In terms of revenue, the Global Silicon Battery Market is expected to reach USD 424.2 Million by 2028, growing at a CAGR of 35.2% from 2022 to 2028. The Global Silicon Battery Market growth is attributed to the factors such as, increasing demand for high energy power devices for the smooth running of consumer electronic devices, growing R&D initiatives by different organizations. Moreover, the increasing demand from industrial and automotive sectors is further propelling the growth of Silicon Battery Market.
- 3,000 mAh to 10,000 mAh sub-segment is anticipated to grow at a significant CAGR. The growth is attributed to increasing demand for Silicon Battery from consumer electronics, electric vehicles, and aviation, among others.
- The consumer electronics sub-segment held a significant market share in 2021. Consumer electronics products are highly dependent on portable power sources. Thus, for the smooth running of consumer electronic devices, lithium silicon batteries stand as an ideal choice propelling the market growth.
- Asia Pacific is the largest regional segment. This is due to the presence larger base of consumers in the region. Moreover, the increasing investments in Research and Development (R&D) are likely to fuel the market growth.
Some of key players in 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).
In the last 10 years, there has been a huge spike in demand for stationary battery storage systems. The use of silicon has provided steep change improvement to Li-Ion battery performance. The change is not only to fast charge capability but also energy density. Thus, reducing the emission of greenhouses gases from battery-powered electric vehicles and supporting cleaner, quieter and environment-friendly transport.
Nowadays, Li-ion is the fastest-growing rechargeable battery. Its global sales across all markets more than doubled between 2013 and 2018. The companies producing these batteries have seen an increase in production due to green energy sources like solar power being incorporated into grids across the globe at unprecedented levels; making it possible for lithium-ion technologies to become popular and efficient when compared to other types such as lead-acid or nickel-metal hydride (NiMH). Moreover, the demand from the consumer electronics sector for batteries is increasing as consumer electronics are highly dependent on portable power sources for smooth running. These are some of the factors increasing the demand for Silicon Battery which is further propelling the growth of the Silicon Battery market.
The Asia Pacific is anticipated to emerge as a potential market for Silicon Battery market. The market growth in the region is attributed to the factors such as the presence of a larger consumer base, the presence of emerging economies, and increasing investments in the R&D sector. Also, the presence of countries such as China, which is the largest producer of lithium-ion batteries in the world is anticipated to boost the market growth.