Increasing R&D in Zinc Air Batteries
Zinc-air batteries use oxygen from the air as the cathode, and the anode is mainly composed of zinc and an alkaline electrolyte. Zinc-air batteries are best known for their primary applications such as button cells for hearing aids and industrial bulk batteries such as electric fences and railway power supplies. Advantages of zinc-air batteries include flat discharge voltage, safety and environmental benefits, excellent shelf life, and low cost. For instance, Japanese electronics manufacturer Sharp is developing zinc-air battery technology for storing renewable energy. The device is safer than high energy density lithium-ion capable devices.
Various research and development activities are underway around the world on the use of zinc-air batteries in energy storage systems and electric vehicles. For example, Canadian battery manufacturer Zinc8 Energy Solutions is working on an energy storage system using zinc-air batteries. In addition, the high energy density, high specific power and high voltage of these batteries are some of the key factors that create revenue opportunities for manufacturers. Various companies individually work with research and development institutes to further develop the properties of batteries and bring optimal products to the market in large quantities.
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The global zinc air battery market size was USD 117.5 million in 2020. The market is projected to grow from USD 125.4 million in 2021 to USD 105.6 million in 2028 at a CAGR of 7.8% during the 2021-2028 period. Asia Pacific will dominate the zinc-air battery market share throughout the forecast period. Japan and China are the world's largest markets for electric vehicles. The introduction of these batteries in electric vehicles offers a promising opportunity for market growth. Zinc-air batteries have a high volumetric energy density and high specific energy, making them safer and less hazardous. Asia Pacific is an important market as it is considered the manufacturing center for most of the world's electronics. Moreover, increasing efforts by major players to improve battery characteristics are expected to create lucrative growth opportunities for the market. For example, in September 2020, Ashok Leyland (India) and Hindustan Zinc Limited (India) collaborated with IIT-Madras to develop a zinc-air battery.
The key players profiled in the global zinc air battery market study include ZeniPower (Zhuhai Zhi Li) Battery Co., Ltd., Zinc8 Energy Solutions Inc., and GPB International Limited, Energizer Holdings, Inc., ENZINC, INC., The Duracell Compan, ZAF Energy Systems, INC, Electric Fuel Battery Corporation, Iskra, VARTA AG, Renata AG SA, AZA Battery, and Phinergy Ltd.
In terms of type, the global zinc air battery market is bifurcated into primary type and secondary type. The secondary type segment is projected to register the highest CAGR during the forecast period. The high growth of the segment is attributed to its high durability and longevity. In terms of voltage type, the global zinc air battery market is bifurcated into up to 12 V, 12 V to 36 V, and more than 36 V. By 2023, the up to 12V segment is expected to hold the largest share of the zinc air battery market. A large market share in this segment is due to the growing demand for low-voltage zinc air batteries for applications such as hearing aids and LED lamps. In terms of application, the global zinc air battery market is bifurcated into hearing aids, alarm system battery, electric fencing, energy storage, IoT wearables, LED lamps, military, railway & road traffic signalling, and other application. By region, the global zinc air battery market is bifurcated into North America, Europe, Asia-Pacific, Central and South America, and the Middle East and Africa.
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