According to the new market research report "Silicon Battery Market by Capacity (0–3,000 mAh, 3,000–10,000 mAh, 10,000–60,000 mAh, and 60,000 mAh & Above), Application (Consumer Electronics, Automotive, Aviation, Energy, and Medical Devices), and Region - Global Forecast to 2025", is estimated to grow from USD 38 million in 2020 to reach USD 177 million by 2025 at a CAGR of 36.2%. The silicon battery industry is likely to exhibit lucrative growth potential during the forecast period.
The growth of this market is expected to be driven by the excellent properties of silicon batteries, high energy density & better stability than other anode materials, increasing demand for consumer electronics from developed & developing nations, and growing R&D investments by manufacturers for improving Li-ion batteries. The silicon carbide market also has several opportunities that can be explored by existing and entry-level companies to expand businesses.
Consumer electronics application segment held the largest share of silicon battery market in 2019
Based on the application, the silicon battery market for consumer electronics held the largest size in 2019. Continuous technological developments in consumer electronics have boosted the growth of this market. Silicon batteries offer higher density, better durability, and more energy storage compared with li-ion batteries. Consumer electronics require power sources that have high energy and power density to run the devices smoothly. Therefore, silicon batteries have a high demand from the consumer electronics sector.
The demand for capacity ranging from 3,000 mAh to 10,000 mAh is expected to grow significantly during the forecast period
Silicon batteries with capacity ranging from 3,000 mAh to 10,000 mAh are used in a majority of industries such as consumer electronics, electric vehicles, power tools, and aviation, in the form of individual cells or as battery pack modules. They are the most commonly available silicon batteries and have a huge demand in the market. These batteries are used for products that require moderate-to-high energy to function. Silicon batteries with this capacity range are expected to be adopted significantly in numerous applications in the future. Moreover, with the increasing usage of consumer electronics and increasing renewable energy projects worldwide, the adoption of silicon batteries is expected to grow significantly during the forecast period
APAC to exhibit the largest market size during the forecast period
The silicon battery market in APAC is expected to grow at the highest CAGR during the forecast period. The vast population in this region leads to an increased energy demand, which eventually increases the need for fossil fuel-based energy generation and leads to renewable energy integration creating the need for batteries. Moreover, other applications such as automotive and consumer electronics are expected to drive the demand for advanced batteries in the region. Also, APAC is the home to some of the prominent players such as Connexx Systems (Japan) and Huawei (China) that provide silicon batteries for different applications. These factors contribute to the high growth of the Silicon battery market in APAC.
Amprius Technologies (US), Enovix (US), Huawei (China), Enevate (US), Nanotek Instruments (US), Nexeon (UK), LeydenJar Technologies (The Netherlands), Targray Technology International (Canada), XG Sciences (US), California Lithium Battery (US), Sila Nanotechnologies (US), and Group14 Technologies (US), among others, are the major players operating in the silicon battery market.
Source: ASDReports - Market Research
Date: Mar 19, 2020