Lithium Air Batteries Market sales is growing at 12.3% CAGR till 2022
Zion Market Research has published a new report titled “Lithium Air Batteries Market (By Type: Conventional Lithium Air Batteries and Nano Lithium Air Batteries for Applications: Electronics, Electric Cars, and Grid Backup): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2016 – 2022”. According to the report, global lithium air batteries market is expected to grow at a CAGR of 12.3% between 2017 and 2022.
In a lithium air battery, the anode is made of lithium and the cathode is oxygen drained from the surrounding air. The lithium air battery uses oxygen available in large quantities from the environment thus, we can save volume and weight of lithium air battery. From all known battery devices lithium air batteries have highest analytical energy density and could boost the renewable energy economy. A lithium air battery has a high energy density with 90% efficiency and can be recharged 2000 times more than lithium ion batteries. 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. In the process, to store charge the air changes state from gaseous to solid as it binds to lithium and then converts back from solid to gaseous as a charge is drained.
Lithium air batteries are highly capable because of their potential to deliver a high output of energy and after repeated charging cycles lithium air batteries retain their performance. The major driving factor for lithium air batteries market is having a wide range of applications in smart devices, electric vehicles, and development towards the enhancement of lithium air batteries. 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. 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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Lithium air batteries are bifurcated on the basis of types and applications. 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 could develop the clean energy industry. Conventional lithium air batteries are really lithium dry air batteries because lithium air batteries can’t handle moisture or carbon dioxide. The new growth could lead to advances in battery chemistry and design for lithium air batteries market growth. Nano lithium air batteries can offer three times the capacity of current attempts while working for thousand of the cycle and charging in just 12 minutes which is expected to drive the lithium air batteries market.
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. The progress of advanced, higher energy lithium batteries is essential in the rapid business of the electric car market. In 2014, the hybrid solar cell battery was established by researchers, this conventional solar cell produced up to 20% of energy which is lost and charges a battery. Lithium air batteries offered higher energy density, less cost and avoided toxic by-products which could boost the growth of the lithium air batteries market.
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Europe dominated the global Lithium air batteries market. It accounted for more than 30% share of the entire market and further it is expected to witness significant growth in the near future. Lithium air batteries market is expected to be CAGR of 5.9% for the forecast period. In Asia Pacific, the average output growth rate of lithium air batteries market in China is high. The countries of emerging economies such as China and India are on the rise for the demand of lithium air batteries. 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 global lithium air batteries market is expected to expand their operations in rising regions.
Companies in the lithium air batteries market are targeting on innovation and offering their products at competitive prices. The researchers are also 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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