Nanowire Battery Market

Market Snapshot

Nanowire Battery Market: By Type, Industry, and Region

Market Synopsis

Global Nanowire Battery market is valued at USD 56 Million in 2021 and is projected to attain a value of USD 534 Million by 2028 at a CAGR of 38% during the forecast period, 2022–2028.

Nanowire batteries have a long life and a high-power output, which makes them promising candidates for next generation large-scale energy storage. Nanowire Battery can be used in smart phones, tablet PCs, electric vehicles, among others. Nanowire Battery is expected to be widely used as it has high power density and long cycle life. Growing demand for electric cars will spur market growth of nanowire batteries. Government support for energy storage and green technology will also boost market growth over the forecast period.

Segmentation

Global Nanowire Battery market is segmented into material type and industry. Based on material type market is segmented into, silicon, germanium, transition metal oxides, gold. Based on industry market is segmented into, consumer electronics, automotive, aviation, energy, medical devices.

Need For High Safety and Low Maintenance of Batteries is a Major Factor Driving Nanowire Battery Market

Some factors that drive the Nanowire Battery market are as follows: The need for high safety and low maintenance of batteries is a major factor driving this market. Small size, light weight, and long-lasting characteristic of these batteries have made them an important part of devices such as pacemakers, cochlear implants (hearing aid), defibrillators, GPS systems, remote keyless system, etc. Hence there is increasing demand for nanowire-based wearable medical devices in the market. Growing consumer electronics industry has increased demand for nanowire batteries which drives the growth of Nanowire Battery market.

A few factors like increasing penetration rate of smartphones and tablets across geographies, growing consumer electronics market, and enhanced consumer preference for high power performance devices will drive the growth of Nanowire Battery market. Growing demand for energy efficient batteries with improved power density is driving the Nanowire Battery market. With advancement in technology and increasing penetration rate of electronic devices such as smartphones and tablets across geographies, there is a steady increase in the requirement of low-voltage and high-current energy efficient batteries. Hence, there are various significant factors that are fueling the growth of global Nanowire Battery market.

High Demand for Nanowires Battery in Medical Industry

Nanowire Battery has been widely used in medical applications such as medical imaging systems, diabetes management system and drug delivery system. It is also being researched for medical implants such as intra-ocular lens, cochlear implant and neural electrodes.

The sharp tip of nanowire can be used as a needle for medical device insertion into the human body. Nanowires do not pose any serious health risk to humans compared to other medical implantable materials such as implants, stents, pacemakers etc. Due to their small size, medical devices with nanotechnology show many advantages such as surgical minimization and small-sized batteries with numerous charging/discharging cycles.

Asia Pacific is the Largest Consumers of Nanowires Battery Market

The Asia Pacific region accounted for the highest share of the global Nanowire Battery market followed by North America. The demand for nano-enabled products are increasing in the Asia Pacific countries due to rapid industrialization. Moreover, government initiatives and programs are focused towards developing green energy solutions through renewable resources to reduce dependency on fossil fuels. For instance, India has set an ambitious target of 100 GW solar power generation capacity installations by 2022. This has led to large scale adoption of solar cells containing thin film of silicon, cadmium telluride, organics or copper indium gallium selenide (CIGS) along with use of various nanomaterials such as carbon nanotubes (CNT), graphene, and nanowires. Large scale production of active hybrid components along with their increasing demand in automotive, portable electronic devices, consumer electronics, aerospace, defense & security has resulted in the growth of the nanowires battery market for Asia Pacific region.

Key Players

Some of the key players in the global Nanowire Battery market are OneD Material (US), Amprius (US), Nexeon (UK), Sila Nanotechnologies (US), NEI Corporation (US), LG Chem (South Korea), XG Sciences (US), Panasonic (Japan), Enevate (US), Samsung SDI (South Korea), Novarials Corporation (US), ACS Materials (US), Boston Power (US), Targray (Canada), and Lithium Werks (Netherlands).

The Nanowire Battery is Segmented as Follows: