NEW
YORK, July 4, 2024 /PRNewswire/ -- The
global lithium-sulfur battery market size is estimated to
grow by USD 3.92 billion from
2024-2028, according to Technavio. The market is estimated to grow
at a CAGR of 44.97% during the forecast period. Harmful
usage of lead batteries leads to higher adoption of li-s
batteries is driving market growth, with a trend
towards use of nanotechnology in batteries.
However, increasing competition from fuel cell solutions
poses a challenge. Key market players include Bettergy Corp.,
CIC energiGUNE, Gelion Technologies Pty Ltd., Giner Inc., Guang
Dong Fullriver Industry Co. Ltd., Ilika, Iolitec Ionic Liquids
Technologies GmbH, LG Chem Ltd., Li-S Energy Ltd., Lyten Inc.,
Merck KGaA, NexTech Batteries, Poly Plus Battery Co., Rechargion
Energy Pvt. Ltd., Shenzhen Uscender Industrial Co. Ltd., Sion Power
Corp., Solid State PLC, TRU Group Inc., VTC Power Co. Ltd., and
Zeta Energy LLC.
Get a detailed analysis on regions, market segments, customer
landscape, and companies- View the snapshot of this
report
Lithium-Sulfur
Battery Market Scope
|
Report
Coverage
|
Details
|
Base year
|
2023
|
Historic
period
|
2018 - 2022
|
Forecast
period
|
2024-2028
|
Growth momentum &
CAGR
|
Accelerate at a CAGR of
44.97%
|
Market growth
2024-2028
|
USD 3921.9
million
|
Market
structure
|
Fragmented
|
YoY growth 2022-2023
(%)
|
34.37
|
Regional
analysis
|
North America, Europe,
APAC, South America, and Middle East and Africa
|
Performing market
contribution
|
Europe at
50%
|
Key
countries
|
US, Germany, Canada,
China, and India
|
Key companies
profiled
|
Bettergy Corp., CIC
energiGUNE, Gelion Technologies Pty Ltd., Giner Inc., Guang Dong
Fullriver Industry Co. Ltd., Ilika, Iolitec Ionic Liquids
Technologies GmbH, LG Chem Ltd., Li-S Energy Ltd., Lyten Inc.,
Merck KGaA, NexTech Batteries, Poly Plus Battery Co., Rechargion
Energy Pvt. Ltd., Shenzhen Uscender Industrial Co. Ltd., Sion Power
Corp., Solid State PLC, TRU Group Inc., VTC Power Co. Ltd., and
Zeta Energy LLC
|
Market Driver
The global nanotechnology-enabled Lithium-Sulfur battery market
is poised for growth due to the increasing adoption of electric
vehicles (EVs), plug-in hybrid EVs, and hybrid EVs, as well as the
focus on renewable energy sources. Since 2015, vendors have been
developing nanostructured electrodes and electrolytes in Li-S
batteries to enhance energy efficiency. These
nanotechnology-enabled batteries are expected to offer energy
densities three times higher than traditional Lithium-ion
batteries. Notable innovations include the use of a silicon-carbon
composite anode and a nanostructured lithium sulfide-carbon
composite cathode. Ongoing projects, such as the Lithium-Sulfur
Super battery Exploiting Nanotechnology (LISSEN) study, are further
driving market growth during the forecast period.
Lithium-sulfur batteries are gaining attention as the next big
thing in clean energy solutions due to their energy-dense
characteristics. This battery technology uses elemental sulfur as
the cathode and lithium as the anode. However, challenges such as
electrolyte stability, electrode architecture, and the polysulfide
shuttle effect need to be addressed. Fossil fuels may soon face
competition from these lightweight cells, which can power electric
vehicles and portable electronics. Manufacturing challenges include
lithium dendrite formation, material interactions, and production
techniques. Lithium-ion manufacturing facilities are exploring
solid-state lithium-sulfur batteries with solid electrolyte systems
to overcome these issues. The power sector and large-scale energy
storage are also potential markets for this technology due to its
low-cost characteristics. Safety measures are crucial to ensure the
safe production and use of these batteries. The EV market and EV
technology stand to benefit significantly from this advancement.
Aerospace, including satellites, is another sector that can benefit
from the high power output of lithium-sulfur batteries. The anode
and cathode in these batteries are crucial components, and
improving their conductivity and volume expansion properties can
lead to better battery performance. In summary, lithium-sulfur
batteries are a promising clean energy solution for various
industries, including electric vehicles, portable electronics, and
the power sector. Addressing manufacturing challenges and ensuring
safety measures are essential to bring this technology to the
market. The potential benefits of this technology are significant,
from reducing reliance on fossil fuels to powering the next
generation of electric cars and aerospace technology.
Research report provides comprehensive data on impact of trend.
For more details- Download a Sample Report
Market Challenges
- Fuel cells and Lithium-Sulfur batteries are two distinct
technologies used to generate electricity. Fuel cells produce power
through electrochemical reactions between hydrogen and oxygen,
resulting in water and released electrons. These electrons flow
through an external circuit to generate power. Fuel cells have a
standard design with two electrodes separated by an electrolyte,
enabling charged particles to move. Drones have gained popularity
but face a limitation of short flight times. To overcome this
challenge, manufacturers are exploring fuel cells as an alternative
power source. Hydrogen, as a fuel for fuel cells, offers a higher
energy density and longer runtime compared to Lithium-Sulfur
batteries. Fuel cells can be refilled in minutes, while batteries
take an hour to recharge. The global fuel cell market is growing
due to its application in automotive and energy storage sectors,
posing a hurdle for the expansion of the Lithium-Sulfur battery
market during the forecast period.
- The Lithium-Sulfur (Li-S) battery market is gaining attention
due to its potential to offer high energy density, making it
suitable for power cell applications in various industries.
However, challenges persist, such as the melting of the sulfur
electrode at high temperatures. A German battery startup, Theron,
is working on interlayers to address this issue. Li-S batteries
have advantages over prior generations, including lower
environmental impact and compatibility with renewable energy
sources. They are being explored for use in drones, defence sector,
personalized power, aviation, and outer space vehicles. The
challenges of Li-S batteries include their low energy density and
the need for solid-state batteries for commercialization. The
defence sector, drone technology companies like DroneShield, and
the aviation industry are exploring Li-S batteries for their
applications. The coronavirus pandemic has accelerated the need for
clean electricity and energy storage solutions, making Li-S
batteries a promising option for powering portable electronic
devices and charging stations. Li-S batteries use lithium ions and
sulfur to store energy, with electrons flowing between the cathode
(sulfur) and anode (lithium ions) during charging and discharging.
Despite the challenges, the advantages of Li-S batteries make them
a promising alternative to primary batteries and conventional fuels
for various applications, including aircraft-installed equipment
and renewable energy installations.
For more insights on driver and
challenges - Request a sample report!
Segment Overview
This lithium-sulfur battery market report extensively covers
market segmentation by
- Type
- 1.1 High energy density
- 1.2 Low energy density
- End-user
- 2.1 Aviation
- 2.2 Automotive
- 2.3 Others
- Geography
- 3.1 North America
- 3.2 Europe
- 3.3 APAC
- 3.4 South America
- 3.5 Middle East and
Africa
1.1 High energy density- Lithium-sulfur batteries
(LSBs) are high-energy-density batteries that offer longer battery
run time or a smaller footprint with the same energy output
compared to batteries with lower energy density. This property
makes them popular in electric vehicles (EVs), which require long
driving ranges. LSBs have gained attention due to sulfur's abundant
availability, low cost, environmental friendliness, high specific
capacity, and energy density. The European Commission estimates
that LSBs will be used in EVs during the forecast period, making
the high-energy-density segment of the LSB market a focus for
growth.
For more information on market segmentation with geographical
analysis including forecast (2024-2028) and historic data
(2017-2021) - Download a Sample Report
Research Analysis
Lithium-sulfur batteries represent a promising advancement in
clean energy solutions, offering higher energy density compared to
traditional lithium-ion batteries. This next-generation battery
chemistry utilizes lithium as an anode and sulfur as a cathode.
However, challenges remain, including electrolyte stability,
electrode architecture, and the polysulfide shuttle effect. These
issues can lead to lithium dendrite formation and degradation of
battery performance. Despite these hurdles, lithium-sulfur
batteries hold significant potential for various applications,
including aerospace, consumer electronics, electric cars,
large-scale storage, and renewable energy installations. They can
power satellites, high-altitude aircraft, outer space vehicles,
unmanned aerial vehicles, and even primary batteries for specific
use cases. The high energy density and potential for long cycle
life make lithium-sulfur batteries an intriguing alternative to
lithium-ion batteries for various sectors, contributing to the
ongoing advancement of battery technology.
Market Research Overview
Lithium-sulfur batteries are a promising clean energy solution
for the future, offering high energy density and low-cost
characteristics. These batteries utilize lithium as an anode and
elemental sulfur as a cathode, separated by an electrolyte.
However, challenges such as electrolyte stability, electrode
architecture, and the polysulfide shuttle effect can hinder their
widespread adoption. Fossil fuels continue to dominate the energy
sector, but lithium-sulfur batteries have the potential to
revolutionize large-scale energy storage for electric vehicles
(EVs), portable electronics, and even aerospace. Manufacturing
challenges include managing material interactions, production
techniques, and ensuring safety measures. Solid-state
lithium-sulfur batteries, which use a solid electrolyte system
instead of liquid electrolytes, are being explored to mitigate some
of these challenges. Lithium-sulfur batteries have advantages over
lithium-ion batteries, such as lightweight cells and energy-dense
batteries, but they still face manufacturing process hurdles. The
EV market and EV technology continue to grow, and lithium-sulfur
batteries could play a significant role in powering electric cars
and transport. The aerospace sector, including satellites, unmanned
aerial vehicles, and defense applications, could also benefit from
the advantages of lithium-sulfur batteries. The energy storage
market, including renewable energy installations, portable
electronic devices, and personalized power, is expected to grow
significantly, and lithium-sulfur batteries could be a key player.
However, lithium-sulfur batteries face challenges such as lithium
dendrite formation, volume expansion, and conductivity. Prior
generations of these batteries had low energy density, but recent
advancements have led to high energy density batteries. The
manufacturing process for lithium-sulfur batteries requires careful
management of plants and production energy, and melting processes
are being explored to improve efficiency. The environmental impact
of battery manufacturing is a concern, with manganese, nickel, and
cobalt being major components of lithium-ion batteries.
Lithium-sulfur batteries could offer a more sustainable
alternative, as they do not require these minerals in the same
quantities. The Theron, a German battery startup, is working on
power cell applications for lithium-sulfur batteries, and other
companies are exploring the potential of these batteries for
various applications, from EVs to aerospace and consumer
electronics. In conclusion, lithium-sulfur batteries offer
significant potential for clean energy solutions, particularly in
the areas of EVs, aerospace, and large-scale energy storage.
However, challenges such as electrolyte stability, electrode
architecture, and manufacturing processes must be addressed to
realize their full potential. The advantages of these batteries,
including high energy density, lightweight cells, and reduced
reliance on minerals like manganese, nickel, and cobalt, make them
an exciting area of research and development.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Type
-
- High Energy Density
- Low Energy Density
- End-user
-
- Aviation
- Automotive
- Others
- Geography
-
- North America
- Europe
- APAC
- South America
- Middle East And Africa
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio's report library
consists of more than 17,000 reports and counting, covering 800
technologies, spanning across 50 countries. Their client base
consists of enterprises of all sizes, including more than 100
Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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SOURCE Technavio