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Lithium Air Battery Market Growth and Demand Forecast to 2024

Press Release

With the onset of renewable energy projects and rising sales of electric vehicles, the demand for highly efficient batteries has increased considerably. Lithium Air batteries are one such energy storage solutions which have high capacity to store power. These batteries are different from the traditional Lithium-ion batteries which utilizes intercalated lithium-based compound as lithium air batteries mainly use Lithium and air for facilitating the flow of energy.

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On the basis of type, the lithium air battery market is categorized into aprotic battery, aqueous battery, mixed battery, and solid-state battery. Solid state batteries are not combustible and, in this manner, avoid the chances of any explosion. Lithium-air energy storage solutions are in the advancement stage; therefore, their general proficiency, restraints, and cost are yet to be foreseen later with the subsequent progression in innovation.

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The major growth driver identified in the lithium air battery market is the rising demand for these batteries in consumer electronics products. These batteries have the potential to be used in wide varieties of consumer electronic products including cell phones, laptops, and tabs which require high performance batteries for long operations. These batteries address this concern as it ensures the relatively higher amount of energy storage. The ongoing rise in the consumer electronics demand is likely to boost the lithium air battery market over the coming years.

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Europe is expected to remain as a lucrative region for the growth of lithium air battery market owing to large scale capacity addition of renewable power projects such as solar power plants, rising demand for electric vehicles, and a well-developed consumer electronics market in many of the European countries including Germany, France, Italy, Spain.

Major opportunities identified in the lithium air battery market is the rising demand for these batteries from advanced nations, particularly in the U.S and European nations. Advanced nations are environmentally conscious countries which have strict environmental norms. These countries are planning to replace the conventional vehicles with hybrid and electric vehicles, the rising demand for these vehicles in North American and European nations are expected to serve as a major opportunity area for the growth of the lithium air battery market in the coming years.

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