CHICAGO, May 28, 2024 /PRNewswire/ -- The global Zinc battery market is projected to reach USD 2.0 billion by 2029 from USD 1.0 billion in 2024; it is expected to grow at a CAGR of 13.6% according to a new report by MarketsandMarkets. Key factors propelling the market growth include benefits over other battery technologies, abundance of zinc metal, and increasing investments globally in grid infrastructure.
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Zinc Battery Market Report Scope:
Report Coverage | Details |
Market Revenue in 2024 | $ 1.0 billion |
Estimated Value by 2029 | $ 2.0 billion |
Growth Rate | Poised to grow at a CAGR of 13.6% |
Market Size Available for | 2020-2029 |
Forecast Period | 2024-2029 |
Forecast Units | Value (USD Million/Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | By Battery Type, Rechargeability, Application and Region |
Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
Key Market Challenge | Presence of alternative battery technologies |
Key Market Opportunities | Increasing reliance on data centers |
Key Market Drivers | Benefits over other battery chemistries |
Secondary battery segment to hold a larger market share during the forecast period.
During the forecast period, the secondary battery segment is expected to hold the larger market share. Secondary Zinc battery offers a high energy density and reliability for grid energy storage. These batteries can be discharged and recharged multiple times by reversing the chemical reactions that occur during discharge. It is also called a rechargeable battery. Zinc-ion battery, zinc-bromine battery, and nickel zinc battery are basically secondary batteries.
Zinc-bromine battery segment to grow at higher CAGR between 2024 and 2029.
Zinc-bromine battery is a type of rechargeable battery that uses zinc and bromine ions in its electrochemical reactions to store and release energy. In this battery, zinc is typically used as the anode and bromine as the cathode. It has an aqueous solution of zinc bromide that circulates between the anode and cathode compartments. It has a microporous membrane separates the two electrolyte compartments, allowing zinc ions to flow between them while preventing the bromine and zinc metal from mixing directly.
The medical segment is estimated to hold a larger market share from 2024 to 2029.
Zinc-air batteries are the most common type used in hearing aids due to their small size and lightweight nature, making them ideal for powering compact and discreet hearing devices. These batteries are available in various sizes to accommodate different styles and models of hearing aids, ensuring compatibility across a wide range of devices. Zinc-air batteries offer excellent energy density, allowing them to deliver consistent and reliable power to hearing aids for extended periods. This is particularly important for individuals who rely on their hearing aids throughout the day, as they can trust that their devices will remain operational without frequent battery changes. The stable voltage output of zinc-air batteries also ensures consistent sound quality and amplification, enhancing the overall listening experience for users.
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Asia Pacific region is likely to be the fastest-growing region in the global zinc battery market during the forecast period.
The Asia Pacific region is experiencing the fastest CAGR in the zinc batteries industry due to its rapid urbanization, industrialization, and increasing energy demand. Governments in this region are investing heavily in renewable energy projects and energy storage solutions to support sustainable development and reduce reliance on fossil fuels. Additionally, the presence of major battery manufacturers and ongoing advancements in zinc battery technologies are driving market growth, making Asia Pacific a key player in the global zinc batteries market. Furthermore, large zinc production in China, as well as large use in automotive & transportation industry, rapid technological developments in Japan, and cutting-edge research going on in the region are the drivers of the zinc battery market in the region.
Key players in the Zinc battery companies include Eastman Kodak Company (US), Panasonic Energy Co., Ltd. (Japan), Duracell Inc. (US), and Energizer Holdings, Inc. (US).
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