According to Future's latest report, the market is expected to witness a Herculean CAGR of 20.8% from 2018 to 2028. The market was worth $126.4million in 2017 and is projected to touch a valuation of $982.6m by the end of 2028.
The burgeoning production of smart consumer electronics along with devices such as motion sensors, and GPS, among others has led to a rise in the demand for efficient battery solution that can maintain decent battery life while running high power consuming applications.
The rapidly growing shipment of electronic devices, and appliances will be the key driving factor for the global silicon anode battery market. Substantial growth in the service and manufacturing sectors has led to a healthy growth in gross domestic product worldwide, says Future. This, in turn, it says has had a positive impact on the global spending on smartphones, thereby eventually impacting the demand for silicon anode battery.
As a result of the above, companies operating in the market are focusing on product development, plant expansion, and mergers and acquisitions. For example, in October 2016, LG Chem inaugurated an automotive battery manufacturing plant in Poland to expand and strengthen its market presence.
At present, silicon anode batteries are expansively employed as a power source in portable consumer electronics and automotive, such as 3G cell phones, tablets, laptops, MP4 players, and digital cameras, hybrid electric vehicles and electric bicycles due to their high voltage, long life span, and high energy density. With reference to miniaturisation, development of micro-batteries or thin-film batteries for implantable restorative devices and MEMS (micro electro mechanical systems) is expected to propel the market for silicon anode batteries.
This nanotechnology and MEMS are increasing in functionality as well as approval in a bulk of applications among various industries, such as consumer electronics, aerospace, automotive, and medical devices and others. The present pace of miniaturisation of electronic devices will result in a surge in demand for silicon anode batteries in near future, Future comments.
Similarly, miniaturisation of electronic devices, such as laptops, smartphones, consumer electronics, has led to an augmented usage of silicon as an anode in lithium-ion batteries.
The lithium-ion battery market has taken off over the last ten years, adds Future, with the demand mainly owing to its uptake in smartphones.
Despite the fact that lithium-ion chemistry was invented back in 1970s, its first commercialisation was in the early 1990s. Nevertheless, it is assessed that the introduction of novel products in the niche battery sector will take comparatively a longer time span to commercialise. It is thereby anticipated to follow the same inclination as the lithium-ion batteries market, which is expected to encounter the growth of the silicon anode battery market in the near future.