5 Major Insights On The Lithium Sulfur Batteries Market 2023
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
As per The Business Research Company’s Lithium Sulfur Batteries Global Market Report 2023, the lithium sulfur batteries market is expected to show significant growth in the forecast period.
Key insights from the lithium sulfur batteries market forecast include:
- Market Size
The global lithium sulfur batteries market is projected to increase from $0.42 billion (2022) to $0.56 billion (2023) with a 32.2% CAGR. By 2027, the market’s size is forecasted to reach $1.44 billion, growing at a 26.6% CAGR.
- Major Driver
Increased government spending on electric vehicles is a major catalyst for the lithium sulfur batteries market’s expansion. As an example, President Biden committed $400 billion to clean energy, including battery tech and electric vehicles, with plans for 500,000 new charging stations by 2030, as reported by CNBC. Consequently, heightened government investment in electric vehicles is poised to drive the lithium sulfur batteries market’s growth.
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- Key Trend
The lithium sulfur batteries market is seeing a rise in technological advancements as a prominent trend. Major companies in this sector are concentrating on innovating technologies to drive market growth. For instance, in September 2021, Lyten, a US-based advanced materials company, unveiled LytCell EV, a lithium-sulfur battery designed for electric vehicles. This battery incorporates Lyten Sulfur Caging technology, addressing the poly-sulfide shuttle issue that has limited practical Li-S application in EVs. This Silicon Valley battery innovation aims to deliver three times (3X) the gravimetric energy density of traditional lithium-ion (Li-ion) batteries, exclusively for the electric vehicle (EV) sector.
- Major Players
Major players in the lithium sulfur batteries market are A123 Systems, Amicell Industries, Enerdel, SouthWest Electronic Energy Group, Quallion, Valence Technology, EEMB Battery, Panasonic Corporation, Exide Technologies, Johnson Controls International PLC, SANYO Energy, Ener1, Sion Power, Toshiba Corporation, Uniross Batteries, Automotive Energy Supply Corporation, GS Yuasa International Ltd., Hitachi Chemical Co. Ltd., LG Chem Ltd., Tesla Inc., Monash University, SANYO Energy, Daegu Institute of Science and Technology, Dalian Institute of Chemical Physics, and Stanford University.
- Top Market Segments
The global lithium sulfur batteries market is segmented –
1) By Type: Low Energy Density Lithium Sulfur Battery, High Energy Density Lithium Sulfur Battery
2) By Power Capacity: 0-500mAh, 501-1000 mAh, Above 1000 mAh
3) By Application: Aviation, Automotive, Electronics, Power Sectors, Other Applications
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The Lithium Sulfur Batteries Global Market Report 2023 provides an in-depth analysis on the lithium sulfur batteries market size, trends and drivers, opportunities, strategies, and companies analysis. The countries covered in the lithium sulfur batteries market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
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