Lithium Sulfur Battery Market to Cross $5.6 Billion by 2030, at a CAGR of 30.1%
Research Reports
Jan 14, 2022
The global lithium sulfur battery market size was valued at $0.4 billion in 2020 and is projected to reach $5.6 billion by 2030, with a CAGR of 30.1% from 2021 to 2030. Rapidly growing automotive industry across the globe, increasing electric vehicle sales, and swiftly increasing demand for lithium sulfur battery in several application areas, such as aerospace, renewable energy resources, electronic devices, power & energy, and several end-use industries, are expected to create increased opportunities for the lithium sulfur battery market during the forecast period. In addition, advantageous properties possessed by lithium sulfur battery as compared with other battery types are expected to boost the growth of the lithium sulfur battery market during the forecast period.
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The presence of key issue in the production of lithium sulfur battery is the poly sulfide shuttle effect, which is responsible for leakage of active materials from the cathode results in low life cycle of the battery. In addition, manufacturers are also addressing various issues regarding large volume expansion of sulfur cathode from S to Li2S and large amount of electrolyte needed for the conversion. The above mentioned factors hamper the development of the lithium sulfur battery market.
Government plans to phase out fuel-based vehicles by 2050 and “zero carbon” targets set by governing bodies are also fostering the growth of EVs, which led to increase in demand for lithium sulfur battery. Rapid application of IoT in residential, large-scale commercial building, and smart cities has increased the demand for various sensor and electronic gadgets with specific functions. Increase in demand for all the above-mentioned products will provide ample opportunities for the the lithium sulfur battery market growth during the forecast period.
On the basis of type, the global lithium sulfur battery market is segmented into low energy density and high energy density. The power capacities introduced in the study include 0-500mAh, 501-1,000mAh, and more than 1,000mAh. In addition, end uses include aerospace, automotive, electronic device, power & energy, and others.
Region-wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA. Presently, North America accounts for the largest share of the market, followed by Europe and Asia-Pacific.
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The major companies profiled in this lithium sulfur battery industry report include Advanced Energy Materials, Ilika PLC, Johnson Matthey, LG Chem, Morrow Batteries, NOHMs Technologies, OXIS Energy, PolyPlus, Sion Power, and Williams Advanced. Due to rapidly increasing demand for energy in recent years, governments across the world have set sights on the development of renewable energy sources, which require high energy density storage batteries. Key manufacturers are innovating and expanding their production capacities to meet market demand across the globe. Additional growth strategies, such as new product developments, acquisition, and business expansion strategies, are also adopted to attain key developments in the lithium sulfur battery market trends.
Impact Of Covid-19 On The Global Lithium Sulfur Battery Market
Emergence of COVID-19 had a negative impact on the growth of the global lithium sulfur battery market during this period.
This impact is mostly attributed to significant disruptions in raw material transportation, presence of low-labor, and decline of demand for lithium sulfur battery in the industries due to shutdown.
Decrease in demand for many non-essential products and shutdown of electrical, automotive, and aerospace related industries have created a negative impact on the development of the market.
There is increasing demand for environment-friendly battery products and their ever growing applications in various fields such as EVs, electronic gadgets, and others. The increase in awareness among people regarding the advantages of these products will provide good opportunities for the market.
Thus, the abovementioned factors are expected to limit the global lithium sulfur battery market growth during this forecast period.
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