Silicon Anode Battery Market is anticipated to register a CAGR of 21.5 % over the forecast period 2016–2024
Production of efficient energy storage systems continues to necessitate higher adoption of high capacity silicon anode batteries. Developers of energy storage technologies are slated to be proponents for the use of silicon anode batteries, but are expected to induce additional research for increasing their capacitance. Advancements as such will bolster the growth of global market for silicon anode batteries, which was valued at US$ 90.0 million in 2015. Touted as the next-generation lithium-ion batteries, silicon anode batteries as an annexure to existing lithium-ion batteries is actively proliferating various industries. Increasing capacity of silicon anode batteries will further add to the suitability of such batteries in dozens of energy storage applications. Global silicon anode battery market was valued at US$ 90.0 Mn in 2015 and is anticipated to register a CAGR of 21.5 % over the forecast period (2016–2024).
According to a report compiled by Research Report Insights (RRI), titled “Silicon Anode Battery Market Through 2024,” applications of silicon anode batteries in consumer electronics are slated to procure over 40% of the market share through 2024. Longer battery life and relatively higher energy storage capacity of silicon anode batteries, compared to conventional lithium-ion batteries, has boosted the demand in the global market, principally in the production of smartphones. The extensive use of electricity in 3G or 4G smartphones has rendered it a dominant sub-segment in consumer electronics application, facilitating it to account for more than 35% share of the global silicon anode battery market.
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Manufacturers of silicon anode batteries are aiming at increasing the capacitance of silicon anode batteries by using alternative anode materials or by incorporating advanced capacitance technologies. The prominence of graphite as the constituent anode material in silicon anode batteries is currently serving the purpose of extended battery life. Augmenting the charge-discharge cycles of silicon anode batteries in order to avoid electrode delamination from excessive pulverization might lead to realization of the desired product developments.
The report on global silicon anode batteries market has illustrated the current status of silicon anode batteries in applications such as automotive, grid power, and renewable energy, besides consumer electronics. With a growth in the energy storage capacity of silicon anode batteries, they are projected to gain higher adoption in hybrid electric vehicle sub-segment of the automotive applications. Over the forecast period of 2016 to 2024, the HEV sub-segment is anticipated to expand at a stellar CAGR of 27.1% and remain a dominant automotive application for silicon anode batteries.
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Consumer electronics are a huge market in the US, which has orchestrated the dominance of North America in the global silicon anode batteries market. In 2015, North America’s silicon anode battery market accounted for more than 35% of global market share and will continue to expand exponentially through 2024. Likewise, higher production of consumer electronics and the robust automotive industry in Asia-Pacific countries such as China, Japan and India has attributed to growth of silicon anode battery market in Asia; making it the second-most dominant regional market for silicon anode batteries.
Manufacturers of silicon anode batteries are also slated to induce nanotechnology for disabling the risks of battery swelling. Some of the leading companies in the global silicon anode batteries market, included in the report, are OneD Material, XG Sciences Inc., CONNEXX SYSTEM Corporation, Amprius Inc., Enevate Corporation, and Nexeon Limited, among others.
Report Analysis: https://www.researchreportinsights.com/report/rd/110114750/Silicon-Anode-Battery-Market
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