Silicon Battery Market worth $414 million by 2028 - Exclusive Report by MarketsandMarkets™
CHICAGO, March 16, 2023 /PRNewswire/ -- The global silicon battery market size is projected to grow from USD 55 million in 2023 to USD 414 million by 2028, at a CAGR of 49.5% during the forecast period according to a new report by MarketsandMarkets™. A lithium-ion battery is a rechargeable battery in which lithium ions flow between cathode and anode while charging and discharging. While conventional lithium-ion batteries use anode electrodes made of graphite, silicon batteries consists of silicon anodes to increase energy density and capacity. Silicon batteries are small, light, long-lasting, and can be used in everything from personal devices to electric vehicles.
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The market for 3,000-10,000 mAh is expected to grow at a highest CAGR during the forecast period
The batteries in this capacity range can be used in a diverse range of applications such as consumer electronics, drones, power tools, medical devices, and small industrial equipment. This capacity range is also expected to be an ideal energy source for consumer electronics in the coming years. They can be assembled in a module format for high-capacity applications. Such silicon batteries have a greater cycle efficiency of up to 85–90% and have a stable cycling performance over 200+ cycles. Some key players in this segment are Amprius Technologies, Inc. (US), Enovix Corporation (US), and Sila Nanotechnologies, Inc. (US).
The automotive industry is expected to grow at highest CAGR from 2023 to 2028
The automotive industry is expected to be one of the major segments for silicon batteries in the coming years. The segment includes battery-driven vehicles, such as battery electric vehicles, plug-in hybrid electric vehicles, e-bikes, etc., which are the current significant consumers of lithium-based batteries. EVs are gaining market share in the automotive industry due to the rising adoption of low-emission automobiles and government initiatives. It is estimated that in many countries, petrol and diesel automobiles will be banned by the next few decades, and EVs will dominate the global automotive market. However, EVs have some drawbacks, such as long charging times and a limited driving range. This has pushed manufacturers to collaborate with or invest in battery manufacturers to improve capacity, performance, charge times, and driving range. Automotive companies are taking initiatives to support the development of silicon anode batteries for electric vehicles by making partnerships and investing in silicon battery technology companies.
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North America is expected to hold a substantial share of the gloal silicon battery market during the forecast period
Region is home to most key market players; many products have been commercialized in the US and used in small consumer electronics. North American companies are developing silicon batteries for EVs, consumer electronics, and energy applications. North America is a highly competitive market due to the presence of several players in the US. The market in North America is expanding due to the presence of key players such as Amprius Technologies, Inc. (US), Enevate Corporation (US), Enovix Corporation (US), Sila Nanotechnologies, Inc. (US), and Group14 Technologies, Inc. (US). These players are offering or developing silicon anode batteries/technology/materials for various end users.
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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