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The lithium silicon battery market size is estimated to grow at a CAGR of 54.43% between 2022 and 2027. The market size is forecast to increase by USD 86.46 million. The growth of the market depends on several factors that play a crucial role in the market's growth, such as the high demand for consumer electronics, the increasing launch of EVs, and the increasing demand for battery storage in the renewable sector.
This lithium silicon battery market report extensively covers market segmentation by application (aerospace, consumer electronics, automotive, and others), material (nanostructured silicon anode and Si-based carbon composite anode), and geography (North America, APAC, Europe, South America, and Middle East and Africa). The report also covers an in-depth analysis of drivers, trends, and challenges.
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One of the key factors driving the lithium silicon battery market growth is the high demand for consumer electronics. There is an increase in disposable income due to urbanization and an increase in the number of people earning in a family. Consumer confidence in the country is influenced by consumer spending. Thus, high consumer confidence reflects higher levels of consumer spending in the consumer electronics market.
Moreover, it is expected that global consumer expenditure to increase rapidly due to the economic recovery in the major emerging markets. Additionally, significant income growth in Asian countries will help to lower poverty and increase the growth of the middle-class population. Hence, the increase in disposable income enables consumers to focus on vital as well as luxury wellness activities which is positively impacting the market. Hence, it is expected to drive the market growth during the forecast period.
A key factor shaping the lithium silicon battery market growth is the decline in lithium battery prices. There has been a growing popularity and rapid growth for lithium batteries over the last decade. As a result, there is a significant decline in the demand for lead-acid batteries. There is an increasing focus by leading manufacturers of lithium batteries on technological advances in order to reduce the price of lithium batteries as lithium batteries cost more than lead-acid batteries.
Moreover, several companies are improving lithium batteries in every conceivable way, which will result in a year-by-year reduction in the cost of these batteries Therefore, there has been an increase in the use of lithium batteries, including lithium silicon batteries in day-to-day applications due to above-mentioned factors. Thus, it is expected to positively impact the market during the forecast period.
The presence of several substitutes for lithium silicon batteries is one of the key challenges hindering market growth. There is increasing adoption of lithium silicon batteries across automotive, consumer electronics, and energy storage applications, mainly due to their lightweight feature and high energy storage capacity. However, several lithium silicon battery alternatives are expected to negatively impact the market.
For instance, lithium-sulfur batteries, redox flow batteries, graphene supercapacitors, aluminum-graphite batteries, bioelectrochemical batteries, nickel-cadmium batteries, lead-acid batteries, absorbent glass mat batteries, nickel-metal hydride batteries, alkaline and zinc-carbon batteries, sodium batteries, solid-state batteries, and nickel-iron batteries are some of the common alternatives of lithium silicon batteries. Hence, the increase in demand for such alternatives will hinder the market growth during the forecast period.
The aerospace segment is estimated to witness significant growth during the forecast period. There is an increasing adoption of lithium silicon batteries for commercial aviation applications as well as military aviation applications. Lithium silicon batteries have higher energy density when compared to other batteries. Some of the key advantages of Lithium silicon batteries include low discharge, low maintenance, lightweight, and high energy storage potential which fuels its adoption in the aviation industry.
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Another advantage of lithium silicon batteries is that they have good power density and can be produced in different shapes. There is a significant adoption of these batteries for unmanned aerial vehicles (UAVs) due to their lightweight. The growing use of UAVs for mission-critical military applications is fuelling the growth of this segment. Lithium silicon batteries are becoming more competitive than other substitute battery technologies. Moreover, increased research and development (R&D) activities on lithium silicon batteries have led to enhanced performance of lithium silicon batteries. The prices of lithium silicon batteries will continue to decline with their rising production, which will fuel the adoption of lithium silicon batteries in the aviation industry. Hence, such factors are expected to fuel the growth in the segment which, in turn, will drive the market growth during the forecast period.
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North America is estimated to contribute 34% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. Some of the key factors that are significantly contributing to the growth of the lithium silicon battery market in North America are increasing demand for electric and hybrid vehicles that employ silicon lithium batteries as well as a rise in renewable power generation and the increased adoption of EVs and hybrid electric vehicles (HEVs).
Moreover, the main country in North America that is significantly contributing to the market growth is the US due to the increase in renewable power generation and the adoption of EVs. Additionally, the US government is encouraging investors in EVs and the renewable industry due to their clean energy policy. As a result, it is fuelling the demand for battery-based energy storage devices, led primarily by lithium silicon batteries. Hence, such factors are expected to drive market growth in North America during the forecast period.
In 2020, during the COVID-19 pandemic, the growth of the global lithium silicon battery market witnessed a significant slowdown due to the temporary closure of many end-user sectors, including automotive and consumer electronics in North America. However, in 2021, the initiation of large-scale vaccination drives lifted the lockdown and travel restrictions, which led to the resumption of operations in end-user industries. Such factors are expected to drive the market during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
3M Co: The company offers lithium silicon batteries such as 3M anode silicon lithium batteries.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The lithium silicon battery market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Lithium Silicon Battery Market Scope |
|
Report Coverage |
Details |
Page number |
148 |
Base year |
2022 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 54.43% |
Market growth 2023-2027 |
USD 86.46 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
40.5 |
Regional analysis |
North America, APAC, Europe, South America, and Middle East and Africa |
Performing market contribution |
North America at 34% |
Key countries |
US, China, Japan, Germany, and UK |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
3M Co., Amprius Technologies Inc., California Lithium Battery, CONNEXX SYSTEMS Corp., Enevate Corp., Enovix Corp., EoCell Inc., Global Graphene Group Inc., Group14 Technologies, LG Chem Ltd., Nanospan Inc., Nexeon Ltd., OneD Battery Sciences, Panasonic Holdings Corp., Paraclete Energy Inc., Samsung SDI Co. Ltd., Sila Nanotechnologies Inc., SILIB, Targray Technology International Inc., and XG Sciences Inc. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Application
6 Market Segmentation by Material
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix
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