Silicon Anode Battery Market Is Estimated To Witness High Growth Owing To Increasing Demand For High Energy Density Batteries
Silicon anode batteries are lithium-ion batteries that use silicon based materials as the anode instead of the commonly used graphite. Compared to conventional lithium-ion batteries, silicon anode batteries can store 2-10 times more lithium ions and provide substantially higher energy density. Major applications of silicon anode batteries include electric vehicles, consumer electronics, grid energy storage, and industrial equipment. Advancements in silicon anode material formulations have made them more durable and stable for practical applications.
The global silicon anode battery Market is estimated to be valued at US$ 370.47 Mn in 2023 and is expected to exhibit a CAGR of 21% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The increasing demand for high energy density batteries from the electric vehicle industry is a major driver boosting the growth of the silicon anode battery market. Silicon anodes can provide 2-3 times higher energy density than conventional graphite based lithium-ion batteries. This enables electric vehicles to travel longer distances on a single charge without increasing the battery size or weight substantially. Additionally, rapid development of consumer electronics such as smartphones, tablets, and wearables is also fueling the market growth. Ongoing research to address challenges related to silicon material expansion and degradation during charge-discharge cycles is expected to enhance the commercial viability of silicon anode batteries.
SWOT Analysis
Strength: Silicon has a theoretical capacity that is 10 times higher than graphite, which allows batteries to store more energy and last longer. Also, a silicon anode can charge quickly. This feature offers more convenience to users as they don't have to wait long for a recharge. Lastly, silicon is naturally abundant and cheap compared to other anode materials.
Weakness: Silicon anodes are prone to cracking and pulverization during the charge-discharge cycle which results in capacity loss. This is due to silicon expanding and contracting as lithium ions are inserted and removed from it. Secondly, the initial coulombic efficiency of silicon anodes is low which hampers the cycle life of the full cell.
Opportunity: The demand for long range EVs is growing rapidly. Silicon anode batteries can power EVs over larger distances compared to conventional batteries due to their high energy density. This offers an opportunity to the silicon anode battery market to grow in the automotive sector. Secondly, the proliferation of portable consumer electronics also drives the need for batteries with higher energy capacity. Silicon anode batteries are well suited to meet this demand.
Threats: Continuous R&D is required to improve the cycle life of silicon anode batteries and make them commercially viable. This presents a high capital investment challenge. Secondly, new battery chemistries like solid state batteries threaten to disrupt the market if they are able to provide higher energy density and safety than silicon anode batteries.
Key Takeaways
The global Silicon Anode Battery Market Growth is expected to witness high growth over the forecast period.
Regionally, Asia Pacific dominates the market currently due to the presence of leading battery manufacturers in countries like China and Japan. It is also estimated to maintain its lead through 2030 on account of growing demand for EVs.
Key players operating in the silicon anode battery market are Nexeon Limited, Enevate Corporation, OneD Material, XG Sciences Inc., Nanotek, Instruments, Inc., Zeptor Corporation, California Lithium Battery, Amprius, Inc., and Connexx Systems Corporation. These companies are focusing on expanding manufacturing capacity and developing new silicon materials to improve battery performance. For example, Enevate Corporation launched the CP1 silicon lithium-ion cell which delivers a 50% higher driving range compared to lithium-ion phosphate batteries.
For more insights, read- https://dailynewsmotion.weebly.com/report-blog/silicon-anode-battery-market-is-estimated-to-witness-high-growth-owing-to-increasing-demand-for-high-energy-density-batteries
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