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Silicon Battery Market Growth, Analysis, Latest Trends and Forecast till 2028

03-17-2023 01:19 PM CET | Advertising, Media Consulting, Marketing Research

Press release from: MarketsandMarkets

Silicon Battery Market Growth, Analysis, Latest Trends

The global silicon battery market size is anticipated to grow from USD 55 million in 2023 to USD 414 million by 2028, at a CAGR of 49.5% from 2023 to 2028. The addition of silicon in anodes can intensify the energy density of the battery along with its capacity. Substituting silicon for graphite as the primary material would improve its ion absorption capacity because each silicon atom can accept up to four lithium ions; in comparison, six carbon atoms in a graphite anode take in just one. Silicon anodes, when perfected, are expected to expand the charge life of lithium-ion batteries by more than 40%, providing more time between charges for personal electronics and a higher range for EVs.

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By capacity, the 3,000-10,000 mAh segment held the largest share of the silicon battery market in 2022. Silicon batteries in the 3,000-10,000 mAh range are expected to experience the maximum demand. These batteries are used for applications with moderate-to-high energy needs, such as consumer electronics, smartphones, laptops, commercial drones, medical devices, energy harvesting, entertainment, and wireless communication. These applications have seen widespread global adoption; hence, this segment is projected to register strong growth and hold the largest share.

Consumer Electronics segment is expected to account the largest market in 2028. Currently, Li-ion batteries are used widely as a portable power source for consumer electronics such as wearables, smartphones, tablets and laptops, consumer & delivery drones, home devices, and AR/VR devices. Technological changes and development in the consumer electronics industry have resulted in compact, lighter, and higher-performance products; however, Li-ion batteries have shown several drawbacks, such as size, energy capacity, and weight. Hence, several companies are developing silicon batteries as an alternative. Furthermore, wearables, designed and required to be thin, small, and lightweight, also need high-capacity batteries. This has driven attention toward silicon batteries in wearables. Some companies have tested and launched their wearables with silicon battery power-for instance, the WHOOP 4.0 wearable comes with silicon battery technology by Sila Nanotechnologies. Other companies that provide silicon batteries for wearables include Nexeon Limited (UK).

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Asia Pacific is projected to grow at a highest CAGR during the forecast period. The region consists of many developing economies; governments in these countries are working toward the electrification of the automotive sector. Moreover, the increasing population in the region contributes to the high demand for consumer electronics such as mobile phones, tablets, laptops, and others. The disposable income of the population is likewise promoting the growth of consumer electronics segments. Similarly, the rising population has increased energy demands, resulting in the use of energy storage systems installation. Moreover, the region is the largest consumer electronics manufacturer, with the highest market share in the forecast period. Hence, the Asia Pacific silicon battery market is anticipated to grow at the highest CAGR.

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