific capacity compared to lithium. Furthermore, air used as the cathode provides unlimited capacity as oxygen can be replenished from atmospheric air during the recharging of the battery. The higher energy density means zinc-air batteries have the potential to power devices for longer duration compared to lithium-ion batteries of equivalent size and weight. For electric vehicles, this could mean longer driving range per charge. Similarly, for consumer electronics like phones, tablets, and drones, it could mean longer hours of usage per charge. Given the growing requirements for longer battery life in diverse applications, the higher energy density potential of zinc-air chemistry is an important driver boosting research and development in this battery technology.

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Zinc-air batteries have the promise of lower material cost compared to lithium-ion batteries. Zinc used in these batteries is widely available and inexpensive metal. For instance, in January 2021, The Tunderzee, a manufacturer, launched a new revolutionary zinc-air battery that is cheaper, lighter, safer, and more effective when compared to the lithium-ion battery. Its price fluctuations are also minimal globally. In contrast, lithium used in lithium-ion batteries have seen significant price volatility in recent years due to supply issues and growing demand. Furthermore, air used as the cathode provides an unlimited material at virtually zero cost unlike lithium or other cathode materials used in lithium-ion batteries. The abundant availability and relatively low and stable prices of zinc anode and air cathode can help address the growing need for lower cost battery solutions. The inherently lower material costs provide an impetus for stakeholders along the zinc-air battery.