by The Silicon Anode Battery Market comprises rechargeable lithium-ion batteries which utilize silicon in the anode instead of graphite. Silicon anodes offer significantly higher theoretical specific capacities than graphite, making batteries lighter and more powerful. These batteries are increasingly used in electric vehicles as they allow EVs to travel longer distances on a single charge.
The global Silicon Anode Battery Market is estimated to be valued at US$ 370.47 million in 2023 and is expected to exhibit a CAGR of 4.0% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing adoption of electric vehicles is a key growth driver for the global Silicon Anode Battery Market. Silicon anode batteries offer excellent energy density which allows electric vehicles to travel longer per charge. As concerns over environmental pollution and fossil fuel dependence rise, more consumers and fleet operators are opting for EVs. Major automakers are investing heavily in EV production to cater to the growing demand. Stringent emission regulations in various countries are also favoring EV adoption. It is estimated that EVs will comprise nearly 30% of new vehicle sales by 2030, up from about 5% currently. This rising penetration of electric vehicles worldwide is significantly driving demand for high-performance silicon anode batteries during the forecast period.
SWOT Analysis
Strength: Silicon anode batteries have higher energy density compared to graphite anode batteries. This allows them to store more energy in smaller batteries and last longer between charges.
Weakness: The expansion and contraction of silicon during charging and discharging can cause the anode to fracture and degrade over multiple cycles. This decreases the battery lifespan.
Opportunity: Growing demand for electric vehicles provides an opportunity to use silicon anode batteries in EVs where energy density is critical. Silicon anode batteries allow EVs to run farther on a single charge.
Threats: Dependence on raw material prices like silicon poses risks. Fluctuations in silicon prices can increase the costs of silicon anode batteries.
Key Takeaways
The global silicon anode battery market demand is expected to witness high growth. The global Silicon Anode Battery Market is estimated to be valued at US$ 370.47 million in 2023 and is expected to exhibit a CAGR of 4.0% over the forecast period 2023-2030.
Countries like China, South Korea, and Japan are major battery manufacturers with a strong focus on EVs.
Key players operating in the silicon anode battery market are Schawk Inc., Enovix, Amprius Technologies, XG Sciences, Nexeon Limited, California Lithium Battery, Panasonic Corporation, OneD Material and Loyal Power.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
