Growing demand for clean energy solutions and the rising investments in research and development of zinc-air batteries are anticipated to drive the growth of the global zinc-air battery market during the forecast period. The Asia-Pacific region is expected to observe significant growth during the forecast period.
PORTLAND, Ore., April 17, 2024 /PRNewswire/ -- Allied Market Research has recently published a report, titled, "Global Zinc-Air Battery Market Size, Share, Competitive Landscape and Trend Analysis Report by Type (Non-Rechargeable, Rechargeable), by Application (Hearing Aids, Safety Lamps, Military Devices, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the global zinc-air battery market generated $350.2 million in 2022, and is anticipated to generate $521.1 million by 2032, witnessing a CAGR of 4.2% from 2023 to 2032.
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Prime Determinants of Growth
The increasing demand for clean energy solutions and the rising investments in research and development of zinc-air batteries are driving the growth of the zinc-air battery market. However, rising challenges associated with power density and electrolyte evaporation are restraining the growth of the zinc-air battery market. On the other hand, continuous advancements in technology and increasing government support for environmentally friendly energy alternatives are expected to unlock rewarding growth opportunities in the global zinc-air battery market during the forecast period.
Report Coverage & Details:
Report Coverage | Details |
Forecast Period | 2023-2032 |
Base Year | 2022 |
Market Size in 2022 | $350.2 million |
Market Size in 2032 | $521.1 million |
CAGR | 4.2 % |
No. of Pages in Report | 310 |
Segments covered | Type, Application, and Region |
Drivers | Increasing demand for clean energy storage solutions
|
Opportunities | Expansion of applications in grid energy storage and renewable energy integration Rising government support and incentives for environmentally friendly energy alternatives |
Restraints | Challenges related to power density limitations in zinc-air batteries |
COVID-19 Scenario:
- The COVID-19 pandemic significantly impacted the global zinc-air battery market. The pandemic increased the demand for energy storage solutions, driving growth in the global market.
- Rising awareness of clean energy and sustainability during the pandemic boosted research efforts and technological advancements in the market.
- Supply chain disruptions caused by the pandemic temporarily restrained market growth. Government initiatives aimed at promoting clean energy technologies drove market growth amidst the challenges posed by the pandemic.
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Type: Non-rechargeable Sub-Segment Anticipated to Hold Leading Market Share by 2032
The non-rechargeable sub-segment dominated the market in 2022, holding a major share of 68.5%. This sub-segment is expected to hold a leading market share of 67.2% by 2032. This growth is mainly due to the increasing demand for long-lasting battery solutions in applications such as emergency equipment and remote sensors, boosting its market share. Additionally, the unique design of non-rechargeable zinc-air batteries, allowing them to remain inactive for extended periods without deterioration, contributed to their rising popularity in various sectors.
Application: Hearing Aids Sub-Segment Anticipated to Grow with Highest CAGR by 2032
The hearing aids sub-segment led the market in 2022, holding a substantial share of 83.9%. This dominance is expected to continue till 2032, growing with a CAGR of 4.4%. The growth of the sub-segment is mainly because of the increasing demand for hearing aids driven by the rising prevalence of hearing impairments and technological advancements boosting product innovation. Additionally, the rising aging population worldwide is driving the demand for hearing aids, further propelling the growth of this sub-segment.
By Region: Asia-Pacific Estimated to Dominate the Market in Forecast Period
The Asia-Pacific region dominated the global zinc-air battery market in 2022, holding a major share of 36.7%. The dominance of this region is expected to continue by rising with a CAGR of 4.7% in the forecast period. This is mainly due to increasing demand for energy storage solutions in the region. Additionally, rising investments in research and development and supportive government policies are boosting the adoption of zinc-air batteries across various industries in Asia-Pacific.
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Leading Players in the Zinc-air Battery Market:
- Phinenergy
- Electric Fuel Battery Corporation
- Ravoyac
- Duracell
- GP Batteries International Limited
- Renata SA
- Thunderzee
- Nantenergy
- ZAF Energy Systems
- VARTA AG
The report provides a detailed analysis of the key players of the global zinc-air battery market. These players have adopted different strategies, such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain their dominance in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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