Northbrook, IL 60062 -- (SBWIRE) -- 09/21/2022 -- The metal-air battery market is projected to grow from USD 498 million in 2022 to USD 993 million by 2027, at a CAGR of 14.8% from 2022 to 2027. The increasing need for zinc-air batteries in electronic devices, especially in hearing aids, and the global shift towards green energy sources are key factors boosting the growth of this market.
By metal, the aluminum segment is projected to register the highest CAGR during the forecast period. Aluminum-air batteries have a high energy density, are lightweight and environmentally friendly, have good recyclability, and are low cost. Since aluminum is a lightweight metal and the cathode material, oxygen does not have to be stored in the battery. An aluminum-air battery is considerably lighter than a comparable lithium-ion battery.
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By type, the secondary segment is projected to register a higher CAGR than the primary segment during the forecast period. Secondary/ rechargeable batteries with a long lifespan are used in a diverse range of applications such as electric vehicles, energy storage systems, smart grids, and marine applications. With the advancement in technologies used in wearables, manufacturers are continuously making efforts to come up with innovative designs suitable for their devices. This, in turn, is increasing the need for bendable, flexible, and high-capacity rechargeable batteries such as metal-air batteries that can last long.
The metal-air battery market in Europe is expected to exhibit the highest CAGR during the forecast period. The region is expected to offer attractive growth opportunities for the market during the forecast period due to favorable government initiatives to develop metal-air battery technology and the need for clean, high-capacity, low-cost, green battery technologies for electric vehicles. The increased demand for efficient, high-performance, eco-friendly, and safe energy storage solutions is driving the development of metal-air battery technology in Europe.