Silicon Anode Battery Market size is expected to cross USD 211 Billion by the end of 2035, growing at a CAGR of 68% during the forecast period, i.e., 2023-2035. In the year 2022, the industry size of silicon anode battery was USD 2 Billion. The reason behind the growth is impelled by the growing demand for electric vehicles. As compared to conventional graphite batteries, silicon anode batteries have a higher energy density which makes them ideal for usage in EVs.
According to estimates, in 2022, there were more than 9 million electric vehicles sold worldwide, and it is anticipated that the sales will increase by over 33% in 2023.
The growing technological advancements is believed to fuel the market growth. Many companies are offering advanced silicon anode batteries with higher energy density and ultra-thin durability.
For instance, recently, silicon is being used in solid-state batteries which have given solid-state batteries high energy densities and enhanced safety.
Growth Drivers
Challenges
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Base Year |
2022 |
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Forecast Year |
2023-2035 |
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CAGR |
~68% |
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Base Year Market Size (2022) |
~ USD 2 Billion |
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Forecast Year Market Size (2035) |
~ USD 211 Billion |
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Regional Scope |
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Application (Consumer Electronics, Energy Harvesting, Automobile, Medical Devices, Industrial)
The medical devices segment in the silicon anode battery market is estimated to gain a robust revenue share of 50% in the coming years owing to the growing demand for health-tracking devices such as smart wearable device, fitness trackers, and other wearable gadgets. Silicon anode batteries could be used in wearable electronics as they provide several advantages such as longer battery life and quicker charging periods. The reduced size and lighter weight of silicon anode batteries also make them ideal for wearable devices that need a portable power source.
Besides this, silicon anode batteries can also be used to power portable medical equipment including blood glucose meters, ultrasound machines, and EKG monitors.
According to a survey conducted in 2022, it was found that more than 40% of Americans already wear smartwatches and over 15% wear Fitbits.
Capacity (Less Than 1500 mAh, 1500 to 2500 mAh, Above 2500 mAh)
The above 2500 mAh segment is set to garner a notable share shortly since they offer longer run periods between charges, and batteries with higher capacity are more in demand. Silicon anode batteries' superior energy density enables them to offer a higher capacity. As a result, they are appealing for use in battery-intensive applications such as portable devices, energy storage system, and electric cars.
Our in-depth analysis of the global market includes the following segments:
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Capacity |
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Voltage |
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Application |
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North American Market Forecast
Silicon Anode Battery market in North America is predicted to account for the largest share of 40% by 2035 impelled by the rising environmental concerns. As a result, the government in North America is encouraging the use of renewable energy sources and electric automobiles. The employment of energy-efficient and low-emission technologies is supported by incentives, subsidies, and laws. A promising strategy to lower greenhouse gas emissions and boost energy efficiency is the use of silicon-anode batteries in electric vehicles and renewable energy storage systems.
According to a survey conducted in 2022, more than 60% of Americans place a higher priority on the development of renewable energy sources.
Europe Market Forecast
The Europe silicon anode battery market is estimated to be the second largest, during the forecast timeframe led by growing spending on research & development. Several top battery producers such as Northvolt, Tesla, and CATL are based in Europe and are substantially investing in the research and development of cutting-edge batteries including silicon anode batteries.
Further, the European Union is sponsoring the development of batteries, which is predicted to accelerate the uptake of silicon anode batteries in Europe.
Author Credits: Dhruv Bhatia
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