New York , Oct. 31, 2023 (GLOBE NEWSWIRE) -- The global silicon anode battery market size is predicted to expand at 68% CAGR between 2023 and 2035. The market is projected to garner a revenue of USD 211 billion by the end of 2035, up from a revenue of USD 2 billion in the year 2022. The major factor influencing the growth of the market is its rising preference in contrast to graphite anode. For instance, according to the LCA's findings, producing 1000 kg of natural graphite anode material results in roughly 9615 kg CO2eq global warming potential (GWP). As a result, the demand for silicon-anode batteries is growing.
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Moreover, it is predicted that silicon anodes are considered more cost-effective than graphite anodes since they can reduce the price of EV batteries by up to about 29%. Therefore, the government in many nations is putting efforts into bringing silicon anode batteries into the game. Also, a large number of organizations have now shifted to silicon anode batteries owing to various advantages it offers such as its ability to absorb more lithium in comparison to graphite anode hence additionally enhancing the performance of the battery.
Silicon Anode Battery Market: Key Takeaways
- Market in North America to propel the highest growth
- The Medical device segment to garner the highest growth
- Market in Europe region to grow at the highest rate
Growing Demand for Electric Vehicles to Boost the Growth of the Global Silicon Anode Battery Market
There has been growing awareness among people regarding the pollution caused by the combustion of fossil fuels. Hence, they are significantly shifting towards the utilization of electric vehicles. Sales of EVs surpassed about 9 million, and approximately 13% of the new vehicles sold were electric. As a result, there will be more than 25 million electric vehicles on the road worldwide in 2022, a close to 59% increase from 2021. This growth could be also encouraged by the rise in the number of various models launched in the market. There were very few types and models of electric cars available in the beginning, and several of them might have been prohibitively expensive. As EVs grow increasingly common, many more car types are being offered, catering to a larger range of consumers' tastes and needs. As a consequence, the market demand for silicon anode batteries is also projected to surge.
Silicon Anode Battery Industry: Regional Overview
The global silicon anode battery market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Growing Demand for Renewable Energy to Drive the Market Growth in North America
The North America market for silicon anode battery is estimated to capture the highest market share of about 40% over the forecast period. This growth of the market in this region could be owing to rising demand for renewable energy. About 22% of electricity in US came from renewable energy in 2022. Hence, the demand for silicon anode battery is growing for the storage of this energy.
Growing Government Stringent Law to Reduce Carbon Emission to Influence the Market Expansion in Europe
The silicon anode battery in Europe is set to have notable growth in the market over the forecast period. The major factor for this region’s market is growing government stringent law to reduce carbon emission. 15% of the CO2 emissions in the EU are generated by cars and vans. With intermediate emissions reduction objectives of 55% for vehicles and 50% for vans for 2030, the Parliament supported the Commission's plan of zero CO2 emissions for automobiles and vans by 2035. Hence, with this the demand for electric vehicles is set to rise further boosting the market growth in this region.
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Silicon Anode Battery Segmentation by Application
- Consumer Electronics
- Energy Harvesting
- Automobile
- Medical Devices
- Industrial
The medical devices segment is projected to capture the highest share in the market of about 50% over the coming years. This growth in the segment could be owing to demand for smart wearable watch to track the health. About 91% of smartwatch users claimed they utilized their devices to monitor and manage their health globally.
Silicon Anode Battery Segmentation by Capacity
- Less Than 1500 mAh
- 1500 to 2500 mAh
- Above 2500 mAh
The above 2500 mAh segment is anticipated to capture the significant share in the market over the projected timeframe. The growth of the segment is set to be dominated by growth in demand for portable devices such as laptops and smartphones. Approximately 5 billion people are anticipated to be utilizing smartphones globally in 2023, which equates to close to 84% of the world's population.
Silicon Anode Battery Segmentation by Voltage
- Below 1.5V
- 1.5V to 3V
- Above 3V
A few of the well-known market leaders in the global silicon anode battery market that are profiled by Research Nester are Panasonic Holdings Corporation, Samsung SDI Co., Ltd., LG Chem Ltd., Tesla, Enovix Corporation, Enevate Corporation, XG Sciences, Inc., Amprius Technologies, California Lithium Battery, Nanotek Instruments, and others.
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Recent Development in the Silicon Anode Battery Market
- Enovix Corporation, a producer of cutting-edge silicon batteries, stated that Penang, Malaysia, would be the site of its first high-volume manufacturing facility.
- For the purpose of commercializing its silicon-dominated XFC-Energy battery technology in the transportation, mobility, and reserve "power markets, Enevate Corporation has announced a new production license arrangement with EnerTech International.
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