According to the report, global lithium air batteries market is expected to grow at a CAGR of 12.3% between 2017 and 2022.
Lithium air batteries with their exceedingly high theoretical specific energy have become a core of research and development on future battery technologies. A lithium air battery has a high energy density with 90% efficiency and can be recharged 2000 times more than lithium ion batteries. Lithium air batteries could hold more than four times the energy per kilogram of lithium-ion batteries. To induce a current, lithium air battery recycles reduction of oxygen at the cathode and oxidation of lithium at the anode. In the process, to store charge the air changes state from gaseous to solid as it binds with lithium and then converts back from solid to gaseous as the charge is drained. At the time of low current discharge, lithium air batteries function as a high capacity battery while at the time of large current discharge, lithium batteries function as a high power battery.
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Lithium air batteries market is segmented on the basis of type and application. On the basis of type, lithium air batteries market is segmented into conventional lithium air batteries and nano lithium air batteries. Conventional lithium air batteries are really lithium dry air batteries because lithium air batteries can’t handle moisture or carbon dioxide. Conventional lithium air batteries held the largest market share due to huge demand across the globe. Conventional lithium air batteries could propel the clean energy industry. On the basis of application, lithium air batteries market is segmented into electronics, electric cars, and grid backup. The electronic segment is estimated to account for the largest lithium air batteries market shares among all the applications.
Growing demand for smart devices, increase in demand for electric vehicles and development towards the enhancement of lithium air batteries are expected to remain the major driving factors for the growth of lithium air batteries market. The global lithium air batteries market offers new growth opportunities, due to increase in growth of new technologies, adoption in new applications due to declining prices of lithium air batteries. Restraining factor for the growth of lithium air batteries market is an improvement to battery capacity. Development of lithium sodium ion batteries and lithium sulfur ion batteries are expected to act as substitutions for lithium air batteries.
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Based on regional segmentation, Europe was the most attractive market for the lithium air batteries in 2016. It accounted for more than 30% share of the entire market and further it is expected to witness significant growth in the near future. For the time being, regions such as Europe and U.S tend to be saturated in economic development for the growth of lithium air batteries market. The countries of emerging economies such as China and India are on the rise for the demand of lithium air batteries market. Among the Asia Pacific countries, the average output growth rate of lithium air batteries market is in China. The global lithium air batteries market strived to expand their operations in developing regions.
Companies in the lithium air batteries market are targeting on innovation and offering their products at competitive prices. The researchers are hoping to go from proof of theory to a commercial model in upcoming years. Some of the major players involved in the global lithium air batteries market include Mullen Technologies Inc., Poly Plus Battery Company, and Lithium Air Industries among others.
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