Newark, Jan. 16, 2024 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global Lithium-Sulfur Battery market is expected to grow from USD 24.13 Million in 2022 to USD 932.34 Million by 2032, at a CAGR of 45.45% during the forecast period 2023-2032.
This significant growth is due to the high energy density and efficiency of batteries in automotive, aerospace and consumer electronics. The battery, based on lithium and sulfur (Li-S), can maintain 99% efficiency for over 200 charge and discharge cycles; if used for powering the smartphone, it can keep it running for five days. These factors are eventually driving the growth of the Lithium-Sulfur Battery market.
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Competitive Strategy
To enhance their market position in the global Lithium-Sulfur Battery market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
• In September 2020: LG Energy fitted the Li-S battery in the Unmanned Aerial Vehicle (UAV) based on high-altitude long-endurance (HALE) solar power, and the Korea Aerospace Research Institute built it. It showed a 13-hour successful test flight at the highest altitude in the stratosphere, subjected to -70 ˚C temperature and only 4% pressure of ground level. All these factors help the organization gain market share.
Market Growth & Trends
The lithium-sulfur battery (Li-S battery) is rechargeable and known for its high specific energy. These batteries use sulfur as cathode and lithium as anode, which leads to a high specific energy. Lithium-sulfur batteries are very suitable for applications that need high energy instead of power cell applications. Li-S technology has a huge potential market. Initially, as the technology is in the early stage, the initial deployment of the batteries for a few years will be in the niche market like drones, and satellites and in the defence sector for both heavy vehicles and personalized power. Its main factor in growing in these sectors is the benefit of its lightweight nature at present; its manufacturing cost is high, but as the technology matures, the economies of scale will decrease the price. It can also be used in the vehicle sector. Recent trends show the miniaturization of electronic components and more focus on sustainability, ultimately leading to the growth of lithium-sulfur batteries. Leading organizations are waiting for the growing use of this technology, which can redefine energy storage and management in many industries. This battery will significantly decrease the cost of batteries as sulfur is present in abundance and is an extremely inexpensive chemical element. These batteries utilize sulfur as a cathode in comparison to manganese, nickel and cobalt, which are generally found in Li-ion batteries. These other elements with Li-Ion batteries are rare and expensive, whereas sulfur is easily available anywhere on Earth. These lithium-sulfur batteries have double the energy density compared to Lithium-ion batteries, which means the former is more powerful and weighs less. These batteries provide high energy density and less cost than prior generations of lithium-ion batteries. It can be very beneficial for electric vehicles. For instance, a car with one of such batteries must be charged once a week. All these factors will eventually drive the Lithium-Sulfur Battery market in the forecasting market.
Key Findings
• In 2022, the high energy density segment dominated the market with the largest market share of 55.87% and market revenue of USD 13.48 Million.
The type segment is divided into low energy density and high energy density. In 2022, the high energy density segment dominated the market with the largest market share of 55.87% and market revenue of USD 13.48 Million. There is a surge in investment in solar and wind farms, increasing the need for lithium-sulfur batteries.
• In 2022, the aviation segment dominated the market with the largest market share of 54.23% and market revenue of USD 13.09 Million.
The application segment is divided into automotive, aviation and others. In 2022, the aviation segment dominated the market with the largest market share of 54.23% and market revenue of USD 13.09 Million. This market share is attributed to the growing possibility of electric aviation.
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Regional Segment Analysis of the Lithium-Sulfur Battery Market:
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
The North America region occurred as the largest market for the global Lithium-Sulfur Battery industry, with a market share of 35.21% and a market value of around USD 8.50 Million in 2022. It is attributed to the fact that the leading organizations are in this region and working on their R&D. For instance, NexTech Batteries Inc. and PolyPlus Battery Company are the leading players in the region. The Asia Pacific region has the fastest growth rate. It is attributed to countries such as China, South Korea, and Japan, the top supporters and key contributors to the market's growth.
Key players operating in the global Lithium-Sulfur Battery market are:
• PolyPlus Battery Company
• LG Energy
• Zeta Energy LLC
• Li-S Energy Limited
• Lyten, Inc.
• NexTech Batteries Inc
• Giner Inc
• Theion Gmbh
• Gelion Gmbh
• Graphene battries AS
• Rechargion Energy Private Limited
This study forecasts revenue at global, regional, and country levels from 2019 to 2032. The Brainy Insights has segmented the global Lithium-Sulfur Battery market based on below mentioned segments:
Global Lithium-Sulfur Battery Market by Type:
• Low Energy Density
• High Energy Density
Global Lithium-Sulfur Battery Market by Application:
• Automotive
• Aviation
• Others
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About the report:
The global Lithium-Sulfur Battery market is analysed based on value (USD Million). All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
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