Global Next-Generation Batteries Market: Key Research Findings 2024

Global Next-Generation Batteries Market Projected to Attain 1,233,300 Million Yen in 2023

Yano Research Institute (the President, Takashi Mizukoshi) conducted a survey on the global next-generation batteries market, and found out the trend by battery type, the trends of market players, and future perspectives.

Global Market Size and Forecast of Next-Generation Batteries
Global Market Size and Forecast of Next-Generation Batteries

Market Overview

Except for redox flow (RF) batteries, practical use of most of the next-generation batteries at full-scale is expected to be after 2025 or 2030.

The global market of next-generation batteries in 2023 is projected to achieve 1,233,300 million yen (based on the shipment values of manufacturers). Due to the increasing demand for stationary storage batteries for power grids coupled with the spread of using renewable energy like solar and wind power for electricity production, large redox flow batteries are projected to occupy a large share of the market. In the field of oxide-based all-solid-state lithium-ion batteries (LiBs), production of semi-solid batteries (a type of battery using solid electrolytes added with liquid electrolytes or electrolytes in gel form) have begun centrally in China. It should also be noted that sodium-ion batteries and metal-air batteries are also starting to form their markets.

Noteworthy Topics

Moves to Develop All-solid-state LiBs for Automotive Application Invigorated

Although the practical application of all-solid-state LiBs has started in the area of ​​compact small capacity cells, development of large cells mainly for automotive use has been invigorated among battery manufacturers and battery component manufacturers.

Practical application of sulfide-based all-solid-state LiBs has started from compact and small-capacity types. Sulfide-based solid-state LiBs is increasingly garnering attention as OEMs (automobile manufacturers) aim to install them on EVs in the late 2020s. Three Korean manufacturers that produce liquid-based (conventional) LiB batteries are also promoting the development of sulfide-based solid-state LiBs with the target date of commercialization and start of production set as the late 2020s.
Initiatives in development of all-solid-state LiBs using polymer-based solid electrolytes (dry polymers) had been primarily taken by manufacturers overseas. However, as quality issues revealed, as seen in a fire incident in 2022, development of next-generation products with improved quality is advancing globally.
In the field of oxide-based all-solid-state LiBs, Chinese LiB manufacturers have stopped being preoccupied with 'complete' all-solid-state batteries. Rather, they are rushing to develop semi-solid batteries in recent years to accelerate market launch.

Future Outlook

The global market size of next-generation batteries is forecasted to reach 7,276,300 million yen by 2035, approximately a sixfold increase of 2023. By battery type, we project the market size of redox flow batteries will attain 4,475,500 million yen, oxide-based ASSBs (including semi-solid batteries) will reach 1,303,400 million yen, Sulfide-based/polymer-based ASSBs will generate 1,245,700 million yen, and sodium batteries to yield 139, 600 million yen. We also forecast that the market of Li-S batteries will grow to 41,800 million yen, metal-air batteries to reach 28,000 million yen, new concept batteries to attain 11,600 million yen, organic secondary batteries to generate 20,700 million yen, and multivalent ion batteries to be 10,000 million yen.

As the introduction of renewable energy expands on a global scale, the demand for measures against long-period voltage fluctuations and adjusting surplus power is rising. To this end, the adoption of redox flow batteries capable of charging and discharging for four to five hours or more is expanding in China, the United States, and Europe. Taking advantage of high adaptability to various ranges of supply and demand adjustments that are based on its high responsiveness (to voltage fluctuations) and easy scalability (capacity), application of redox flow batteries is expected to expand in grid-connected renewable energy system and microgrids.

The market for oxide-based all-solid-state LiBs is expected to grow, as several companies are already engaged in mass production of semi-solid batteries, which are mainly for EVs. However, its growth potential depends on the balance of advantages and disadvantages of making them semi-solid by adding liquid electrolytes or gel electrolytes.  
As to Sulfide-based/polymer-based ASSBs, its application as drive battery in electric vehicles is expected to expand as OEMs plan to deployment them practically in the latter half of the 2020s.

Research Outline

1.Research Period: June 2023 to March 2024
2.Research Object: Companies, universities, and R&D labs studying/developing next-generation batteries
3.Research Methogology: Face-to-face interviews by our expert researchers (including online interviews) and literature research

Global Market of Next-Generation Batteries

Next-Generation Batteries in this research refer to the following nine types of batteries: 1) Oxide-based all-solid-state lithium-ion batteries, 2) Sulfide-based/polymer-based all-solid-state LiBs, 3) sodium-ion secondary batteries, 4) redox flow batteries, 5) metal-air batteries, 6) organic secondary batteries, 7) multivalent ion batteries, 8) lithium-sulfur [Li-S] batteries, and 9) new concept batteries. The global market size based on the shipment value has been calculated by converting 1US$ for 145 yen.

The details of the nine types of batteries in this research are described as follows:
1) Oxide-based all-solid-state LiBs: A type of secondary battery that uses inorganic oxide materials as the solid electrolyte and uses lithium ions as the charge carriers. It is broadly categorized into "bulk type" and "laminated type" based on the manufacturing process. This category also includes "semi-solid battery", a type of battery using solid electrolytes added with liquid electrolytes or electrolytes in gel form.
2) Sulfide-based/polymer-based all-solid-state LiBs: A type of secondary battery that uses sulfide or polymer materials as components of solid electrolyte and lithium-ions as the charge carriers. Because it is easier to increase the cell size and capacity compared to oxide-based all-solid-state LiBs, it is aimed for use (as drive battery) in electric vehicles.
3) Sodium-ion secondary batteries: A type of secondary battery that uses sodium ions as its charge carriers. NAS (sodium-sulfur) battery and sodium nickel chloride battery have already gone into practical use. This type of battery is said be fitted for middle-to-large size stationary energy storage systems.
4) Redox-flow batteries: Unlike general secondary batteries, redox-flow battery stores energy by circulating liquid electrolytes containing active materials via pumps. It is suited for large-scale stationary energy storage systems, especially for grid-connected renewable energy system.
5) Metal-air batteries: The batteries made up of anode that use metals such as lithium, aluminum, or magnesium as active materials and oxygen from air as cathode. There are primary and secondary batteries. The developers strive for wide applications from button cell batteries to stationary energy storage systems.
6) Organic secondary batteries: A type of batteries that utilize organic materials as replacements of metallic oxide used as active materials in lithium-ion batteries, such as lithium cobalt oxide. The developers strive to replace inorganic electrode materials with organic active materials not only for lithium-ion batteries but also for capacitors.
7) Multivalent ion batteries: Whereas in lithium-ion battery system each ion reacts with a single electron, multivalent ion batteries use multivalent ions, such as magnesium and calcium, which reacts with two to three electrons. The laminated-type multivalent ion batteries that has been developed earlier are designed to be used for small-sized applications like IoT sensors.
8) Lithium-Sulfur (Li-S) battery (Li-S): Secondary battery with cathode that uses simple sulfur, or organic or non-organic sulfur active materials, combined with high-capacitance anode such as lithium metals. Applications include automotive use (EVs) and stationary energy storage systems.​
9) New concept batteries: Those batteries with energy storage principles different from existing rechargeable batteries, or those batteries with distinctive improvements (high functionality, new features, new structure) to existing batteries.

<Products and Services in the Market>

Oxide-based all-solid-state LiBs, Sulfide-based/polymer-based all-solid-state LiBs, Sodium-ion secondary batteries, Redox-flow batteries, Metal-air batteries, Organic secondary batteries, Multivalent ion batteries, Lithium-sulfur battery, New concept batteries

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