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The lithium-sulfur battery market size is estimated to grow at a CAGR of 33.06% between 2022 and 2027. The market size is forecast to increase by USD 1,763.38 million. The growth of the market depends on several factors such as the harmful usage of lead batteries leading to higher adoption of Li-S batteries, the stringent government regulations on emissions, and the need to improve flying time in drones.
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The increasing deployment of microgrids is a key trend in the lithium-sulfur battery market. Microgrids are built around multiple sources of power, including solar, wind, geothermal, biomass, and fossil fuels. Microgrids can function autonomously or as a hybrid to supply power to a local community, military bases, or a university. The microgrid system, which normally is accompanied by energy storage systems to manage the intermittent nature of renewable energy sources, connects as a single point of load on the electrical grid.
The growth of the global microgrids market will drive the growth of the global Li-S battery market as microgrids essentially use Li-ion and lead-acid batteries and are capable of constant use in a partial-state-of-charge (PSoC) when the availability of solar power is limited. Thus, boosting the growth of the market in focus during the forecast period.
The high energy density segment is estimated to witness significant growth during the forecast period. A high energy density battery has a longer battery run time in relation to the battery size. Alternately, when compared to batteries with less energy density, a battery with higher energy density may be capable of producing the same amount of power while reducing its footprint.
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Enabling less expensive grid and utility energy storage applications, electric vehicles use high energy density batteries to provide a long driving range. Additionally, since high-energy-density lithium-sulfur batteries are most widely preferred used in EVs, the high-density-density segment of the market in focus is anticipated to grow during the forecast period.
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Europe is estimated to contribute 43% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. Another region offering significant growth opportunities to vendors is North America. The Li-S battery market in North America will grow significantly during the forecast period. It is because of the increased use of drones, electric vehicles, and hybrids as well as growing interest in generating energy from renewables that this will happen. The US contributes most of the revenue to the Li-S battery market in North America due to the high adoption of drones and EVs. The high adoption of drones and EVs necessitates the need for batteries that provide longer runtime. Hence, the adoption of Li-S batteries will increase in North America during the forecast period.
The lithium-sulfur battery market in North America witnessed a temporary decline in 2020 and early 2021 due to the outbreak of the COVID-19 pandemic. However, in 2021, the initiation of large-scale COVID-19 vaccination drives led to the resumption of function in the automotive and aviation industries in Q3 2021. This resulted in a rise in the demand for lithium-sulfur batteries in the region. Such factors are anticipated to drive the growth of the regional lithium-sulfur battery market during the forecast period.
The improvement in flying time in drones is driving the growth in the lithium-sulfur battery market. The global drone market has grown considerably over the past few years. This has been due to advances in hardware and software. Hence, several industries and consumers have taken the initiative to use drones for commercial or recreational purposes. Drones use various components such as sensors, GPS tracking devices, and high-definition (HD) cameras, which require continuous power for safe operation.
Moreover, with the extended flight time, drone users are investing in additional battery packs or advanced energy storage technologies, that allow them to swap exhausted batteries with fresh ones quickly. A Li-S battery can provide a prolonged runtime and is characterized by low charging times. They're being used in drones because of that. Therefore, the need to improve the flying time of drones will drive the growth of the global Li-S battery market during the forecast period.
The increasing competition from fuel cell solutions is a major challenge in the lithium-sulfur battery market. Using the power generated by electrochemical reactions, fuel cells are capable of producing electricity. They use hydrogen and oxygen to create energy. The electrochemical reaction in fuel cells oxidizes hydrogen, which reacts with oxygen to form water and release electrons. The electrons flow through an external circuit to produce power.
The use of drones has increased over the years. Advances in drones have lowered their price and made them additional accessible. However, most drones have a flight time of less than 40 minutes, which limits their scope of use. The running time can be extended up to an hour with fuel cells. The growth of the global fuel cell market is driven by the increasing use of fuel cells in automotive applications and energy storage, which is a challenge for the growth of the global Li-S battery market during the forecast period.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Lithium-Sulfur Battery Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Bettergy Corp. - The company offers lithium-sulfur batteries with flexible ion conductive membranes.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The lithium-sulfur battery market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
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Lithium-Sulfur Battery Market Scope |
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Report Coverage |
Details |
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Page number |
157 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 33.06% |
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Market growth 2023-2027 |
USD 1763.38 million |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
30.55 |
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Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
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Performing market contribution |
Europe at 43% |
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Key countries |
US, Canada, China, India, and Germany |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Bettergy Corp., CIC energiGUNE, Gelion Technologies Pty Ltd., Giner Inc., Guang Dong Fullriver Industry Co. Ltd., Ilika PLC, 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 |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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