The Global Lithium-Sulfur Battery Market is expecting around 72% CAGR during 2021-26. Among all rechargeable energy storage systems, lithium-sulfur batteries are gaining immense popularity, mainly due to their high gravimetric energy density. In addition, they also offer other benefits, such as being lightweight, economical, as well as environmentally friendly, owing to the extensive availability of sulfur worldwide.
The increasing demand for high energy storage systems in the aviation and automotive industry, coupled with the rising adoption of renewable energy sources globally, are the prime aspects expected to drive the Global Lithium Sulfur Battery Market during 2021-26.
However, their complex mechanism and higher prices than lithium-ion batteries might restrain the market growth in the coming years. Nevertheless, rapid innovations going on in lithium-sulfur batteries to make them cost-effective are expected to provide lucrative growth opportunities for the market in the coming years, further states the research report, “Global Lithium Sulfur Battery Market Analysis, 2021.”
Aviation Sector to Dominate the Global Lithium Sulfur Battery Market during 2021-26
Based on the Application, the market bifurcates into Aviation, Automotive, Electronics, Power Sector, and Manufacturing. Among these segments, the Aviation sector shall dominate the Global Lithium Sulfur Battery Market through 2026. It is due to the excellent properties of lithium-sulfur batteries, such as high energy storage capacity and lightweight, that can make them ideal for efficient electric mobility like in unmanned aircraft, drones, etc. Moreover, concepts like new UAVs, air taxis, and other short-range aircraft shall further fuel the demand for lithium-sulfur batteries as a continuous power backup.
On the other hand, the demand for lithium-sulfur batteries shall also increase astronomically in the automotive industry due to the rising focus of governments worldwide on promoting the usage of electric vehicles instead of fuel-based cars to reduce carbon emissions.
With Rising Prevalence of Electric Vehicles in the US & Canada, North America to Hold the Largest Market Share through 2026
Geographically, among all regions, North America is projected to account for the largest market share, mainly due to growing advancements in the energy & power sector and the rising trend of energy storage in countries like the United States and Canada. In addition, increasing production & sales of electric vehicles in these countries shall also augment the regional market growth in the coming years.
Furthermore, Asia-Pacific is projected to witness significant market growth owing to snowballing investments in the electric vehicle industry and the rising electricity demands in industrial operations. Morever, the soaring awareness regarding using renewable energy is also likely to boost the use of efficient batteries for energy storage and drive the global market, reveals MarkNtel Advisors in their research report, “Global Lithium Sulfur Battery Market Analysis, 2021.”
According to MarkNtel Advisors, the leading players in the Global Lithium Sulfur Battery Market are A123 Systems LLC, Automotive Energy Supply Corporation, GS Yuasa International Ltd., Hitachi Chemical Co., Ltd., Johnson Controls International PLC, LG Chem Ltd., Panasonic Corporation, Samsung SDI Co., Ltd., Tesla, Inc., & Toshiba Corporation.
Key Questions Answered in the Study