Global Nanowire Battery Market Forecast to 2026 - Increasing Expenditure on R&D Activities By Automotive Companies
DUBLIN, Aug. 6, 2019 /PRNewswire/ -- The "Nanowire Battery Market by Material Type (Silicon, Germanium, Transition Metal Oxides, Gold), Industry (Consumer Electronics, Automotive, Aviation, Energy, Medical Devices), and Region (North America, Europe, APAC, RoW) - Global Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
The Nanowire Battery Market is Estimated to Grow from USD 53 Million in 2021 to USD 243 Million by 2026, at a CAGR of 35.7%
Nanowire battery market to exhibit significant growth during 2021-2026
The key factors driving the growth of the market include rising demand for batteries with high charge retention capacity, increasing expenditure on R&D activities by automotive companies, and growing consumer electronics industry. However, the high volume change of silicon nanowires during charge and discharge cycles is the key restraining factor for market growth.
Silicon-based nanowire battery market to witness high growth potential during the forecast period
Nanowire battery market for silicon is expected to grow at the highest CAGR during the forecast period. Silicon has emerged as the most promising anode material owing to its high charge retention capacity, low discharge capacity, and low cost. Silicon enables fast charging and lasts longer than lithium-ion batteries. Need for a longer battery lifetime and faster recharging time are the growing trends in the existing battery ecosystem. Moreover, growing electric mobility and miniaturization of consumer electronics has created an urgent requirement for advanced energy storage for batteries.
Nanowire battery market in medical devices industry to grow at the highest CAGR during the forecast period
The nanowire battery market in the medical devices industry is expected to grow at the highest CAGR during the forecast period. Nowadays, innovations are taking place in the healthcare industry. Advanced battery-operated medical devices, such as pacemakers and hearing aids, are being designed to improve the overall health and well-being of their users.
However, these implantable devices use lithium-ion batteries as power sources, which present a considerable number of safety issues to the patients. Nanowire batteries are lighter, safer, and have more energy density, and are expected to replace lithium-ion batteries in implantable devices in the coming years.
North America to be the largest market for nanowire battery during the forecast period
North America is expected to lead the nanowire battery market from 2021 to 2026. The high adoption rate of EVs in the US, increasing emphasis on power generation from renewable energy sources, and the presence of a favorable startup ecosystem are key factors driving the growth of the nanowire battery market in North America.
In April 2019, Sila Nanotechnologies (US), a leading nanowire battery manufacturing startup, raised venture funding of USD 170 million. The US is one of the most attractive markets for nanowire batteries, one of the key reasons being the increasing demand for electric vehicles (EVs) in the country. The high adoption rate of EVs in the US is expected to fuel the demand for nanowire batteries in the coming 4-5 years. In 2018, the country witnessed a sharp rise of 81% in the sales of EVs compared with the previous year.
Market Dynamics
Drivers
- Rising Demand for Batteries With High Charge Retention Capacity
- Increasing Expenditure on R&D Activities By Automotive Companies
- Growing Consumer Electronics Industry
Restraints
- High Volume Change of Silicon Nanowires During Charge and Discharge Cycles
Opportunities
- Emergence of Electric Vehicles
- Need for High-Performance Batteries in Electric Grid Storage Applications
Challenges
- Presence of Substitute Battery Technologies
- Operational Obligations Such as Conducting Pilot and Safety Tests
Value Chain Analysis
Emerging Battery Technologies
- Solid-State Battery: Need for Safer and Lighter Batteries Drives Demand for Solid-State Batteries
- Lithium-Metal Battery: Lithium-Metal Batteries Offer Better Performance Than That of Lithium-Ion Batteries
- Lithium-Air Battery: Lithium-Air Battery is Expected to Be Ideal Option to Replace Lithium-Ion Batteries
- Aluminum-Air Battery: Rise in Adoption of Batteries With High Energy Density Makes Aluminum-Air Battery Attractive Substitute
- Graphene Battery: Requirement for Fast-Charging Batteries Fuels Market for Graphene Battery Technology
Companies Mentioned
- Acs Materials
- Amprius
- Boston Power
- Enevate
- LG Chem
- Lithium Werks
- NEI Corporation
- Nexeon
- Novarials Corporation
- Oned Material
- Panasonic
- Samsung SDI
- Sila Nanotechnologies
- Targray
- XG Sciences
For more information about this report visit https://www.researchandmarkets.com/r/a83x8p
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