Global silicon anode battery market to approach $500m by 2024
The report on “Global Market Study on Silicon Anode Battery: Consumer Electronics Application Segment Anticipated to Remain Dominant Through 2024” from Persistence Market Research sees a compound growth of 21.5% to 2024. North America is dominant with a market share of 35.4% this year, and remaining so throughout the forecast period, but increasing adoption of electric vehicles in Europe is estimated to be one of the major reason for the sales of the silicon anode batteries, providing a CAGR of 22.0% over the forecast period.
SILICON ANODE SPINOUT TARGETS BATTERIES WITH 50 PER CENT MORE ENERGY
NEXEON RAISES £30 MILLION FOR NEXT GENERATION LI-ION BATTERIES
Environmental regulations on CO2 emissions are expected to boost the use of alternative modes of transport in the transportation sector with electric vehicles driving demand of next generation batteries such as silicon anode. The higher 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. This results in repeated expansion and contraction of silicon anode while charging and discharging decreases the performance of batter and is a major challenge to the growth of the global silicon anode battery market.
Various companies are tacking this challenge, Amprius, Nexeon, Enevate, XG Sciences, CONNEXX SYSTEM and OneD Material.
The consumer electronics segment dominated the global market and accounted for 43.7% value share and is estimated to remain dominant throughout the forecast period. This segment is projected to grow over 5x 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.
The automotive segment for HEVs, EVs and electric bicycles is expected to witness significant growth and projected to grow 5.3X over the forecast period.
North America dominated the market with over 35% of the overall silicon anode battery market share in 2015 as a result of the product innovation in silicon using nano-technology. Asia Pacific market accounted for over 30% of the overall silicon anode battery market share in 2015 from the manufacturing companies of consumer electronics in countries such as China, Japan, and South Korea. This in turn is expected to increase the demand for silicon anode batteries over the forecast period.