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Silicon Battery Market to Skyrocket with a CAGR of 35.2% during Forecast Period

The Global Market size of Silicon Battery is projected to grow from USD 51.4 Million to USD 424.2 Million. It is expected to grow at the 35.2% between 2022 and 2028. Silicon Battery is a type of lithium-ion battery (Li-Ion) in which the anodes are replaced by silicon nanotubes or silicon coating and lithium ions that act as charge carriers. Silicon anode batteries are commonly used in commercial electronic devices like smartphones, digital cameras, smartwatches, and other wearable devices as they work with 85-90% cycle efficiency and excellent cycling performance beyond two hundred cycles.

The growth of this market is likely to be driven by the excellent features of silicon-based anode leading to the development of Li-ion batteries, increasing consumer electronics adoption, expanding Research and Development (R&D) systems by various organizations and manufacturers of batteries, and their high capacity compared to other metal anodes. The increasing adoption of electric vehicles that require high-capacity batteries and the increasing demand for high-performance devices for efficient consumer electronics devices are major factors that enhance the market growth of silicon batteries. However, costly production costs and the changing nature of the growth and contraction of metals and chemicals in silicon batteries create cracks and ultimately cell failure often hinders the market growth. In contrast, the growth in the adoption of renewable energy sources has led to the development of robust solar technologies that use silicon anode batteries with the aim of reducing emissions of greenhouse gasses and other pollutants thereby boosting the market revenue for silicon batteries.

COVID-19, now a global epidemic, has had a devastating effect on the economy as countries around the world have shut down all non-essential businesses. In contrast, the use of silicon batteries that fall somewhere between the essential and non-essential components is in great demand in the healthcare sector in order to monitor and diagnose COVID-19 patients. The use of silicon batteries in battery-powered health devices such as cardiac connectors, medical defibrillators, meters, monitors, and ventilation systems to treat patients with COVID-19 currently fuels the market revenue of silicon batteries.

Silicone batteries come in the capacity ranges of 0-3,000 mAh, 3,000-10,000 mAh, 10,000-60,000 mAh, and above 60,000 mAh. On the basis of capacity, the demand for silicon batteries ranging from 3,000 mAh to 10,000 mAh is expected to grow at the highest CAGR during the forecast period. Silicon batteries with this list are the second most sought-after and used batteries, with a large capacity and unmatched power. Silicon batteries with a capacity of 3,000 mAh to 10,000 mAh are used in most industries such as consumer electronics, electric vehicles, power tools, and aircraft, in the form of individual cells or as battery modules. Silicone batteries serve various applications such as automotive, consumer electronics, aviation, energy, and medical devices.

The Silicon Battery market has expanded over North America, Asia Pacific, Europe, Latin America, the Middle East, and Africa. Asia Pacific dominated the Global Silicon Battery Market in 2020. The automotive industry, consumer goods, and renewable energy are expected to further the demand for advanced batteries in the region. Advances in technology used in mobile devices and consumer electronics sectors APAC is accelerating the growth of the silicon anode battery market in the region. The emergence of China as one of the major manufacturers of li-ion batteries, growth in the adoption of electric vehicles and renewable energy sources, and the increase in R&D activities in new battery technologies by various APAC countries are among the factors contributing to the growth of the Silicon Battery Market.

Players of the world's leading Silicon Battery market have taken the necessary steps to develop low-cost battery technology that provides faster charging and longer lengths of electric vehicles thus speeding up the acceptance of electric motors. In March 2020, Sion Power Corp., best known for its lithium-sulfur battery technology, introduced the latest lithium-metal batteries recharged with Licerion EV technology which they claim provides unprecedented performance not only in research facilities but also at the commercial level. Key players operating in the Global Silicon Battery Market include Group14 Technologies (US), Enovix (US), Huawei (China), Amprius Technologies (US), Enevate (US), Nexeon (UK), Nanotek Instruments (US), Targray Technology International (Canada), LeydenJar Technologies (The Netherlands), California Lithium Battery (US), XG Sciences (US), and Sila Nanotechnologies (US).