Applications in automotive and consumer electronics will drive silicone anode batteries sales, finds Future Market Insights (FMI) in a new study. According to the report, the silicon anode battery market is expected to surpass US$ 2.09 Bn by 2031. Applications of these batteries are rising steadily across industries, as a replacement anode for graphite.
Silicon has comparatively better technical features than graphite, hence it is used as a utility negative electrode in lithium-ion batteries. Its application within the automotive sector is expected to skyrocket especially in response to the increasing production of electronic vehicles. While the automotive sector currently holds dominance, the consumer electronics sector will trail closely, exhibiting high growth.
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Key Takeaways of Silicon Anode Battery Market Study
- Silicone anode battery market will register impressive growth, exhibiting 21.5% CAGR between 2021 and 2031
- Expansion of consumer electronics and automotive sectors will enable the U.S. account for over 70% silicon anode batteries sold in North America
- Despite a year of negative growth, the U.K. will register 16% y-o-y growth in 2021, thanks to increasing sales of electronic vehicles
- Germany and France will emerge as highly lucrative markets for silicon anode battery in Europe
- Increasing consumer electronics manufacturing and demand for state-of-the-art technologies supporting expansion in China. Japan and South Korea too will continue offering lucrative opportunities
“Silicon anode manufacturers are likely to capitalize on the increasing demand for electronic vehicles. Higher focus on environmentally-friendly technologies will continue offering attractive opportunities,” said a lead analyst at FMI.
North America currently leads the market. Europe too will exhibit increasing demand, thanks to increasing focus on the production of electric vehicles. Besides this, growth exhibited in both East and South Asia will increase at an accelerated pace especially since these regions are focusing on expanding their manufacturing facilities.
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Market dynamics
Environmental regulations pertaining to CO2 emissions are expected to boost the use of alternative modes of transport in the transportation sector. Thus, electric vehicles are a good alternative for the reduction of CO2 emissions. Government promotion for adoption of electric vehicles and incentives regarding low emission of CO2 is expected to increase electric vehicles sales over the forecast period. Therefore, demand of next generation batteries such as silicon anode is expected to increase over the forecast period. Moreover, high performance of silicon as an anode material is expected to increase its consumption in smartphone batteries over the forecast period.
However, silicon has a property of soaking large amount of lithium-ions. Therefore, volume of silicon anode increases when lithium ions bind with silicon. Hence, repeated expansion and contraction of silicon anode while charging and discharging decreases the performance of battery. This in turn, is expected to be a major challenge to the growth of the global silicon anode battery market.
Who is Winning?
Some of the leading players operating in the silicon anode battery market are Amprius Inc, Nexeon Ltd, Enevate Corp and Boston Power Inc.
The Silicon Anode Battery market is a highly competitive market dominated by regional players. These companies are striving to offer the most optimized solutions while mitigating the technical challenges.
Companies operating in the market have been focusing on capacity expansion and introducing innovative solutions. For instance, Canada-based startup TRION Energy has been focusing on addressing incumbent challenges by adding silicon to graphite using its low cost technology called SiMoGraph technology.
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About the Report:
The research report analyzes the total sales of silicon anode battery on the basis of volume (MWh) and value (US$ Mn). The market is projected on the basis of factors such as industrial growth of battery sector, developments in battery technology, end-use industry demand, global GDP growth, industry value added, and government regulations. The scope of the research report includes only new sales of silicon anode battery.
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