Zinc Battery Industry Projected to reach $2.0 billion by 2029

Key factors propelling the market growth include benefits over other battery technologies, abundance of zinc metal, and increasing investments globally in grid infrastructure.

According to MarketsandMarkets, the Zinc Battery Market is estimated to be USD 1.0 billion in 2024 and projected to reach USD 2.0 billion by 2029, at a CAGR of 13.6% during the forecast period.

Zinc batteries are anticipated to play a critical role in the future energy landscape, driven by the global shift from fossil fuels to renewable energy sources. This transition necessitates substantial electricity storage and transportation advancements, particularly for mobility and stationary energy storage applications. Zinc’s abundance, economic viability, safety, recyclability, and adaptability render it an optimal choice for large-scale energy storage solutions, including off-grid electricity systems, data centers, public transportation, and specific automotive applications. Zinc batteries present a sustainable and cost-effective alternative, unlike lithium-ion and other battery technologies that face supply chain challenges, high costs, and recycling difficulties.

The zinc battery market growth is fuelled by factors such as the abundance of zinc material, its benefits over other battery technologies, and increasing global investments in grid infrastructure. Furthermore, increasing reliance on data centers and the development of rechargeable zinc-air batteries are expected to provide growth opportunities for market players. However, the technical drawbacks of zinc batteries and alternative battery technologies may hinder market growth.

Based on rechargeability, the secondary segment of the zinc battery market is anticipated to hold a larger market share by 2029. A secondary battery is a type of electrochemical battery that can be discharged and recharged multiple times by reversing the chemical reactions that occur during discharge. It is also called a rechargeable battery. Unlike primary batteries, which are designed for one-time use and cannot be recharged, secondary batteries are capable of being reused, making them a more sustainable and cost-effective option in the long term. Zinc-ion, zinc-bromine, and nickel-zinc batteries are secondary batteries.

Based on battery type, the zinc-air segment is estimated to hold the largest share of the zinc battery market by 2029. A zinc-air battery is a type of battery that generates electrical energy through the reaction of zinc with oxygen from the air. It consists of a zinc anode made up of zinc particles that form a porous electrode, an air cathode that allows oxygen from the air to enter the battery, and an electrolyte generally an alkaline solution. Companies such as Eastman Kodak Company (US), ABOUND (Canada), ZAF Energy Systems, INC (US), Energizer Holdings, Inc. (US), and Renata SA (Switzerland) offer zinc-air batteries.

Based on application, the medical segment of the zinc battery market is expected to dominate the market by 2029, primarily propelled by the increasing demand for medical devices such as hearing aids. Zinc-air batteries are the most common type used in hearing aids due to their small size and lightweight nature, making them ideal for powering compact and discreet hearing devices. These batteries are available in various sizes to accommodate different styles and models of hearing aids, ensuring compatibility across multiple devices. Eastman Kodak Company (US) and GP Industries (China) provide zinc batteries for medical applications.

Based on the region, the Asia Pacific region is projected to command the largest market share in the zinc battery market by 2029, attributed to various factors. These factors encompass large zinc production, high demand for the automotive & transportation industry, and rapid technological developments. China will dominate the Asia Pacific region's zinc battery market. China boasts a robust and established battery manufacturing base, with a strong presence of international companies and domestic players focusing on zinc battery technologies. The Chinese government actively promotes developing and adopting clean energy technologies, including zinc batteries.