Nanowire Battery Market – Expected to Reach USD 534 Million by 2028

Vantage Market Research

Jan 21, 2022

According to our latest report, the Nanowire Battery Market is expected to reach USD 534 Million by 2028, growing at a CAGR of 38% between 2022 and 2028. The nanowires offer strain relaxation and better interface control, giving an enhanced lifecycle. Nanowires have a special ability to expand four times their original size when they are charged without fracturing.

Key Findings:

  • The silicone segment is projected to grow at a significant CAGR over the forecast period. Silicon nanowire has a high charge storage capacity as compared to the graphite anodes present in existing battery technology.
  • The consumer electronics segment held a considerable market share in 2021. The growth in the segment is driven by the excellent life cycle of nanowire batteries coupled with the demand for consumer electronic products globally.
  • Asia Pacific is expected to grow at the fastest CAGR from 2022 to 2028. The growth in the region is a due expansion of manufacturing industries in countries like India, China, and Japan.

Some of the major players in the Nanowire Battery Market include - 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).

Traditional batteries are slowly experiencing a downfall because of their short life span. The user cannot be expected to run long when connected to the traditional batteries. The preference now has changed towards Nanowire Batteries for industrial as well as commercial applications across the globe. Electronic devices such as smartphones, laptops, and other different gadgets having nanowire batteries last for long duration than conventional batteries. Additionally, these batteries produce ten times more electricity than the ones produced by current batteries. Nanowires are used in solar cells to absorb & retain more sunlight and create a resonance effect that enhances the efficiency of solar cells. Several research activities are carried out on the retention of sunlight to optimize the efficiency of solar cells. These batteries are expected to transform the electronics market in the coming years due to it’s their distinctive characteristics and faster charging.

The Asia Pacific is projected to account for the largest share of the Nanowire Battery Market. This is owing to the increase in the importance of nanotechnology coupled with the rising need to conserve energy. Additionally, several major players are operating in companies like the US and Canada.