Zinc-ion Battery Market

Market Growth Forecast

1. Global zinc-ion battery market size to take a leap from US$9.5 Bn recorded in 2022, to around US$12.67 Bn projected by the end of 2030
2. Market valuation of zinc-ion batteries to witness expansion at a moderate CAGR of 4.2% over 2023 - 2030

Quick Report Digest

1. The key trend anticipated to drive the zinc-ion battery market growth is an increasing demand for safety features. Furthermore, consumers have more confidence in batteries with enhanced safety measures. As a result, zinc-ion batteries may be utilised more frequently in a number of applications, including electric vehicles and consumer gadgets.
2. Another major market trend expected to drive the zinc-ion battery market growth is the rapidly expanding cost reduction. Zinc-ion batteries would have been more commercially feasible and competitive with other battery technologies as a result of a strong trend towards lower production costs.
3. Technology for zinc-ion batteries has difficulties with regard to the development of new materials, improving performance, and expanding production. It will take a lot of research and development to get over these technological barriers, which might hinder market expansion.
4. In 2022, the rechargeable batteries category dominated the industry. Due to their potential for high energy density and long cycle life, zinc-ion batteries may be used in remote sensing devices, IoT (Internet of Things) sensors, and other low-power, long-lasting applications.
5. In 2022, the medical devices category dominated the industry. Rechargeable batteries are able to deliver voltage levels that are more dependable and consistent, which can result in superior hearing aid performance.
6. Within the anticipated time span, zinc-nickel batteries are anticipated to increase at the quickest rate. Many satellites and spacecraft employ zinc-nickel batteries to store and provide energy. Their long cycle life and dependability are vital in the aircraft industry.
7. The zinc-ion battery industry is predicted to develop at the quickest rate in Asia Pacific. In Asia Pacific's off-grid and isolated places, zinc-ion batteries can offer dependable and affordable energy access.
8. During the projected period, North America is anticipated to lead the zinc-ion battery market. In enormous numbers, batteries and sustainable energy technology are produced across North America. The industry will develop as a result of this infrastructure making it simpler to create and use zinc-ion batteries in a number of applications.

A Look Back and a Look Forward - Comparative Analysis

R&D is crucial for developing advanced zinc-ion battery technologies. In order to compete with current battery technologies like lithium-ion, researchers are working to improve the performance, energy density, cycle life, and safety features of zinc-ion batteries. Developing scalable manufacturing methods and technologies is a component of R&D. The ability to meet expanding demand for zinc-ion batteries across a range of industries and scale up manufacturing depends on this.

The market witnessed staggered growth during the historical period 2018 - 2022. This is due to comparing zinc-ion batteries to various other battery technologies, especially lithium-ion batteries. Zinc-ion batteries were thought to be more environmentally benign. Consumers and businesses who care about the environment were drawn to this notion of lower environmental impact, which included decreased mining of rare materials and greater recyclability.

However, Zinc-ion batteries are being utilised more frequently to store extra energy produced by renewable sources, which not only lessens dependency on fossil fuels but also aids in grid stabilisation.

Zinc-ion energy storage devices offer essential backup power during grid interruptions and emergencies. For applications like hospitals, data centers, and telecommunications infrastructure, this is crucial in the coming years. Additionally, Zinc-ion battery systems are among the residential energy storage options that enable people to store extra solar energy produced during the day to utilise at night.

Furthermore, Zinc-ion battery-based large-scale energy storage projects help utility companies optimise their energy production and distribution, cut waste, and boost grid efficiency during the next five years.

Key Growth Determinants

• Increasing Demand for Energy Storage

The effective use of intermittent renewable energy sources like wind and solar requires energy storage. A constant and dependable energy source is made possible by the ability of zinc-ion batteries to store surplus energy produced during times of high output and release it during times of low production.

Grid stabilisation can be achieved through energy storage utilising zinc-ion batteries by controlling voltage and frequency. This is crucial given the increased use of renewable energy sources with variable output in grids.

Load shifting is made possible by energy storage systems that use zinc-ion batteries. This allows users to use electricity when costs are lower, which can save them a lot of money. Because they offer specialised energy storage and backup power, zinc-ion batteries are well-suited for microgrid applications. This is advantageous in off-the-grid or remote locations as well as during grid failures.

• Rising Demand for High Energy Density

Zinc-ion batteries' high energy density enables them to store more energy in a smaller volume. This is especially important for electric cars because they can travel farther on a single charge due to better energy density. Zinc-ion batteries are becoming a popular option as consumers and automakers look for EVs with longer ranges.

Zinc-ion batteries' power-to-weight ratio is also enhanced by high energy density. This is advantageous because it enables longer flight periods and increased device usage between charges for applications where weight is a key consideration, such as wearables, drones, and aircraft.

Zinc-ion batteries with high energy density are chosen in applications where space is limited, such as consumer electronics and portable gadgets, because they can offer more power in smaller and lighter packaging. Device designs become more streamlined and manageable as a result.

• Increasing Demand for Safety and Stability

Consumer electronics and electric vehicles (EVs) must be stable and safe. When consumers believe Zinc-ion batteries are safe, their concerns about overheating, fires, or explosions that have been connected to some other battery chemistries decrease.

The adoption of electric vehicles and battery safety are strongly related. Governments and consumers both place a high priority on EV safety, making zinc-ion batteries a desirable option for automakers looking to assure customers about the security of their vehicles.

Major Growth Barriers

• Limited Energy Density

High-energy-density batteries are necessary for electric vehicles (EVs) to offer longer driving distances on a single charge. Zinc-ion batteries' low energy density may limit their use in the EV market because consumers frequently place a premium on long driving distances.

Compared to batteries with higher energy densities, zinc-ion batteries require more space to store the same amount of energy. This may be a drawback in situations where space is limited, such as portable electronics or small energy storage systems.

• Charging Speed

Fast charging has emerged as a major selling point in the consumer electronics industry. Suppose consumers find that smartphones, laptops, and other portable devices powered by zinc-ion batteries charge their batteries more slowly than devices powered by lithium-ion. The widespread use of electric vehicles depends on fast charging.

Because consumers frequently expect quick refueling like in the case of conventional cars, the lengthier charging durations connected with zinc-ion batteries may limit their acceptability in the EV market.

Key Trends and Opportunities to Look at

1. Growing Material Advancements

The energy density of zinc-ion batteries can be considerably increased through improvements in materials, especially cathodes and anodes. As a result, they can store more energy in a storm of the same size, increasing their ability to compete with other high-energy-density battery technologies like lithium-ion.

Longer cycle lives can be achieved by research into novel materials that improve the stability and toughness of zinc-ion batteries. For a variety of uses, such as electric vehicles and energy storage systems, batteries that can withstand more charge and discharge cycles are appealing.

2. Increasing Preference for Sustainable and Green Batteries

Strong demand exists for green energy storage options as a result of rising environmental consciousness and the need to lessen carbon footprints. These problems are shared by zinc-ion batteries, which have a smaller environmental impact than some other battery chemistries.

Zinc and water-based electrolytes, which are both plentiful and non-toxic, are used in zinc-ion batteries. This lessens the risks to the environment connected with the extraction and disposal of materials, making them a more environmentally friendly option.

3. Growing Demand for Electric Vehicles (EVs)

Energy density is a goal of ongoing research and development in zinc-ion technology. A critical factor in the acceptance of EVs is greater driving ranges, which are made possible by higher energy density. Zinc-ion batteries might provide competitive content, solving the range anxiety frequently connected with EVs.

As part of efforts to reduce greenhouse gas emissions and battle air pollution, governments in many nations are providing incentives, subsidies, and restrictions to encourage the adoption of electric vehicles. This support may increase interest in zinc-ion batteries for electric cars.

How Does the Regulatory Scenario Shape this Industry?

Over the last three years, the use of zinc-ion batteries has been significantly influenced by regulatory authorities concerned with environmental protection. To reduce the negative ecological effects of storms, these organisations frequently establish regulations and standards for their proper disposal and recycling. The design and production of zinc-ion batteries may be impacted by compliance with these rules.

Organisations that develop and maintain standards for energy storage devices, including batteries, include the International Electrotechnical Commission (IEC) and the International Organisation for Standardisation (ISO). The commercial adoption of zinc-ion batteries may be impacted by compliance with certain criteria. Transport and safety laws are essential in the context of electric vehicles (EVs) that employ zinc-ion batteries.

Regulations for the transportation of batteries are issued by organisations like the United States Department of Transportation (DOT) and the United Nations Economic Commission for Europe (UNECE). The design and application of zinc-ion batteries in electric vehicles are also influenced by battery safety regulations, such as those created by the National Fire Protection Association (NFPA).

Fairfield’s Ranking Board

Top Segments

1. Rechargeable Batteries Dominant over Non-rechargeable Counterparts

The rechargeable batteries segment dominated the market in 2022. Zinc-ion batteries might be used in a range of consumer gadgets, including smartphones, laptops, and tablets, providing a more affordable and secure substitute for lithium-ion batteries.

Zinc-ion batteries have the potential to provide EV makers with a more affordable option while keeping good energy density and safety. Therefore, if properly developed, they could have an impact on the market for electric vehicles.

Furthermore, the non-rechargeable batteries category is projected to experience the fastest market growth. Alkaline and zinc-carbon batteries are frequently used in everyday items like remote controls, flashlights, portable radios, and other electrical devices. They have a lengthy shelf life and offer a consistent supply of energy.

Zinc-carbon or alkaline batteries are frequently used to power children's toys, video games, and remote-controlled gadgets because of their reliable voltage output and simplicity of use.

2. Medical Devices Lead

The medical devices segment dominated the market in 2022. Due to rechargeable zinc-ion batteries being created for medical devices, users would no longer need to replace disposable batteries. For those who wear medical devices and may find it difficult to handle small batteries, this convenience can be especially helpful.

Users of medical devices may eventually save money by switching to rechargeable batteries over frequently buying disposable ones. The military devices category is anticipated to grow substantially throughout the projected period.

Military forces, including communication equipment, GPS systems, and night vision equipment, use a variety of portable electronics. If zinc-ion batteries have a high energy density and long lifespan, they might be utilised to power these devices, lowering the frequency of battery changes in the field.

3. Zinc-air Battery Sales Maximum

The zinc-air Battery segment dominated the market in 2022. Because of its dependability and energy density, zinc-air batteries are used in some medical devices, including insulin pumps, blood glucose monitors, and infusion pumps. A reliable voltage output is essential for these devices to operate correctly.

Zinc-air batteries power wristwatches’ and wall clocks' timekeeping mechanisms. They are suited for various applications because of their compact form factor and lengthy shelf-life.

The zinc-nickel battery category is expected to experience the fastest growth within the forecast time frame.

Zinc-nickel batteries are used in the telecommunications sector to power backup systems for important infrastructure like data centers and cell towers. They guarantee ongoing communication services while supplying dependable power during blackouts.

Regional Frontrunners

North America Tops with over 42% Market Share

North America is expected to dominate the zinc-ion battery market during the forecast period. Many organisations, universities, and businesses in North America are engaged in battery research and development. To increase energy density, cycle life, and charging efficiency, these organisations are driving advancements in zinc-ion battery technology.

Batteries and clean energy technology are manufactured in large quantities throughout North America. This infrastructure can make it easier to produce and use zinc-ion batteries in a variety of applications, which will help the industry grow.

The market for electric vehicles is expanding in the US, and consumers are becoming more interested in switching to them for both financial and environmental reasons. Due to their potential for increased range and affordability, zinc-ion batteries may play a significant role in the adoption of EVs.

Asia Pacific Gains from the Flourishing Renewables Sector

Asia Pacific is expected to be the fastest-growing zinc-ion battery market region. Many countries in the Asia Pacific are increasing their capacity for renewable energy sources, including solar and wind power. In order to effectively utilise this intermittent energy and support grid stability and energy access, zinc-ion batteries can play a significant role in energy storage.

India is rapidly growing its capacity for renewable energy, especially in the solar and wind sectors. Zinc-ion batteries provide an effective and affordable way to store extra energy produced from these sporadic sources, allowing the integration of renewable energy sources and enhancing grid stability.

 Fairfield’s Competitive Landscape Analysis

The consolidated global market for zinc-ion batteries has a smaller number of well-known players operating. The key manufacturers are introducing new products and enhancing their distribution networks in order to expand globally. Moreover, Fairfield Market Research is expecting the market to witness more consolidation over the coming years.

Who are the Leaders in the Global Zinc-ion Battery Space?

• ZincFive, Inc.
• FDK CORPORATION
• Eastman Kodak Company
• ZPower
• ZeniPower (Zhuhai Zhi Li) Battery Co., Ltd.
• Primus Power
• Shenzhen BetterPower Battery Co., Ltd.
• Eos Energy Storage
• Linyi Huatai Battery Co., Ltd.
• Nippo Batteries
• GPB International Limited
• Shenzhen Tcbest Battery Industry Co., Ltd
• Energizer Holdings, Inc.
• Panasonic Corporation
• Zhejiang Yonggao Battery Co., Ltd.

Significant Company Developments

New Product Launches

• January 2021: Manufacturer The Tunderzee has launched a new, revolutionary zinc-air battery that when compared to lithium-ion batteries, is less expensive, lighter, safer, and more efficient.
• December 2021: As an alternative to lithium-ion batteries, Zinc8 Energy Solutions created zinc-air batteries, which have a 20,000-hour operational life and more than eight hours of storage.
• February 2020: ZPower, the only manufacturer of rechargeable zinc-silver micro-batteries in the world, disclosed a partnership with American Equus. ZPower batteries were chosen by American Equus, a company renowned for its everyday equestrian product innovation, for a new line of smart devices.

Distribution Agreements

• January 2022: An energy storage system made of patented zinc and air will be installed by Fresh Meadows LLC in Queens, New York, according to a deployment agreement signed by Zinc8 Energy Solutions and Digital Energy Corporation (US).
• April 2021: In the context of an energy storage project that will use Phinergy's zinc-air technology solutions, the company Phinergy and the green energy firm Doral signed a letter of agreement. According to the MoU, Phinergy will be in charge of equipment installation, operation, maintenance, training, replacement, integration with the energy facility in Doral, and training for zinc-air technology.

An Expert’s Eye

Demand and Future Growth

As per Fairfield’s Analysis, rising demand for energy storage solutions in grid stability, renewable energy systems, and electric vehicles (EVs). For many purposes, zinc-ion batteries present a practical alternative.

Furthermore, Zinc-ion batteries are renowned for being inexpensive. They are appealing for a variety of applications because their materials are readily available and reasonably priced.

However, the Zinc-ion Battery market is expected to face considerable challenges because of limited energy density.

Supply Side of the Market

To satisfy the demand from diverse sectors and applications, raw material manufacturers are responsible for providing material responsible for creating batteries in a variety of shapes, including pouch cells, cylindrical cells, and prismatic cells.

Zinc, manganese, and electrolyte component providers are part of the supply chain for zinc-ion batteries. These materials, which are essential for making batteries, are supplied internationally. Electrodes, separators, current collectors, and electrolytes are some of the components found in zinc-ion batteries.

The supply chain is extremely dependent on the suppliers of these components. It is crucially reliant on businesses that assemble battery cells. It comprises putting together individual battery cells into battery packs or modules, which are then used in a variety of applications, such as energy storage systems and electric vehicles.

Global Zinc-ion Battery Market is Segmented as Below:

By Type:

• Rechargeable Batteries
• Non-rechargeable batteries

By Applications:

• Medical Devices
• Defense
• Safety Lamps
• Others

By Product Type:

• Zinc-mn Battery
• Zinc-Chloride Battery
• Zinc-Carbon Battery
• Zinc-Silver Battery
• Zinc-Nickel Battery
• Zinc-Air Battery

By Geographic Coverage:

• North America 
  • U.S. 
  • Canada 
• Europe 
  • Germany
  • U.K.
  • France
  • Italy
  • Turkey
  • Russia
  • Rest of Europe 
• Asia Pacific 
  • China
  • Japan
  • South Korea
  • India
  • Southeast Asia
  • Rest of Asia Pacific 
• Latin America 
  • Brazil 
  • Mexico 
  • Argentina
  • Rest of Latin America 
• Middle East & Africa  
  • GCC 
  • South Africa
  • Egypt
  • Nigeria
  • Rest of Middle East & Africa