by 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 Overview:
Silicon anode batteries use silicon as the anode material instead of graphite that is commonly used in lithium-ion batteries currently available in the market. Silicon has 10 times the capacity of graphite, which means silicon anode batteries can store much more energy in the same physical space compared to conventional lithium-ion batteries. They offer higher energy density and less charging time. This makes silicon anode batteries well-suited for use in electric vehicles and consumer electronics where high capacity and faster charging is required.
Market key trends:
One of the key trends in the silicon anode battery market is continuous research and development towards improving cycle life and stability. Though silicon offers significantly higher energy storage capacity than graphite, its huge volume expansion during charging leads to battery failure after limited cycles. Companies are focusing on developing new silicon anode materials and battery designs that can withstand this expansion and provide long cycle life close to conventional lithium-ion batteries. Another major trend is increasing partnerships between silicon anode material manufacturers and battery cell producers for commercialization of silicon anode batteries at large scale production.
Porter’s Analysis
Threat of new entrants: The silicon anode battery market requires high initial investments in R&D, manufacturing infrastructure and logistics networks which poses a moderate threat to new entrants.
Bargaining power of buyers: The bargaining power of buyers is moderate as the silicon anode battery is a differentiated product with limited options currently available in the market.
Bargaining power of suppliers: The bargaining power of suppliers is low to moderate due to availability of raw materials from multiple sources at competitive prices globally.
Threat of new substitutes: The threat from new substitutes like lithium-ion batteries using other advanced anode materials is moderate as silicon anode batteries offer higher energy density with faster charging capabilities.
Competitive rivalry: High due to presence of global battery giants focusing on next generation battery technologies to gain early mover advantage.
Key Takeaways
The global Silicon Anode Battery Market Growth is expected to witness high growth, exhibiting CAGR of 21% over the forecast period, due to increasing demand for high capacity batteries for consumer electronics and electric vehicles applications.
Regional analysis: Asia Pacific dominates the global silicon anode battery market and is expected to continue its dominance over the forecast period. This can be attributed to presence of battery material manufacturing hubs and strong EV market in countries like China.
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. Key players are focusing on scaling up their manufacturing facilities and developing low-cost silicon anode technologies to gain first mover’s advantage in the market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
