Lithium-Sulfur Battery Market Size, Share & Trends

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Lithium-Sulfur Battery Market Size, Share, Statistics, Trends and Industry Growth Analysis by Component (Cathode, Anode, Electrolytes), Type (Liquid, Semi-solid, Solid-state), Capacity (Below 500 mAh, 501 to 1,000 mAh, Above 1,000 mAh), Application (Aerospace, Automotive) and Region - Global Forecast to 2028

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Report Code: SE 8872 Nov, 2023, by marketsandmarkets.com

Updated on : September 27, 2024

Lithium-sulfur Battery Market Size & Share

[181 Pages Report] The global lithium-sulfur battery market size is expected to grow from USD 32 million in 2023 to USD 209 million in 2028, at a CAGR of 45.6% from 2023 to 2028. Several factors are driving the growth of the lithium-sulfur battery market. For instance, rising research and development practices to commercialize the product has been undertaken by several manufacturers and technology developers. Also, various research institutes are also undertaking research activities to enhance the safety and performance of the battery. Furthermore, various EV manufacturers are also investing in this technology to evaluate the prototypes in their EVs and further proceed with their commercialization.

Lithium-Sulfur Battery Market

Lithium-Sulfur Battery Market Statistics Forecast to 2028

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Lithium-sulfur Battery Market Trends & Dynamics

DRIVERS: Rising R&D activities to commercialize lithium-sulfur batteries

Numerous manufacturers and research institutes are actively engaged in research and development to enhance the durability and safety of lithium-sulfur batteries. With the global shift towards embracing clean energy solutions, there has been a notable upswing in the R&D endeavors pursued by battery manufacturers to explore diverse battery chemistries. This proactive approach aims to advance battery technologies, ensuring they align with the demands of a cleaner energy landscape while also meeting stringent safety requirements. As theoretically the energy density of the lithium-sulfur batteries is extremely high as compared to other battery chemistries available in the market, various manufacturers are rigorously investing in the commercialization of the battery.

RESTRAINTS: Technical drawbacks of lithium-sulfur battery

Lithium-sulfur (Li-S) batteries hold immense promise for high-energy-density applications, but they also face several technical challenges that need to be overcome for successful implementation. Tackling challenges demands advancements in materials design, electrolyte stability, and electrode architecture, all of which are critical for realizing the full potential of Li-S batteries in the energy storage landscape. The major issues associated with the lithium-sulfur battery are polysulfide shuttle effect, lithium dendrite formation, cathode expansion and failure, and heat during charging.

OPPORTUNITIES: Li-S battery benefits over other technologies

Lithium-sulfur batteries have theoretically higher energy density than other battery chemistries present in the market. As we shift away from fossil fuels, the development of batteries exceeding the inherent limitations of lithium-ion technology becomes imperative. Among the more advanced beyond Li-ion options, lithium-sulfur batteries stand out. In Li-S cells, the conventional metal-rich cathode of Li-ion cells is substituted with economically accessible elemental sulfur. This transition holds the potential for a fivefold increase in capacity for the same weight, a substantial advancement compared to widely used Li-ion cell materials. This utilization of sulfur enables the creation of lightweight cells employing more cost-efficient resources, addressing environmental and societal concerns associated with nickel and cobalt production.

CHALLENGES: Complexities involved in manufacturing Li-S battery

The manufacturing of lithium-sulfur batteries poses significant challenges due to several technical drawbacks inherent to this technology. Li-S batteries offer a high theoretical energy density, making them attractive for various applications, including electric vehicles and portable electronics. However, their practical implementation faces hurdles such as issues related to sulfur cathodes, including poor conductivity, volume expansion, and dissolution of intermediate polysulfides. Moreover, integrating Li-S battery production into existing lithium-ion (Li-ion) manufacturing facilities is complicated, as it requires significant process modifications and optimizations. The transition from Li-ion to Li-S involves addressing unique material interactions and adjusting production techniques to accommodate the distinctive chemistry of sulfur-based systems. As researchers work to overcome these challenges, the manufacturing processes for Li-S batteries remain under development, underscoring the ongoing efforts to harness the full potential of this promising energy storage technology.

Lithium-Sulfur Battery Market Ecosystem

Lithium-Sulfur Battery Market by Ecosystem

Prominent companies in this market include well invested startups such as PolyPlus Battery Company (US), NexTech Batteries Inc. (US), Li-S Energy Limited (Australia), Lyten, Inc. (US) and Zeta Energy LLC (US). These companies are involved in rigorous research and development activities to develop their prototypes and test them in different applications. Along with these there are several other key companies operating in this market, such as Theion GmbH (Germany), Gelion plc (Australia), and Graphene Batteries AS (Norway).

Lithium-sulfur Battery Market Share

Solid-state type segment is expected to grow at the highest CAGR during the forecast period.

Solid-state lithium-sulfur batteries utilize a solid electrolyte system, opposing the necessity for liquid electrolytes and separators. Anticipated benefits include improved safety, extended lifespan, and the potential for higher energy density as compared to other counterparts. This innovative battery design replaces the traditional liquid electrolyte with a solid-state electrolyte, mitigating the dependence on flammable organic liquid electrolytes and separators, thereby enhancing safety measures. This transformative approach positions solid-state lithium-sulfur batteries as one of the safest and most efficient battery types to be used in various applications in the forecast period.

The market for power applications is projected to grow with substantial CAGR during the forecast period.”

Lithium-sulfur batteries hold significant promise for large-scale energy storage and conversion in the power sector. These batteries offer high energy density and low-cost characteristics, making them a compelling option for stationary electric energy storage. The widespread availability and low cost of sulfur contribute to the potential of lithium-sulfur batteries for large-scale energy storage applications. As the energy storage market continues to expand, the exceptional properties of lithium-sulfur batteries position them as a promising candidate for the next generation of energy storage systems. Further, ongoing research and development efforts are focused on addressing the challenges and advancing the technological readiness of these batteries to enable their widespread application in the power sector.

Lithium-sulfur Battery Market Regional Analysis

The market in Asia Pacific is projected to grow with substantial CAGR from 2023 to 2028.

Lithium-Sulfur Battery Market by Region

Lithium-Sulfur Battery Market Statistics by Region

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The Asia Pacific market has been segmented into China, Japan, South Korea, India, and the Rest of Asia Pacific. The region is a major battery manufacturing hub with several lithium-ion battery manufacturers. Hence, the high expertise in the battery industry will help the new and emerging battery technologies to flourish in the region. Furthermore, the Asia Pacific region is experiencing a surge in EV adoption and their battery manufacturing. With countries like China and India leading the transition to EVs, the demand for high-performance, energy-dense batteries is soaring. Lithium-sulfur batteries, with their potential for substantial improvements in energy density and range, are well-suited to address this demand in the coming years.

China plays a pivotal role in the lithium-sulfur battery industry , emerging as a key country for several key factor’s reasons. Renowned as a major global hub for lithium battery manufacturing, the country possesses well-established expertise and infrastructure, providing a robust foundation for the development and production of lithium-sulfur batteries. The nation's strategic focus on EV adoption has propelled it to the forefront of the global market, fostering a substantial demand for high-performance batteries. As one of the world's largest EV markets, it presents a prime opportunity for the growth of lithium-sulfur battery technology in the country.

Top Lithium-Sulfur Battery Companies - Key Market Players:

PolyPlus Battery Company (US),
NexTech Batteries Inc. (US),
Li-S Energy Limited (Australia),
Lyten, Inc. (US),
Zeta Energy LLC (US),
Theion GmbH (Germany),
Gelion plc (Australia),
Rechargion Energy Private Limited (India),
Giner Inc. (US),
Graphene batteries AS (Norway) are among a few key players in lithium-sulfur battery companies.

Lithium-sulfur Battery Market Report Scope :

Report Metric	Details
Estimated Market Size	USD 32 million in 2023
Projected Market Size	USD 209 million in 2028
Growth Rate	CAGR of 45.6%
Lithium-sulfur Battery Market Size Available for Years	2020–2028
Base Year	2022
Lithium-sulfur Battery Market Size Forecast Period	2023–2028
Units	Value (USD Million)
Segments Covered	By Component, By Type, By Capacity, and By Application
Geographic Regions Covered	North America, Europe, Asia Pacific, and RoW
Companies Covered	Major Players: PolyPlus Battery Company (US), NexTech Batteries Inc. (US), Li-S Energy Limited (Australia), Lyten, Inc. (US), Theion GmbH (Germany), Gelion plc (Australia), Zeta Energy LLC (US), and Others- (Total 20 players have been covered)

Lithium-Sulfur Battery Market Highlights

This research report categorizes the lithium-sulfur battery market by component, type, trends capacity, application, and region.

Segment	Subsegment
By Component:	Cathode Anode Electrolyte Other Components
By Type:	Liquid Semi-solid Solid-state
By Capacity:	Below 500 mAh 501 mAh to 1,000 mAh Above 1,000 mAh
Lithium-sulfur Battery Market Size By Application	Aerospace Automotive & Transportation Consumer Electronics Power Medical
Lithium-sulfur Battery Market Share, By Region	North America US Canada Mexico Europe Germany UK France Rest of Europe Asia Pacific China Japan India South Korea Rest of Asia Pacific Rest of the World GCC South America Rest of Middle East & Africa

Recent Developments in Lithium-sulfur Battery Industry

In May 2023, Stellantis N.V. and Lyten, Inc. revealed that Stellantis Ventures, the corporate venture fund of Stellantis, has made an investment in Lyten to foster the commercialization of Lyten 3D Graphene applications in the mobility sector. This collaboration will encompass the development of LytCell lithium-sulfur EV batteries, lightweight composites, and innovative onboard sensing technologies.
In April 2023, Li-S Energy, V-TOL Aerospace, and Halocell signed an agreement to develop Australian-made HALE drones, combining battery technology, solar cells, and drone design for stratospheric flights. The prototype drones will employ Li-S Energy's lithium-sulfur batteries, Halocell's perovskite solar cells, and V-TOL's Pegasus aircraft designs to achieve long-endurance capabilities.
In July 2022, NexTech Batteries Inc., and Mullen Technologies, Inc., a rising player in electric vehicle manufacturing, announced a strategic collaboration.

Frequently Asked Questions (FAQs):

What is the total CAGR expected to be recorded for the lithium-sulfur battery market from 2023 to 2028?

The global lithium-sulfur battery market is expected to record a CAGR of 45.6% from 2023–2028.

What are the driving factors for the lithium-sulfur battery market?

Increasing EV sales globally and rising R&D activities to commercialize lithium-sulfur battery are some of the driving factors for the lithium-sulfur battery market.

Which application will grow at a fast rate in the future?

The consumer electronics application is expected to grow at the highest CAGR during the forecast period. The rising penetration of electronics and consumer wearables globally is anticipated to contribute toward the growth of the lithium-sulfur battery market.

Which are the significant players operating in the lithium-sulfur battery market?

PolyPlus Battery Company (US), NexTech Batteries Inc. (US), Li-S Energy Limited (Australia), Lyten, Inc. (US), and Zeta Energy LLC (US) are among a few top players in the lithium-sulfur battery market.

Which region will grow at a fast rate in the future?

The lithium-sulfur battery market in Asia Pacific is expected to grow at the highest CAGR during the forecast period.

To speak to our analyst for a discussion on the above findings, click Speak to Analyst

TABLE OF CONTENTS

1 INTRODUCTION (Page No. - 24)

1.1 STUDY OBJECTIVES

1.2 MARKET DEFINITION

1.3 INCLUSIONS AND EXCLUSIONS

1.4 STUDY SCOPE

1.4.1 MARKETS COVERED

FIGURE 1 LITHIUM-SULFUR BATTERY: MARKET SEGMENTATION

1.4.2 REGIONAL SCOPE

1.4.3 YEARS CONSIDERED

1.5 CURRENCY CONSIDERED

1.6 UNITS CONSIDERED

1.7 STAKEHOLDERS

1.8 RECESSION IMPACT

2 RESEARCH METHODOLOGY (Page No. - 29)

2.1 RESEARCH APPROACH

FIGURE 2 LITHIUM-SULFUR BATTERY MARKET: RESEARCH DESIGN

2.1.1 SECONDARY AND PRIMARY RESEARCH

FIGURE 3 LITHIUM-SULFUR BATTERY MARKET: RESEARCH APPROACH

2.1.2 SECONDARY DATA

2.1.2.1 List of major secondary sources

2.1.2.2 Key data from secondary sources

2.1.3 PRIMARY DATA

2.1.3.1 List of key interview participants

2.1.3.2 Key data from primary sources

2.1.3.3 Key industry insights

2.1.3.4 Breakdown of primaries

2.2 MARKET SIZE ESTIMATION

2.2.1 BOTTOM-UP APPROACH

2.2.1.1 Approach to derive market size using bottom-up analysis (demand side)

FIGURE 4 LITHIUM-SULFUR BATTERY MARKET: BOTTOM-UP APPROACH

2.2.2 TOP-DOWN APPROACH

2.2.2.1 Approach to derive market size using top-down analysis (supply side)

FIGURE 5 LITHIUM-SULFUR BATTERY MARKET: TOP-DOWN APPROACH

FIGURE 6 MARKET: MARKET SIZE ESTIMATION METHODOLOGY

2.3 DATA TRIANGULATION

FIGURE 7 DATA TRIANGULATION

2.4 RESEARCH ASSUMPTIONS

2.5 RESEARCH LIMITATIONS

2.6 PARAMETERS CONSIDERED TO ANALYZE RECESSION IMPACT ON STUDIED MARKET

2.7 RISK ASSESSMENT

3 EXECUTIVE SUMMARY (Page No. - 41)

FIGURE 8 LITHIUM-SULFUR BATTERY MARKET, 2020–2028 (USD MILLION)

FIGURE 9 SOLID TYPE SEGMENT TO DISPLAY HIGHEST CAGR THROUGHOUT FORECAST PERIOD

FIGURE 10 ABOVE 1,000 MAH SEGMENT TO ACCOUNT FOR LARGEST MARKET SHARE IN 2028

FIGURE 11 CONSUMER ELECTRONICS APPLICATION TO DISPLAY HIGHEST CAGR DURING FORECAST PERIOD

FIGURE 12 ASIA PACIFIC TO REGISTER HIGHEST CAGR IN GLOBAL LITHIUM-SULFUR BATTERY MARKET DURING FORECAST PERIOD

4 PREMIUM INSIGHTS (Page No. - 45)

4.1 ATTRACTIVE GROWTH OPPORTUNITIES FOR PLAYERS IN LITHIUM-SULFUR BATTERY MARKET

FIGURE 13 INCREASING INVESTMENTS IN R&D INITIATIVES TO FOSTER MARKET GROWTH

4.2 LITHIUM-SULFUR BATTERY MARKET, BY CAPACITY

FIGURE 14 ABOVE 1,000 MAH SEGMENT TO HOLD LARGEST MARKET SHARE IN 2028

4.3 LITHIUM-SULFUR BATTERY MARKET, BY APPLICATION

FIGURE 15 AEROSPACE SEGMENT TO SECURE LARGEST MARKET SHARE IN 2028

4.4 LITHIUM-SULFUR BATTERY MARKET IN NORTH AMERICA, BY CAPACITY AND COUNTRY

FIGURE 16 ABOVE 1,000 MAH SEGMENT AND US TO HOLD LARGEST SHARES OF NORTH AMERICAN LITHIUM-SULFUR BATTERY MARKET IN 2028

4.5 LITHIUM-SULFUR BATTERY MARKET, BY COUNTRY

FIGURE 17 CHINA TO EXHIBIT HIGHEST CAGR DURING FORECAST PERIOD

5 MARKET OVERVIEW (Page No. - 48)

5.1 INTRODUCTION

5.2 MARKET DYNAMICS

FIGURE 18 GLOBAL LITHIUM-SULFUR BATTERY MARKET DYNAMICS

5.2.1 DRIVERS

5.2.1.1 Rising R&D activities to commercialize lithium-sulfur batteries

5.2.1.2 Abundance of sulfur materials

5.2.1.3 High energy density than other batteries

TABLE 1 COMPARISON OF LITHIUM-ION BATTERIES WITH LITHIUM-SULFUR BATTERIES

5.2.1.4 Increasing demand in aerospace sector due to high durability

FIGURE 19 LITHIUM-SULFUR BATTERY MARKET: IMPACT ANALYSIS OF DRIVERS

5.2.2 RESTRAINTS

5.2.2.1 Technical drawbacks of lithium-sulfur batteries

FIGURE 20 MARKET: IMPACT ANALYSIS OF RESTRAINTS

5.2.3 OPPORTUNITIES

5.2.3.1 Increasing popularity of EVs and plug-in hybrid electric vehicles

FIGURE 21 GLOBAL DATA ON EV CAR STOCK, 2018–2022

FIGURE 22 LITHIUM-SULFUR BATTERY MARKET: IMPACT ANALYSIS OF OPPORTUNITIES

5.2.4 CHALLENGES

5.2.4.1 Manufacturing complexities associated with lithium-sulfur batteries

FIGURE 23 MARKET: IMPACT ANALYSIS OF CHALLENGES

5.3 VALUE CHAIN ANALYSIS

FIGURE 24 LITHIUM-SULFUR BATTERY MARKET: VALUE CHAIN ANALYSIS

5.4 ECOSYSTEM ANALYSIS

FIGURE 25 LITHIUM-SULFUR BATTERY MARKET: ECOSYSTEM ANALYSIS

TABLE 2 COMPANIES AND THEIR ROLES IN LITHIUM-SULFUR BATTERY ECOSYSTEM

5.5 PRICING ANALYSIS

5.5.1 AVERAGE SELLING PRICE (ASP) TREND OF LITHIUM-ION BATTERIES

FIGURE 26 AVERAGE SELLING PRICE (ASP) TREND OF LITHIUM-ION BATTERY PACKS AND CELLS, 2013–2022

5.5.2 INDICATIVE PRICING ANALYSIS OF LITHIUM-SULFUR BATTERIES

TABLE 3 INDICATIVE PRICING ANALYSIS TREND OF LITHIUM-SULFUR BATTERIES

5.5.3 INDICATIVE PRICING ANALYSIS OF LITHIUM-SULFUR BATTERIES OFFERED BY KEY PLAYERS

FIGURE 27 INDICATIVE PRICING ANALYSIS OF LITHIUM-SULFUR BATTERIES OFFERED BY KEY PLAYERS

TABLE 4 INDICATIVE PRICING ANALYSIS OF LITHIUM-SULFUR BATTERIES OFFERED BY KEY PLAYERS

5.5.4 INDICATIVE PRICING ANALYSIS, BY REGION

TABLE 5 INDICATIVE PRICING ANALYSIS, BY REGION

5.6 TRENDS/DISRUPTIONS IMPACTING CUSTOMERS’ BUSINESSES

FIGURE 28 TRENDS/DISRUPTIONS IMPACTING CUSTOMERS’ BUSINESSES

5.7 TECHNOLOGY ANALYSIS

5.7.1 LITHIUM METAL BATTERIES

5.7.2 SODIUM-SULFUR BATTERIES

5.7.3 SOLID-STATE BATTERIES

5.7.4 LITHIUM-SILICON BATTERIES

5.8 PORTER’S FIVE FORCE ANALYSIS

TABLE 6 LITHIUM-SULFUR BATTERY MARKET: PORTER’S FIVE FORCES ANALYSIS

FIGURE 29 MARKET: PORTER’S FIVE FORCES ANALYSIS

5.8.1 BARGAINING POWER OF SUPPLIERS

5.8.2 BARGAINING POWER OF BUYERS

5.8.3 THREAT OF NEW ENTRANTS

5.8.4 THREAT OF SUBSTITUTES

5.8.5 INTENSITY OF COMPETITIVE RIVALRY

5.9 KEY STAKEHOLDERS AND BUYING CRITERIA

5.9.1 KEY STAKEHOLDERS IN BUYING PROCESS

FIGURE 30 INFLUENCE OF STAKEHOLDERS IN BUYING PROCESS FOR TOP THREE APPLICATIONS

TABLE 7 INFLUENCE OF STAKEHOLDERS IN BUYING PROCESS FOR TOP THREE INDUSTRIES

5.9.2 BUYING CRITERIA

FIGURE 31 KEY BUYING CRITERIA FOR TOP THREE APPLICATIONS

TABLE 8 KEY BUYING CRITERIA FOR TOP THREE APPLICATIONS

5.10 CASE STUDY ANALYSIS

5.10.1 IMPERIAL COLLEGE LONDON DEVELOPS ZERO-DIMENSIONAL MODEL FOR LI-S BATTERIES

5.10.2 CAMBRIDGE UNIVERSITY CONDUCTS R&D TO IMPROVE SPECIFIC ENERGY, SAFETY, AND MASS DENSITY OF LI-S BATTERIES

5.10.3 USC IMPROVES LITHIUM-SULFUR BATTERIES WITH NEW DESIGNS FOR ENERGY STORAGE

5.11 TRADE ANALYSIS

FIGURE 32 IMPORT DATA FOR HS CODE 850650-COMPLIANT LITHIUM CELLS AND BATTERIES (EXCL. SPENT), BY KEY COUNTRIES, 2018–2022

FIGURE 33 EXPORT DATA FOR HS CODE 850650-COMPLIANT LITHIUM CELLS AND BATTERIES (EXCL. SPENT), BY KEY COUNTRIES, 2018–2022

5.12 PATENT ANALYSIS, 2022–2023

FIGURE 34 TOP 10 COMPANIES WITH HIGHEST NUMBER OF PATENT APPLICATIONS IN LAST 10 YEARS

TABLE 9 TOP 20 PATENT OWNERS IN US IN LAST 10 YEARS

FIGURE 35 NUMBER OF PATENTS GRANTED PER YEAR FROM 2013 TO 2022

TABLE 10 MARKET: LIST OF PATENTS, 2022–2023

5.13 KEY CONFERENCES AND EVENTS, 2023–2024

TABLE 11 LITHIUM-SULFUR BATTERY MARKET: LIST OF CONFERENCES AND EVENTS

5.14 REGULATORY LANDSCAPE AND STANDARDS

5.14.1 REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS

TABLE 12 NORTH AMERICA: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS

TABLE 13 EUROPE: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS

TABLE 14 ASIA PACIFIC: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS

TABLE 15 ROW: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS

5.14.2 STANDARDS

TABLE 16 STANDARDS FOR LITHIUM-SULFUR BATTERIES

6 COMPONENTS USED IN LITHIUM-SULFUR BATTERIES (Page No. - 76)

6.1 INTRODUCTION

FIGURE 36 COMPONENTS USED IN LITHIUM-SULFUR BATTERIES

6.2 CATHODE

6.3 ANODE

6.4 ELECTROLYTE

6.5 OTHER COMPONENTS

7 LITHIUM-SULFUR BATTERY MARKET, BY TYPE (Page No. - 78)

7.1 INTRODUCTION

FIGURE 37 LITHIUM-SULFUR BATTERY MARKET, BY TYPE

FIGURE 38 SOLID SEGMENT TO REGISTER HIGHEST CAGR DURING FORECAST PERIOD

TABLE 17 MARKET, BY TYPE, 2020–2022 (USD MILLION)

TABLE 18 MARKET, BY TYPE, 2023–2028 (USD MILLION)

7.2 LIQUID

7.2.1 ABILITY TO ACHIEVE SUPERIOR ENERGY DENSITY THAN OTHER LI-ION BATTERIES TO FOSTER SEGMENTAL GROWTH

7.3 SEMI-SOLID

7.3.1 INTRODUCTION OF SEMI-SOLID “CUPCAKE” ELECTROLYTE TO FUEL SEGMENTAL GROWTH

7.4 SOLID

7.4.1 IMPROVED SAFETY AND EXTENDED LIFESPAN TO ACCELERATE DEMAND

8 LITHIUM-SULFUR BATTERY MARKET, BY CAPACITY (Page No. - 82)

8.1 INTRODUCTION

FIGURE 39 LITHIUM-SULFUR BATTERY MARKET, BY CAPACITY

FIGURE 40 ABOVE 1,000 MAH SEGMENT TO SECURE LARGEST MARKET SHARE DURING FORECAST PERIOD

TABLE 19 MARKET, BY CAPACITY, 2020–2022 (USD MILLION)

TABLE 20 MARKET, BY CAPACITY, 2023–2028 (USD MILLION)

8.2 BELOW 500 MAH

8.2.1 INCREASING UTILIZATION OF LOW-POWER BATTERIES IN COMPACT DEVICES TO BOOST DEMAND

TABLE 21 BELOW 500 MAH: LITHIUM-SULFUR BATTERY MARKET, BY APPLICATION, 2023–2028 (USD MILLION)

TABLE 22 BELOW 500 MAH: MARKET, BY REGION, 2023–2028 (USD MILLION)

8.3 501 TO 1,000 MAH

8.3.1 GROWING POPULARITY OF WEARABLES TO DRIVE MARKET

TABLE 23 501 TO 1,000 MAH: LITHIUM-SULFUR BATTERY MARKET, BY APPLICATION, 2023–2028 (USD MILLION)

TABLE 24 501 TO 1,000 MAH: MARKET, BY REGION, 2023–2028 (USD MILLION)

8.4 ABOVE 1,000 MAH

8.4.1 EXCEPTIONAL ENERGY DENSITY AND PROLONGED CYCLE LIFE TO FOSTER SEGMENTAL GROWTH

TABLE 25 ABOVE 1,000 MAH: LITHIUM-SULFUR BATTERY MARKET, BY APPLICATION, 2020–2022 (USD MILLION)

TABLE 26 ABOVE 1,000 MAH: MARKET, BY APPLICATION, 2023–2028 (USD MILLION)

TABLE 27 ABOVE 1,000 MAH: MARKET, BY REGION, 2020–2022 (USD MILLION)

TABLE 28 ABOVE 1,000 MAH: MARKET, BY REGION, 2023–2028 (USD MILLION)

9 LITHIUM-SULFUR BATTERY MARKET, BY APPLICATION (Page No. - 89)

9.1 INTRODUCTION

FIGURE 41 LITHIUM-SULFUR BATTERY MARKET, BY APPLICATION

FIGURE 42 AEROSPACE APPLICATION TO CLAIM HIGHEST MARKET SHARE FROM 2023 TO 2028

TABLE 29 LITHIUM-SULFUR BATTERY MARKET, BY APPLICATION, 2020–2022 (USD MILLION)

TABLE 30 LITHIUM-SULFUR BATTERY MARKET, BY APPLICATION, 2023–2028 (USD MILLION)

9.2 AEROSPACE

9.2.1 INCREASING DEPLOYMENT BY AVIATION INDUSTRY TO BOOST DEMAND

TABLE 31 AEROSPACE: MARKET, BY CAPACITY, 2020–2022 (USD MILLION)

TABLE 32 AEROSPACE: MARKET, BY CAPACITY, 2023–2028 (USD MILLION)

TABLE 33 AEROSPACE: MARKET, BY REGION, 2020–2022 (USD MILLION)

TABLE 34 AEROSPACE: MARKET, BY REGION, 2023–2028 (USD MILLION)

9.3 AUTOMOTIVE & TRANSPORTATION

9.3.1 RISING INVESTMENT IN COMMERCIALIZING LI-S BATTERIES FOR EV APPLICATIONS TO FOSTER SEGMENTAL GROWTH

TABLE 35 AUTOMOTIVE & TRANSPORTATION: MARKET, BY CAPACITY, 2020–2022 (USD MILLION)

TABLE 36 AUTOMOTIVE & TRANSPORTATION: MARKET, BY CAPACITY, 2023–2028 (USD MILLION)

TABLE 37 AUTOMOTIVE & TRANSPORTATION: MARKET, BY REGION, 2020–2022 (USD MILLION)

TABLE 38 AUTOMOTIVE & TRANSPORTATION: MARKET, BY REGION, 2023–2028 (USD MILLION)

9.4 CONSUMER ELECTRONICS

9.4.1 LONG SHELF LIFE AND ENHANCED SAFETY FEATURES TO ACCELERATE ADOPTION IN CONSUMER ELECTRONICS

TABLE 39 CONSUMER ELECTRONICS: MARKET, BY CAPACITY, 2023–2028 (USD MILLION)

TABLE 40 CONSUMER ELECTRONICS: MARKET, BY REGION, 2023–2028 (USD MILLION)

9.5 POWER

9.5.1 GROWING ADOPTION IN POWER SYSTEMS DUE TO HIGH-ENERGY DENSITY AND LOW-COST TO DRIVE MARKET

TABLE 41 POWER: MARKET, BY CAPACITY, 2023–2028 (USD MILLION)

TABLE 42 POWER: MARKET, BY REGION, 2023–2028 (USD MILLION)

9.6 MEDICAL

9.6.1 PROLONGED OPERATION WITHOUT FREQUENT CHARGING TO BOOST MARKET

TABLE 43 MEDICAL: MARKET, BY CAPACITY, 2023–2028 (USD MILLION)

TABLE 44 MEDICAL: MARKET, BY REGION, 2023–2028 (USD MILLION)

10 LITHIUM-SULFUR BATTERY MARKET, BY REGION (Page No. - 99)

10.1 INTRODUCTION

FIGURE 43 LITHIUM-SULFUR BATTERY MARKET, BY REGION

FIGURE 44 CHINA TO EXPAND AT HIGHEST CAGR IN GLOBAL LITHIUM-SULFUR BATTERY MARKET FROM 2023 TO 2028

TABLE 45 MARKET, BY REGION, 2020–2022 (USD MILLION)

TABLE 46 MARKET, BY REGION, 2023–2028 (USD MILLION)

10.2 NORTH AMERICA

10.2.1 IMPACT OF RECESSION ON MARKET IN NORTH AMERICA

FIGURE 45 NORTH AMERICA: LITHIUM-SULFUR BATTERY MARKET SNAPSHOT

FIGURE 46 US TO DOMINATE MARKET FROM 2023 TO 2028

TABLE 47 NORTH AMERICA: MARKET, BY COUNTRY, 2020–2022 (USD MILLION)

TABLE 48 NORTH AMERICA: MARKET, BY COUNTRY, 2023–2028 (USD MILLION)

TABLE 49 NORTH AMERICA: MARKET, BY CAPACITY, 2020–2022 (USD MILLION)

TABLE 50 NORTH AMERICA: MARKET, BY CAPACITY, 2023–2028 (USD MILLION)

TABLE 51 NORTH AMERICA: MARKET, BY APPLICATION, 2020–2022 (USD MILLION)

TABLE 52 NORTH AMERICA: MARKET, BY APPLICATION, 2023–2028 (USD MILLION)

10.2.2 US

10.2.2.1 Ongoing R&D by key players to commercialize Li-S batteries to drive market

10.2.3 CANADA

10.2.3.1 Government-led initiatives to encourage adoption of EVs to boost demand

10.2.4 MEXICO

10.2.4.1 Presence of cheap labor and lenient policies to offer lucrative growth opportunities to players

10.3 EUROPE

10.3.1 IMPACT OF RECESSION ON MARKET IN EUROPE

FIGURE 47 EUROPE: LITHIUM-SULFUR BATTERY MARKET SNAPSHOT

FIGURE 48 GERMANY TO DISPLAY HIGHEST CAGR IN EUROPEAN LITHIUM-SULFUR BATTERY MARKET

TABLE 53 EUROPE: MARKET, BY COUNTRY, 2020–2022 (USD MILLION)

TABLE 54 EUROPE: MARKET, BY COUNTRY, 2023–2028 (USD MILLION)

TABLE 55 EUROPE: MARKET, BY CAPACITY, 2020–2022 (USD MILLION)

TABLE 56 EUROPE: MARKET, BY CAPACITY, 2023–2028 (USD MILLION)

TABLE 57 EUROPE: MARKET, BY APPLICATION, 2020–2022 (USD MILLION)

TABLE 58 EUROPE: LITHIUM-SULFUR BATTERY MARKET, BY APPLICATION, 2023–2028 (USD MILLION)

10.3.2 GERMANY

10.3.2.1 Established automotive sector to contribute to market growth

10.3.3 UK

10.3.3.1 Increasing demand for compact and high-performance power sources in consumer electronics to support market growth

10.3.4 FRANCE

10.3.4.1 Thriving e-aviation sector to fuel market growth

10.3.5 REST OF EUROPE

10.4 ASIA PACIFIC

10.4.1 IMPACT OF RECESSION ON MARKET IN ASIA PACIFIC

FIGURE 49 ASIA PACIFIC: LITHIUM-SULFUR BATTERY MARKET SNAPSHOT

FIGURE 50 CHINA TO DOMINATE ASIA PACIFIC LITHIUM-SULFUR BATTERY MARKET DURING FORECAST PERIOD

TABLE 59 ASIA PACIFIC: MARKET, BY COUNTRY, 2020–2022 (USD MILLION)

TABLE 60 ASIA PACIFIC: MARKET, BY COUNTRY, 2023–2028 (USD MILLION)

TABLE 61 ASIA PACIFIC: MARKET, BY CAPACITY, 2020–2022 (USD MILLION)

TABLE 62 ASIA PACIFIC: MARKET, BY CAPACITY, 2023–2028 (USD MILLION)

TABLE 63 ASIA PACIFIC: MARKET, BY APPLICATION, 2020–2022 (USD MILLION)

TABLE 64 ASIA PACIFIC: LITHIUM-SULFUR BATTERY MARKET, BY APPLICATION, 2023–2028 (USD MILLION)

10.4.2 CHINA

10.4.2.1 Presence of developed infrastructure to manufacture lithium batteries to drive market

10.4.3 JAPAN

10.4.3.1 Increasing focus on achieving carbon-neutral society by 2050 to drive market

10.4.4 INDIA

10.4.4.1 “Make in India” initiative to accelerate market growth

10.4.5 SOUTH KOREA

10.4.5.1 Evolving landscape of electronic gadgets to offer lucrative growth opportunities to players

10.4.6 REST OF ASIA PACIFIC

10.5 ROW

10.5.1 IMPACT OF RECESSION ON MARKET IN ROW

FIGURE 51 GCC TO RECORD HIGHEST CAGR IN LITHIUM-SULFUR BATTERY MARKET IN ROW DURING FORECAST PERIOD

TABLE 65 ROW: MARKET, BY REGION, 2023–2028 (USD MILLION)

TABLE 66 ROW: MARKET, BY CAPACITY, 2023–2028 (USD MILLION)

TABLE 67 ROW: MARKET, BY APPLICATION, 2023–2028 (USD MILLION)

10.5.2 GCC

10.5.2.1 Growing investments in green and renewable energy projects to drive market

10.5.3 SOUTH AMERICA

10.5.3.1 Availability of cheap labor to drive market

10.5.4 REST OF MIDDLE EAST & AFRICA

10.5.4.1 Abundance of mineral reserves to boost demand

11 COMPETITIVE LANDSCAPE (Page No. - 123)

11.1 OVERVIEW

11.2 KEY STRATEGIES ADOPTED BY MAJOR PLAYERS, 2020–2023

TABLE 68 LITHIUM-SULFUR BATTERY MARKET: OVERVIEW OF STRATEGIES ADOPTED BY KEY PLAYERS, 2020–2023

11.3 REVENUE ANALYSIS, 2018–2022

FIGURE 52 MARKET: REVENUE ANALYSIS OF TWO KEY PLAYERS, 2018–2022

11.4 MARKET SHARE ANALYSIS, 2022

FIGURE 53 LITHIUM-SULFUR BATTERY MARKET SHARE ANALYSIS, 2022

TABLE 69 MARKET SHARE ANALYSIS, 2022

11.5 COMPANY EVALUATION MATRIX, 2022

11.5.1 STARS

11.5.2 EMERGING LEADERS

11.5.3 PERVASIVE PLAYERS

11.5.4 PARTICIPANTS

FIGURE 54 LITHIUM-SULFUR BATTERY MARKET: COMPANY EVALUATION MATRIX, 2022

11.5.5 COMPANY FOOTPRINT

TABLE 70 OVERALL COMPANY FOOTPRINT

TABLE 71 COMPANY APPLICATION FOOTPRINT

TABLE 72 COMPANY REGION FOOTPRINT

11.6 START-UPS/SMALL AND MEDIUM-SIZED ENTERPRISES (SMES) EVALUATION MATRIX, 2022

11.6.1 PROGRESSIVE COMPANIES

11.6.2 RESPONSIVE COMPANIES

11.6.3 DYNAMIC COMPANIES

11.6.4 STARTING BLOCKS

FIGURE 55 LITHIUM-SULFUR BATTERY MARKET: START-UPS/SMES EVALUATION MATRIX, 2022

11.6.5 COMPETITIVE BENCHMARKING

TABLE 73 LITHIUM-SULFUR BATTERY MARKET: LIST OF KEY START-UPS/SMES

TABLE 74 LITHIUM-SULFUR BATTERY MARKET: COMPETITIVE BENCHMARKING OF KEY START-UPS/SMES

11.7 COMPETITIVE SCENARIOS AND TRENDS

11.7.1 DEALS

TABLE 75 LITHIUM-SULFUR BATTERY MARKET: DEALS, 2020–2023

12 COMPANY PROFILES (Page No. - 140)

(Business Overview, Products/Solutions/Services Offered, Recent Developments, and MnM View (Key strengths/Right to Win, Strategic Choices Made, and Weaknesses and Competitive Threats))*

12.1 KEY PLAYERS

12.1.1 PPBC (POLYPLUS BATTERY COMPANY)

TABLE 76 PPBC: COMPANY OVERVIEW

TABLE 77 PPBC: PRODUCTS/SOLUTIONS/SERVICES OFFERED

TABLE 78 PPBC: DEALS

12.1.2 NEXTECH BATTERIES

TABLE 79 NEXTECH BATTERIES: COMPANY OVERVIEW

TABLE 80 NEXTECH BATTERIES: PRODUCTS/SOLUTIONS/SERVICES OFFERED

TABLE 81 NEXTECH BATTERIES: DEALS

12.1.3 LYTEN, INC.

TABLE 82 LYTEN, INC.: COMPANY OVERVIEW

TABLE 83 LYTEN, INC.: PRODUCTS/SOLUTIONS/SERVICES OFFERED

TABLE 84 LYTEN, INC.: DEALS

TABLE 85 LYTEN, INC.: OTHERS

12.1.4 LI-S ENERGY LIMITED

TABLE 86 LI-S ENERGY LIMITED: BUSINESS OVERVIEW

TABLE 87 LI-S ENERGY LIMITED: PRODUCTS/SOLUTIONS/SERVICES OFFERED

TABLE 88 LI-S ENERGY LIMITED: DEALS

12.1.5 ZETA ENERGY LLC

TABLE 89 ZETA ENERGY LLC: COMPANY OVERVIEW

TABLE 90 ZETA ENERGY LLC: PRODUCTS/SOLUTIONS/SERVICES OFFERED

TABLE 91 ZETA ENERGY LLC: DEALS

12.1.6 ADEKA CORPORATION

TABLE 92 ADEKA CORPORATION: COMPANY OVERVIEW

FIGURE 56 ADEKA CORPORATION: COMPANY SNAPSHOT

TABLE 93 ADEKA CORPORATION: PRODUCTS/SOLUTIONS/SERVICES OFFERED

12.1.7 GELION PLC

TABLE 94 GELION PLC: COMPANY OVERVIEW

TABLE 95 GELION PLC: PRODUCTS/SOLUTIONS/SERVICES OFFERED

TABLE 96 GELION PLC: DEALS

TABLE 97 GELION PLC: OTHERS

12.1.8 HYBRID KINETIC GROUP

TABLE 98 HYBRID KINETIC GROUP: COMPANY OVERVIEW

TABLE 99 HYBRID KINETIC GROUP: PRODUCTS/SOLUTIONS/SERVICES OFFERED

12.1.9 LG ENERGY SOLUTION

TABLE 100 LG ENERGY SOLUTION: COMPANY OVERVIEW

FIGURE 57 LG ENERGY SOLUTION: COMPANY SNAPSHOT

TABLE 101 LG ENERGY SOLUTION: PRODUCTS/SOLUTIONS/SERVICES OFFERED

12.1.10 THEION GMBH

TABLE 102 THEION GMBH: COMPANY OVERVIEW

TABLE 103 THEION GMBH: PRODUCTS/SOLUTIONS/SERVICES OFFERED

12.2 OTHER PLAYERS

12.2.1 COHERENT CORP.

12.2.2 GINER INC.

12.2.3 GS YUASA INTERNATIONAL LTD.

12.3 STARTUPS/SMES PLAYERS

12.3.1 CONAMIX

12.3.2 GLOBAL GRAPHENE GROUP

12.3.3 GRAPHENE BATTERIES AS

12.3.4 MSE SUPPLIES LLC

12.3.5 NEI CORPORATION

12.3.6 RECHARGION ENERGY PRIVATE LIMITED

12.3.7 XIAMEN TOB NEW ENERGY TECHNOLOGY CO., LTD.

*Details on Business Overview, Products/Solutions/Services Offered, Recent Developments, and MnM View (Key strengths/Right to Win, Strategic Choices Made, and Weaknesses and Competitive Threats) might not be captured in case of unlisted companies.

13 ADJACENT AND RELATED MARKETS (Page No. - 171)

13.1 INTRODUCTION

13.2 LITHIUM-ION BATTERY MARKET, BY VOLTAGE

13.2.1 INTRODUCTION

TABLE 104 LITHIUM-ION BATTERY MARKET, BY VOLTAGE, 2019–2022 (USD BILLION)

TABLE 105 MARKET, BY VOLTAGE, 2023–2032 (USD BILLION)

13.2.2 LOW

13.2.2.1 Built-in battery management feature to drive adoption by consumer electronics

13.2.3 MEDIUM

13.2.3.1 Rising adoption of medium-voltage li-ion batteries in solar energy systems to drive market

13.2.4 HIGH

13.2.4.1 Enhanced safety features to boost utilization in marine and military applications

14 APPENDIX (Page No. - 174)

14.1 INSIGHTS FROM INDUSTRY EXPERTS

14.2 DISCUSSION GUIDE

14.3 KNOWLEDGESTORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL

14.4 CUSTOMIZATION OPTIONS

14.5 RELATED REPORTS

14.6 AUTHOR DETAILS

The study involved four major activities in estimating the current size of the lithium-sulfur battery market. Exhaustive secondary research has been done to collect information on the market, peer, and parent markets. The next step has been to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches have been employed to estimate the total market size. After that, market breakdown and data triangulation methods were used to estimate the market size of segments and subsegments. Two sources of information—secondary and primary—have been used to identify and collect information for an extensive technical and commercial study of the lithium-sulfur battery market.

Secondary Research

Secondary sources include company websites, magazines, industry news, associations, and databases (Factiva and Bloomberg). These secondary sources include annual reports, press releases, investor presentations of companies, white papers, certified publications, articles by recognized authors, regulatory bodies, trade directories, and databases.

Primary Research

Primary sources mainly consist of several experts from the core and related industries, along with preferred lithium-sulfur battery technology providers, distributors, alliances, standards, and certification organizations related to various segments of this industry’s value chain.

In the primary research process, various primary sources from both supply and demand sides were interviewed to obtain qualitative and quantitative information on the market. The primary sources from the supply side included various industry experts such as Chief Experience Officers (CXOs), Vice Presidents (VPs), and Directors from business development, marketing, product development/innovation teams, and related key executives from lithium-sulfur battery technology providers, such as PolyPlus Battery Company (US), NexTech Batteries Inc. (US), Li-S Energy Limited (Australia), Lyten, Inc. (US) and Zeta Energy LLC (US); research organizations, distributors, industry associations, and key opinion leaders. Following is the breakdown of primary respondents.

Lithium-Sulfur Battery Market Size, and Share

To know about the assumptions considered for the study, download the pdf brochure

Market Size Estimation

Both top-down and bottom-up approaches have been used to estimate and validate the total size of the lithium-sulfur battery market. These methods have also been used extensively to estimate the size of various subsegments in the market. The following research methodology has been used to estimate the market size:

Major players in the industry have been identified through extensive secondary research.
The industry’s value chain and market size (in terms of value) have been determined through primary and secondary research processes.
All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources.

Top-Down Approach

In the top-down approach, the overall market size has been used to estimate the size of the individual market segments (mentioned in market segmentation) through percentage splits from secondary and primary research. For specific market segments, the size of the most appropriate immediate parent market has been used to implement the top-down approach. The bottom-up approach has also been implemented for data obtained from secondary research to validate the market size of various segments.

Lithium-Sulfur Battery Market: Top-down Approach

Lithium-Sulfur Battery Market Size, and Top-down Approach

Bottom-Up Approach

The bottom-up approach has been used to arrive at the overall size of the lithium-sulfur battery market from the revenues of the key players and their market shares. Calculations based on revenues of key companies identified in the market led to the estimation of their overall market size.

Lithium-Sulfur Battery Market: Bottom-up Approach

Lithium-Sulfur Battery Market Size, and Bottom-up Approach

Market Definition

Lithium-sulfur (Li-S) battery is a type of rechargeable battery that uses lithium as the active material in the anode and sulfur as the active material in the cathode. Lithium-sulfur batteries offer several potential advantages over traditional lithium-ion batteries, including higher energy density. Sulfur is lightweight and has a high theoretical energy capacity, providing Li-S batteries with higher potential to store more energy per unit of weight compared to other battery technologies. This higher energy density leads to longer-lasting batteries with increased energy storage capacity.

Data Triangulation

After arriving at the overall market size from the estimation process explained above, the overall market has been split into several segments and subsegments. The market breakdown and data triangulation procedures have been employed, wherever applicable, to complete the overall market engineering process and arrive at the exact statistics for all segments and subsegments. The data has been triangulated by studying various factors and trends from both the demand and supply sides. The market has also been validated using both top-down and bottom-up approaches.

Key Stakeholders

Lithium-sulfur battery manufacturers
Technology providers
Material providers
Battery Cell and Battery Pack Manufacturers
Equipment suppliers
System integrators
Electronic device and electric vehicle manufacturers
Research Institutes and Organizations
Government Agencies and Regulatory Bodies

Report Objectives

To define and forecast the lithium-sulfur battery market regarding type, capacity, and application.
To describe and forecast the lithium-sulfur battery market and its value segments for four regions—North America, Europe, Asia Pacific, and the Rest of the World (RoW), along with their respective countries.
To provide detailed information regarding the drivers, restraints, opportunities, and challenges influencing the growth of the market
To strategically analyze micro-markets concerning individual growth trends, prospects, and contributions to the overall market
To study the complete value chain of the lithium-sulfur battery
To analyze opportunities in the market for stakeholders by identifying high-growth segments of the market
To strategically profile key players and comprehensively analyze their market position regarding ranking and core competencies, along with a detailed market competitive landscape.
To analyze strategic approaches such as agreements, collaborations, and partnerships in the lithium-sulfur battery
To provide an analysis of the recession impact on the growth of the market and its segments

Available Customizations:

Based on the given market data, MarketsandMarkets offers customizations in the reports according to the client’s specific requirements. The available customization options are as follows: