Liquid Metal Battery Market Size, Share, and Industry Analysis By Type (Magnesium-Antimony (MG-SB) Battery, Lead Acid Battery (Pb-Sb) Battery, Sodium-Sulfur (Na-S) Battery, and Others), By Application (Power Grid, Portable Devices, Fuel Vehicles, and Others), and Regional Forecast, 2024-2032

Liquid metal batteries are used to increase grid stability and solve electricity storage problems. Increasing electric vehicle demand is a major factor driving the global liquid metal battery market growth. The performance and consistent quality of energy transfer and capacity depend on the capacity limit of the battery. This applies to all frameworks, starting from small household appliances and ending with controlling matrices. Batteries are used to power compact devices and fuel vehicles and cause interference in the operation of electrical matrices. Notwithstanding the significant materiality of batteries, mechanical advances in the battery business have moderately rapidly met the energy needs of the modern world.

The key market driver for liquid metal battery adoption is the battery's operational benefits such as fast charge-discharge cycles, long-term stability, and resistance to capacity fade. Furthermore, the increasing demand for electric vehicles is one of the prime factors augmenting the global liquid metal battery market growth. 

• According to the International Energy Agency's Global EV Outlook 2020, the Global electric vehicle (EV) sales exceeded 2.1 million in 2019, surpassing 2018 to increase EV inventory to 7.2 million. Electric cars, which accounted for 2.6% of the total auto sales and about 1% of the entire auto inventory in 2019, saw a 40% increase year over year.

The key market restraint is the increased competition from various types of batteries with a strong footprint in battery energy storage systems. The competition or the alternatives to liquid metal batteries are lithium-ion batteries, zinc batteries, and others.

The outbreak of COVID-19 in 2020 forced many manufacturing and non-manufacturing companies and organizations to limit or suspend operations. In addition to the limited number of field staff and workers, organizations struggled to maintain total productivity. These restrictions limited product usage, slowing the market expansion during a pandemic. The demand for liquid metal batteries witnessed a decline in the automotive sector. However, the decline in growth rate was offset to some extent by the power grid application industry.

KEY INSIGHTS

The report covers the following key insights:

• Recent Advancements in the Liquid Metal Battery


• Key Industry Trends


• Regulatory Landscape for Liquid Metal Battery


• Key Industry Developments (Mergers, Acquisitions, and Partnerships)


• Impact of COVID-19 on the Market

SEGMENTATION

ANALYSIS BY TYPE

By type, the global liquid metal battery market is categorized into magnesium–antimony (Mg-Sb) batteries, lead acid (Pb-Sb) batteries, sodium–sulfur (Na-S) batteries, and others.

Sodium-sulfur (Na-S) batteries are incompletely molten-metal batteries. It stores energy for renewable applications, load leveling, or delivers the backup source. Raw materials of Na-S batteries are relatively inexpensive and plentifully available. However, the lifespan of the Na-S battery is short owing to degradation caused by the corrosive nature of its energetic ingredients - sodium and sulfur.

The utilization of Na-S batteries has been restricted to large-sized applications. Mg-Sb batteries offer relatively high energy densities compared to other types of liquid metal batteries. This means that they can store more energy per unit volume or weight, making them attractive for applications where space or weight constraints are critical. Lead acid batteries are one of the oldest and most established rechargeable battery technologies and they are relatively inexpensive to manufacture compared to some newer battery chemistries. This cost-effectiveness makes them attractive for applications where upfront costs are a significant concern.

 ANALYSIS BY APPLICATION

Based on application, the market is segmented into power grids, portable devices, fuel vehicles, and others.

As the liquid metal batteries are heavy, inflammable, and do not fade with use, these are best suited for power grid applications. The presence of lithium-ion batteries for small applications poses obstacles to these batteries being deployed for small and portable use. Liquid metal batteries are inherently safe compared to some other battery chemistries, such as lithium-ion batteries. They do not have the same risks of thermal runaway or fire, making them more suitable for large-scale installations in populated areas. Thus, the characteristics of liquid metal batteries make them promising for grid-level energy storage, helping to enhance grid stability, integrate renewable energy sources, and support transatation to a more sustainable energy infrastructure.

Liquid metal batteries, due to their design and construction, tend to be large and heavy compared to other types of batteries suitable for portable devices. This makes them impractical for use in devices where portability is a key consideration.

For vehicles, including fuel vehicles, battery technologies such as lithium-ion batteries or solid-state batteries are more commonly used for electrification purposes. This is due to their high energy density, relatively low weight, and compact size compared to liquid metal batteries.

REGIONAL ANALYSIS

The liquid metal battery market is studied across regions, including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.

North America is one of the significant regions for liquid metal battery production and is one of the major consumers of the battery. The U.S. has researched and development infrastructure, which helps industry participants develop such batteries and boost their performance. North America has an established consumer base, including the renewable energy sector, electric vehicle (EV) manufacturers, and others. Europe is one of the regions with a developed consumer base, such as the automotive sector. Germany is one of the major automotive manufacturers in the world.

The Asia Pacific is one of the significant regions in the market. China is one of the major countries in the region due to the abundance of raw materials and growing end-use sectors in the country. India is also one of the major Asia Pacific countries due to favourable governmental regulations for manufacturing batteries and the country's fastest consumer base.

Latin America is also one of the significant regions as it has developing end-users, such as renewable energy sectors. Brazil is one of the important countries in the Latin Americ market. Moreover, the Middle East & Africa region might also offer a lucrative opportunity during the coming years as Africa has one of the rising renewable energy sectors. The Norwegian Development Cooperation Agency (NORAD), a Norwegian Ministry of Foreign Affairs directorate, is providing an approximately USD 56 million grant to the African Trade Insurance Agency (ATI) for its renewable energy initiatives.

KEY PLAYERS COVERED

Some of the major companies in the liquid metal battery market are NEC Energy Solutions, Innovenergy, Ambri Inc., Pellion Technologies Inc., Fzsonick, Aquion Energy, Inc., Inlyte Energy, Kyoto Group AS, and EnerVault.