Silicon Battery Market: The Solution to Overcoming EV Range Anxiety?
The Silicon Battery Market is anticipated to increase from USD 55 million in 2023 to USD 414 million by 2028, with a compound annual growth rate (CAGR) of 49.5% between 2023 and 2028, per a market research analysis. The energy density and capacity of batteries may be improved by using silicon in anodes. The anode's ability to absorb lithium ions can be increased by substituting silicon for graphite as the main material because graphite anodes can only accept one lithium ion per six carbon atoms. Silicon anodes can accept up to four lithium ions per silicon atom. As soon as silicon anodes are optimised, lithium-ion batteries are anticipated to have a charge life improvement of about 40%, resulting in extended usage times for personal gadgets and an increase in electric vehicle range.
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) are among a few top players in the silicon battery market.
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Increasing demand for high-capacity and lightweight batteries in consumer electronics
The ongoing need in industrialised nations like North America and Europe, as well as in developing Asian economies like China, India, and South Korea, is what is driving the rising demand for high-capacity and lightweight batteries in consumer devices. Some of the important devices driving the total consumer electronics market are smartphones, laptops, tablets, and wearables, all of which now rely on lithium-ion batteries as their main power source. Consumers are looking for more effective batteries that can power their devices for longer, while electronics makers are concentrating on enhancing battery safety as the reliance on smart devices rises. A large opportunity for the expansion of the silicon battery business has been generated by the rise in demand for safer, more effective batteries. Manufacturers can create smaller, lighter batteries for consumer electronics without compromising capacity by using silicon anodes. This has led to the introduction of numerous new devices with enhanced functionality in the wearable electronics market.
Need for high-performance batteries in energy storage applications
Government regulations that are supportive of the market and the transition of utility companies from non-renewable to renewable energy sources are what are driving the rising demand for high-performance batteries in energy storage applications. Industries and utility service providers use sophisticated lithium-ion battery-based electric grid storage systems to keep the supply-demand balance in check. When renewable energy sources are plentiful, the technology enables energy suppliers to draw excess power from the grid and then return it to the system when demand increases or renewable energy sources are scarce. Grid-connected energy storage system usage is on the rise, in part due to the lithium-ion battery market's steadily falling pricing. To meet the requirements of electric grid storage applications, stronger and more sophisticated battery technologies are therefore becoming more and more necessary.
The market for 3,000-10,000 mAh is expected to grow at a highest CAGR during the forecast period
The market for batteries with a capacity range of 3,000 to 10,000 mAh is anticipated to develop at the greatest compound annual growth rate (CAGR) over the projected period, according to market research. Numerous gadgets and applications, including as consumer electronics, drones, power tools, medical equipment, and small industrial equipment, can make use of these batteries. In the upcoming years, they are also anticipated to develop into the perfect energy source for consumer devices. For high-capacity applications, these batteries can be put together in a module structure. Silicon batteries in this capacity range are anticipated to have a higher cycle efficiency of up to 85–90% and consistent cycling behaviour beyond 200+ cycles. Amprius Technologies, Inc. (US), Enovix Corporation (US), and Sila Nanotechnologies, Inc. (US) are a few important participants in this market.
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The automotive industry is expected to grow at highest CAGR from 2023 to 2028
The silicon battery market is anticipated to expand at the greatest compound annual growth rate (CAGR) from 2023 to 2028, according to market research. The segment includes lithium-based batteries that are used in battery-driven vehicles such e-bikes, battery electric vehicles, and plug-in hybrid electric vehicles. The market share of electric cars (EVs) in the automotive industry is being driven by increased low-emission vehicle adoption and government efforts. By the end of the next few decades, it's anticipated that many nations will outlaw petrol and diesel vehicles, and the global car market would be dominated by electric vehicles. EVs do have significant disadvantages, too, such lengthy charging times and a short range. To increase capacity, performance, charge times, and driving range, this has compelled manufacturers to work with or invest in battery makers. By forming alliances and investing in silicon battery technology firms, automotive industries are taking steps to encourage the development of silicon anode batteries for electric vehicles.
The market in Asia Pacific projected to grow at the highest CAGR from 2023 to 2028.
From 2023 to 2028, the silicon battery market is anticipated to grow at the greatest compound annual growth rate (CAGR) in the Asia Pacific region. The area is home to a number of important nations, including China, Japan, India, and South Korea, all of which are predicted to present the market with sizable growth prospects. For instance, since major automakers like Toyota, Honda, and Mitsubishi Electric Corporation are developing EVs, Japan is a developed country with a sizable prospective market for electric vehicle (EV) batteries. There will surely be a rise in the demand for lithium-ion batteries as well as more sophisticated batteries like silicon anode batteries in the nation. Research and development in silicon anode technology is being conducted by a number of research institutions, including the Japan Advanced Institute of Science and Technology (JAIST), which has investigated the use of silicon anodes to address significant issues with lithium-ion batteries. It is anticipated that such studies and the region's robust end-use markets would help silicon batteries become commercially viable.
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