At A CAGR Of 30.1%, The Lithium Sulfur Battery Market Size Expected To Reach $5.6 Billion By 2030

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Lithium Sulfur Battery market Insight

Lithium Sulfur Battery Market to Surge at a Robust Pace in Terms of Revenue Over 2030

PORTLAND, OREGON, UNITED STATES, October 20, 2023 /EINPresswire / -- 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.

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.

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There are increasing future applications of lithium sulfur battery in planetary landers, planetary rovers, planetary orbiters, and other satellite equipment. The rapid innovation and development of aerospace technologies led to an increase in space-based activities, which boosted the need for highly efficient power sources to drive the equipment. The presence of top aerospace manufacturing companies, such as SpaceX, Boeing, and Airbus, with rapid innovations in the aerospace sector has increased the demand for high energy density storage batteries. In addition, the gradual depletion of resources on the planet and increasing population led to a search for suitable habitation places on other celestial bodies, which is also one of the driving factors for the growth of the lithium sulfur battery market. In 2021, Sion Power partnered with Airbus Defense and Space to test its lithium sulfur battery technology. It also has applications in Bluetooth devices, such as headphones, and is also a rechargeable battery for digital cameras, torches, shavers, and other devices. These above-mentioned electronic devices are used in the daily life of every individual, thereby increasing the demand for lithium sulfur battery. These are the major driving factors for the growth of the market.

The presence of a key issue in the production of lithium sulfur battery is the poly sulfide shuttle effect, which is responsible for the leakage of active materials from the cathode resulting in a low life cycle of the battery. In addition, manufacturers are also addressing various issues regarding the large volume expansion of sulfur cathode from S to Li2S and the large amount of electrolyte needed for the conversion. The above mentioned factors hamper the development of the lithium sulfur battery market.

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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 an 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 growth of the lithium sulfur battery market 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.

Competitive Analysis:

The Lithium Sulfur Battery industry's key market players adopt various strategies such as product launch, product development, collaboration, partnership, and agreements to influence the market. It includes details about the key players in the market's strengths, product portfolio, market size and share analysis, operational results, and market positioning.

Some of the major key players in the global Lithium Sulfur Battery Market include,

Sion Power
Morrow Batteries
Johnson Matthey
OXIS Energy
Williams Advanced
Advanced Energy Materials
NOHMs Technologies
LG Chem
PolyPlus Battery
Ilika PLC

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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Key findings of the study:

- Region-wise, North America is projected to witness growth at the highest CAGR in terms of revenue during the forecast period.
- As per the lithium sulfur battery market analysis, by type, the high energy density segment accounted for the largest share in 2020.
- On the basis of battery capacity, the 0-500mAh segment was the major share contributor in 2020.
- Depending on end use, the automotive segment accounted for the largest market share in 2020.

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