Press release
Silicon Anode Battery Market Size to Accelerate at a Rapid CAGR of 21.5% by 2024
The global silicon anode battery market is estimated to be valued at US$ 101.9 Mn by the end of 2016 and is expected to be valued at US$ 484.9 Mn by the end of 2024, registering a CAGR of 21.5% over the forecast period. North America is estimated to account for a market value share of 35.4% in the global silicon anode battery market by 2016 end, and is anticipated to remain dominant throughout the forecast period.
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Environmental regulations pertaining to CO2 emissions are expected to boost the use of alternative modes of transport in the transportation sector. Thus, electric vehicles are a good alternative for the reduction of CO2 emissions. Government promotion for adoption of electric vehicles and incentives regarding low emission of CO2 is expected to increase electric vehicles sales over the forecast period. Therefore, demand of next generation batteries such as silicon anode is expected to increase over the forecast period. Moreover, high performance of silicon as an anode material is expected to increase its consumption in smartphone batteries over the forecast period.
However, silicon has a property of soaking large amount of lithium-ions. Therefore, volume of silicon anode increases when lithium ions bind with silicon. Hence, repeated expansion and contraction of silicon anode while charging and discharging decreases the performance of battery. This in turn, is expected to be a major challenge to the growth of the global silicon anode battery market.
On the basis of application, the global silicon anode battery market is segmented into consumer electronics, automotive, industrial and grid & renewable energy. Consumer electronics segment is further sub-segmented into 3G/4G cellphones, laptops, tablets, MP4, digital cameras, and other electronic devices.
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Consumer electronics segment dominated the global silicon anode battery market and accounted for 43.7% value share and is estimated to remain dominant throughout the forecast period. This segment is projected to grow 5.1X over the forecast period. Increasing demand for high performance of batteries in smartphones is expected to witness a significant growth of the 3G/4G cellphones sub-segment in consumer electronics segment over the forecast period. Therefore, this sub-segment accounted for a major value share and is estimated to remain dominant throughout the forecast period. Moreover, automotive segment is sub-segmented into plug in HEV, HEVs, EVs and electric bicycles. EVs sub-segment in automotive segment is expected to witness significant growth and projected to grow 5.3X over the forecast period.
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On the basis of key regions, the global silicon anode battery market has been segmented into North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa. North America dominated the market with over 35% of the overall silicon anode battery market share in 2015. This is mainly attributed to product innovation in silicon using nano-technology. Asia Pacific market accounted for over 30% of the overall silicon anode battery market share in 2015. This is mainly attributed to major manufacturing companies of consumer electronics in countries such as China, Japan, and South Korea among others. This in turn, is expected to increase the demand for silicon anode batteries over the forecast period. Moreover, increasing adoption of electric vehicles in Europe is estimated to be one of the major reason for the sales of the silicon anode batteries and this region is anticipated to witness a significant CAGR of 22.0% over the forecast period.
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