Currently, silicon anode batteries are widely deployed as a power source in consumer electronics like 3G cell phones, laptops, tablets, MP4 players
Silicon anode battery market is expected to grow at a compound annual growth rate (CAGR) of 20.8 per cent from 2018 to 2028, according to a latest report by Future Market Insights.
In 2017, the silicon anode battery market was worth US$ 126.4 million and is estimated to reach a valuation of US$ 982.6 million by the end of 2028.
Citing the reason for such massive growth, the report cites, “The increasing production of smart consumer electronics as well as devices like motion sensors and GPS, has led to a growth in the demand for efficient battery solutions that can sustain decent battery life while running high power consuming applications.”
Increasing demand for electronic products
The rapidly increasing shipments of electronic appliances and devices will be the major driving factor for silicon anode battery market worldwide. The considerable growth in manufacturing and service sectors has led to a healthy GDP growth worldwide. As a result, this has had a positive effect on the smartphones spending globally, thus eventually impacting the silicon anode battery demand.
Currently, the silicon anode batteries are widely deployed as a power source in consumer electronics like 3G cell phones, laptops, tablets, MP4 players and digital cameras, as well as automotive such as electric bicycles and hybrid electric vehicles owing to their high voltage, high energy density and long-life span.
In addition, development of thin-film batteries or micro-batteries for implantable restorative devices and micro electro mechanical systems (MEMS) is likely to push the market for silicon anode batteries, the report predicts.
This nanotechnology and MEMS are increasingly in demand in a number of applications among several industries, including consumer electronics, automotive, aerospace, and medical devices. Likewise, the miniaturisation of electronic devices, like smartphones, laptops, consumer electronics, etc. has led to an increased usage of silicon as an anode in lithium-ion batteries.