The global air electrode battery market size is estimated to account for USD 2.02 billion by 2027, according to a new report by Million Insights. The market is predicted to register 9.0% CAGR over the forecast duration. Increasing use of air electrode battery in various end-use applications and rising expenditure on research and development are driving the product demand.
Air electrode batteries have multiple advantages such as increased storage capacity, higher electrochemical performance and environmental friendliness. These benefits have resulted in the high adoption of these batteries compared to ion batteries. In addition, the growing use of these batteries in electronic gadgets is likely to spur their demand.
Asia Pacific held the largest share in the market with over 31.0% in 2019. Further, the region is predicted to register the highest growth over the forecast duration. Increasing penetration of electronic gadgets and rising adoption of electric vehicles are supplementing the regional growth.
Market players are increasingly investing in the research and investment manufacture cost-effective and durable batteries. Technical advancements are estimated to increase the commercial application of these batteries. In addition, industry participants are adopting various other strategies such as merger & acquisition, joint ventures, new product development and partnerships among others.
However, factors such as shorter life cycle and lower energy efficiency are projected to restrict the market growth. Further, the outbreak of COVID-19 has derailed the supply chain and has negatively affected the market growth.
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Further key findings from the report suggest:
• Fuel-cell is projected to register the highest growth over the forecast duration owing to its increasing use in transportation, stationary and emergency application.
• In 2019, secondary type segment held the largest share in the air-electrode batteries market owing to the low cost of its production and eco-friendly nature.
• In 2019, the medical devices category occupied a considerable share in the market owing to the rise in the usage of disposable medical equipment.
• Asia Pacific is estimated to register the highest growth over the forecast duration owing to rising demand from China, Japan and India.
Million Insights has segmented the global air electrode battery market on the basis of battery type, application, and region:
Air Electrode Battery Type Outlook (Revenue, USD Million, 2016 - 2027)
• Primary Battery
• Secondary Battery
• Fuel Cell
Air Electrode Battery Application Outlook (Revenue, USD Million, 2016 - 2027)
• Medical Devices
• Military Devices
Air Electrode Battery Regional Outlook (Revenue, USD Million, 2016 - 2027)
• North America
• The U.S.
• The U.K.
• Asia Pacific
• Central & South America
• Middle East & Africa
List of Key Players of Air Electrode Battery Market
• Mullen Technologies, Inc.
• Poly Plus Battery Company
• Tesla Inc.
• Hitachi Maxell Ltd.
• Volkswagen Ag
• Sanyo Electric Co., Ltd.
• BASF Global
• Panasonic Corporation
• LG Chem Ltd.