Yahoo Finance Potassium-Ion Battery Market to Reach US$ 4.1 Bn by 2031: TMR Study
Potassium-ion (K-ion) batteries are gaining more attention as a promising substitute to lithium-ion batteries (LIBs) in large electrical energy storage devices due to their low cost and abundant supply
Wilmington, Delaware, United States,, Dec. 06, 2022 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The Potassium-Ion Battery Market is estimated to reach US$ 2.1 Bn by 2025. The market is projected to grow at a CAGR of 12.0% from 2025 to 2031 to reach US$ 4.1 Bn by 2031. This is ascribed to the increase in the usage of electric vehicles (EVs). Potassium-ion batteries (PiBs) are potential alternatives for automakers due to their low cost and high energy densities.
The development of PiBs as a viable alternative energy storage solution is anticipated to propel the global Potassium-Ion Battery Market during the forecast period. PiBs are extensively employed as an alternative fuel source across various end-use industries such as transportation, energy, and automotive industries. Such extensive usage is likely to fuel industry growth in the next few years.
Lithium-ion batteries (LIBs) now feature among the most desirable options for energy storage owing to their high energy density. Nevertheless, usage of LIB alternatives is expected to increase, as concerns about the sustainability and price of lithium and cobalt grow. Both cobalt and lithium are key materials utilized in portable devices, LIBs, power grids, and EVs. Furthermore, the rapid growth of the EV industry is likely to lead to a scarcity of lithium and cobalt for on-grid LIBs that are utilized in energy storage applications. Alternative rechargeable batteries, including potassium-ion batteries, are anticipated to gain popularity to address the difficulties faced by LIBs.
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Key Findings of Market Report:
Potassium-ion batteries have been shown to work more efficiently in terms of energy performance compared to lithium-ion batteries. In contrast to the ingredients needed to manufacture lithium-ion batteries, all of the materials needed to make potassium-ion batteries are non-toxic and readily available. This promotes the usage of potassium-ion batteries across a range of end-use sectors, which is likely to accelerate the growth of the potassium-ion batteries (PIBs) market.
Recycling discarded LIBs and battery components has become increasingly popular in the past several years. For LIBs, however, barely 5% of the recycling rate has been attained. Primary obstacles preventing LIB recycling include labor-intensive procedures, complicated recycling methods, high costs, and excessive reagent and energy consumption. High recycling rates for K-ion batteries are anticipated to fuel industry development.
Global Potassium-Ion Battery Market: Growth Drivers
Lithium-ion batteries (LIBs), which are often used in large electrical energy storage systems, are under competition from potassium-ion (K-ion) batteries. The global market is anticipated to benefit from its low-standard redox potential and cost savings.
Production of EVs is driven by government initiatives, including tax reductions, financial incentives, and subsidies for registration and purchase. Several governments across the world are making significant investments in order to improve EV charging facilities and lessen their reliance on fossil fuels. Government regulations and initiatives are increasing the demand for EVs, thereby creating significant development prospects for companies in the potassium-ion battery industry.
The rechargeable batteries segment is expected to account for 70% market share in 2025. The segment is likely to grow at a rapid pace during the forecast period. Rechargeable potassium batteries are more desirable than lithium-ion batteries due to the abundance of potassium in the Earth's crust compared to lithium.
Global Potassium-Ion Battery Market: Regional Landscape
Asia Pacific is projected to hold a 45.3% share of the global Potassium-Ion Battery Market in 2025. The region is anticipated to continue to dominate the market throughout the forecast period. Demand for potassium-ion batteries in the region is likely to be driven by growth in the transportation and automotive sectors as well as the rising adoption of EVs.
Global Potassium-Ion Battery Market: Key Competitors
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Global Potassium-Ion Battery Market: Segmentation:
Type
Rechargeable
Non-rechargeable
Capacity
Up to 10 MW
10 MW -50 MW
50 MW-100 MW
100 MW
Application
Drones
Mobile Phones
Inverters
Laptops
Electric Vehicles
Hearing Aids
Flashlights
Real-time Clocks
Radios
Power Grids
Others
End-use
Automotive
Defense
Medical
Power
Consumer Electronics
Others
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