Lithium-sulfur Battery Market: Overview
Several technologies are gaining momentum in the energy storage market. One such energy storage technology is lithium-sulfur (Li-S) battery. The device can hold twice the energy per kilogram as conventional lithium-ion batteries. Lithium-sulfur batteries are considered promising battery systems due to their high theoretical capacity, high energy density, and natural abundance of sulfur. These batteries use carbon-sulfur as cathode and lithium metal as anode. Carbon-sulfur is a waste product of the petroleum process. Lithium-sulfur batteries can be produced with more density compared to Li-ion batteries, as sulfur has low atomic weight. Therefore, the lithium-sulfur batteries have more storage capacity.
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The charge/discharge efficiency of lithium-sulfur battery lies in the range of 86% to 92%. Key driver of the lithium-sulfur battery technology is the high theoretical and practical energy density, which can be achieved by combining a lithium metal anode and sulfur cathode. There are some issues with this technology as well. Some of these can be resolved by improved engineering solutions. However, most of them are related to the very complex working mechanism of lithium-sulfur battery. For example, the complex reaction mechanism causes difficulty in the modelling of lithium-sulfur cells at both mechanistic and systems levels.
Lithium-sulfur Battery Market: Key Trends
The energy storage of even small size lithium-sulfur batteries is supposed to be more than five times that of the mostly used lithium-ion batteries. This has opened up opportunities in electronics and power sectors. Manufacturers are increasingly using nanotechnology in the production and development process of batteries, as it helps in the improvement of compatibility of power supplies. Usage of nanotechnology is one of the key trends expected to gain traction in the lithium-sulfur battery market during the forecast period. The nanotechnology-enabled battery market is witnessing growth due to the rise in focus on renewable energy and increase in adoption of hybrid electric vehicles (EVs), plug-in hybrid EVs, and EVs.
Lithium-sulfur Battery Market: Key Segments
Based on application, the lithium-sulfur battery market can be divided into automotive, electronics, power sector, manufacturing, and others. In automotive sector these batteries are used in hybrid and electric vehicles. Lithium-sulfur batteries are also used in electrical energy storage and mobile applications. These batteries are used in big solar panel grids for energy storage in the power sector. The others segment consists of defense systems and aeronautical equipment.
Lithium-sulfur Battery Market: Regional Outlook
Based on region, the global lithium-sulfur battery market can be segregated into North America, Europe, Latin America, Middle East & Africa, and Asia Pacific. North America is projected to lead the global lithium-sulfur battery market during the forecast period. The lithium-sulfur battery market in Asia Pacific is likely to expand at a rapid pace during the forecast period, due to the rise in investments in electric vehicles in the region, especially in China and India. Europe and Middle East & Africa are expected to hold significant share of the global lithium-sulfur battery market during the forecast period.
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Lithium-sulfur Battery Market: Key Players
Major players operating in the global lithium-sulfur battery market are Oxis Energy, Poly Plus, and Sion Power. Lithium-sulfur battery systems designed, developed, and produced by OXIS are primarily used to provide power to aeronautical and defense applications as well as heavy electric vehicles.