How Silicon Battery Market are Revolutionizing the Energy Storage Landscape
The Silicon Battery Market is anticipated to expand at a compound annual growth rate (CAGR) of 49.5% between 2023 and 2028. As opposed to traditional lithium-ion batteries, silicon batteries have higher energy densities and capacities because they use silicon anodes rather than graphite ones. According to the report, silicon batteries are most commonly used in the fields of aerospace and military, consumer electronics, automotive, medical devices, and energy. The market is anticipated to increase from USD 55 million in 2023 to USD 414 million by 2028. Because of its compact size, low weight, and extended lifespan, silicon batteries are well suited for usage in a variety of gadgets, including electric cars.
The major players in this market includes Amprius Technologies, Inc. (US), Enovix Corporation (US), Enevate Corporation (US), NanoGraf Corporation (US), Sila Nanotechnologies, Inc. (US), Group14 Technologies, Inc. (US), and Nexeon Limited (UK).
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DRIVERS: Increasing demand for high-capacity and lightweight batteries in consumer electronics
The continued demand from developed nations in North America and Europe, as well as the expansion of Asian markets like China, India, and South Korea, is what is driving the rising demand for high-capacity and lightweight batteries in consumer electronics. Because smartphones, computers, tablets, and wearable technology are becoming more and more popular, the consumer electronics business is expanding. At the moment, lithium-ion batteries serve as the main source of power for all consumer electronics devices. Customers are looking for more effective batteries to power devices for longer periods as they become more reliant on smart technology. Moreover, improved gadget safety is a top priority for electronics producers.
The market for 3,000-10,000 mAh is expected to grow at a highest CAGR during the forecast period
The 3,000–10,000 mAh capacity range is anticipated to increase at the highest compound annual growth rate (CAGR) over the projection period, according to a market research assessment. This range of capacities is adaptable since it may be utilised in a variety of products, including consumer electronics, drones, power tools, medical equipment, and tiny industrial machinery. Furthermore, it is projected that in the near future, this capacity range will be the perfect energy source for consumer devices. In this capacity range, silicon batteries feature cycle efficiencies of up to 85–90% and steady cycling performance over 200 cycles or more. Amprius Technologies, Enovix Company, and Sila Nanotechnologies are important participants in this market.
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The automotive industry is expected to grow at highest CAGR from 2023 to 2028
From 2023 to 2028, the silicon battery market is anticipated to develop at the greatest compound annual growth rate (CAGR) in the automotive sector. In this market, lithium-based batteries are used extensively in battery-powered vehicles such e-bikes, battery electric automobiles, and plug-in hybrid electric vehicles. The market share of EVs in the automotive sector is being driven by government programmes and the growing acceptance of low-emission vehicles. Also, a number of nations intend to outlaw petrol and diesel vehicles during the next few decades, which will cause EVs to predominate the global automobile market. EVs do have certain drawbacks, too, like lengthy charging times and a constrained range. To increase capacity, performance, charging times, and driving range, manufacturers have partnered with or invested in battery makers. By working with and investing in silicon battery technology companies, automotive corporations are taking steps to help the development of silicon anode batteries for electric vehicles.
North America is expected to hold a substantial share of the global silicon battery market during the forecast period
Throughout the forecast period, North America is anticipated to account for a sizable portion of the worldwide silicon battery market. The majority of the major market participants are located in this area, and many of the goods are sold and used in tiny consumer electronics in America. Silicon batteries are being developed by North American businesses for use in EVs, consumer electronics, and energy. Because there are many participants in the US, the market in North America is very competitive. The market in North America is growing as a result of the existence of important players like Amprius Technologies, Inc., Enevate Corporation, Enovix Corporation, Sila Nanotechnologies, Inc., and Group14 Technologies, Inc. For various end customers, these players provide or develop silicon anode batteries, technologies, and materials.
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