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Projected Growth In Electric Vehicles To Boost The Growth Of Breathing Battery Market

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ashwinicmi
Projected Growth In Electric Vehicles To Boost The Growth Of Breathing Battery Market

The global Breathing Battery Market is estimated to be valued at US$ 19.39 Mn in 2023 and is expected to exhibit a CAGR of 8.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.


Market Overview:


Breathing batteries store energy through redox reactions instead of traditional lithium ion technology, making them potentially safer, greener and longer-lasting power sources. They use organic and inorganic materials that can breathe like lungs, expanding when absorbing energy and contracting when releasing it. The batteries can be made from abundant and inexpensive materials. They can power devices from electric vehicles to medical implants for decades without need of recharging. Their advantage lies in generating power continuously through natural processes like breathing without degrading over time.


Market key trends:


One key trend in the market is growing focus on developing batteries for electric vehicles. To increase driving range and reduce charging times, automakers are exploring alternative battery technologies to lithium-ion. Breathing batteries offer potential for significantly higher energy densities and lifetimes compared to lithium-ion. Researchers are working on scaling up breathing battery technology for powering electric buses and trucks. Another trend is increasing investments in startups developing breathing batteries. With their promising properties, breathing batteries have attracted funding from venture capital firms and government grants. This is helping accelerate the technology development and commercialization of these sustainable batteries.

Porter’s Analysis Threat of new entrants: The breathing battery market requires huge capital investments for R&D and large scale production facilities which poses high entry barriers for new players.


Bargaining power of buyers: Large technology and automobile companies have significant bargaining power over small breathing battery manufacturers considering the niche nature of the market.Bargaining power of suppliers: Key raw material suppliers like zinc, lithium and vanadium control the supply and prices giving them higher bargaining power.Threat of new substitutes: Rapid technological advancements are constantly bringing new substitutes technologies like lithium-ion batteries and solid-state batteries posing threat to breathing batteries. Competitive rivalry: The market comprises few major players intensifying competition. Market dominated by technology giants increasing competitive pressures.


Key Takeaways


The Global Breathing Battery Market Size is expected to witness high growth, exhibiting CAGR of 8.4% over the forecast period 2023 to 2030, due to increasing demand for renewable energy storages solutions. Regional analysis: Asia Pacific region dominated the global market in 2023 accounting for over 35% share owing to presence of leading battery makers in countries like China, Japan and supportive government policies. North America and Europe are other major markets expected to grow at a rapid pace during the forecast period due to growing adoption in electric vehicles and smart devices.


Key players: Key players operating in the breathing battery market are IBM Corporation, Zinc8 Energy Solutions Inc., PolyPlus Battery Company, Panasonic, Tesla, Fuji Pigment, and Breathe Battery Technologies Limited. IBM and Tesla are investing heavily in R&D while Zinc8 and PolyPlus are expanding manufacturing facilities to cater to the growing demand.



Read More:

https://www.marketwebjournal.com/breathing-battery-market-demand-forecast-market-share/

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