Nanowire Battery Market is Estimated to Reach USD 534 Million by 2028

TheNanowire Battery Marketis predicted to increase at a Compound Annual Growth Rate (CAGR) of 38% from an estimated value of USD 56 Million in 2021 to USD 534 Million by 2028. Rising demand for batteries with high charge retention capacity, increased Research and Development (R&D) spending by automotive businesses, and a burgeoning consumer electronics industry are driving market expansion. In today's battery environment, there is an increasing need for greater battery life and faster charging times.

The increased use of electric vehicles and the shrinking of consumer devices has produced an urgent need for better energy storage for batteries. Because of its potential charge retention capacity of 4,200 mAh/gm, which is 10 times more than typical graphite, nanostructured silicon has emerged as the most promising anode material. Because of its high energy density, silicon is suitable for energy-intensive applications such as consumer electronics, electric cars, and energy storage for the electric grid.

During 2022 to 2028, growth in the consumer electronics industry is expected to bring up more profitable prospects for nanowire battery makers. The consumer electronics industry's increased focus on expanding the operating length of mobile phones and laptops on a single charge has resulted in increased deployment and usage of nanowire batteries. Another factor driving the growth of the global Nanowire Battery Market is the potential of nanowire batteries to store more power than existing conventional batteries. Medical device technological improvements are also encouraging the utilisation of nanowire batteries. The enhanced storage capacity of nanowire batteries has also prompted increased use by electric vehicle makers. Nanowire batteries are also a superior solution for a variety of applications due to their low danger of explosion, which is driving product demand in the automotive and consumer electronics sectors.

Advanced battery-powered medical equipment, such as pacemakers and hearing aids, are being developed to improve their users' general health and well-being. However, these implanted devices are powered by lithium-ion batteries, which pose a variety of safety concerns for patients. As a corollary, developing nanowire batteries that are lighter, safer, and have a better energy density are anticipated to replace lithium-ion batteries in implanted devices in the coming years.

The global market for nanowire batteries can be segmented on the basis of either material type or by end-use industry. Based on material type, the market is divided into silicone, germanium, transition metal oxides, and gold. Silicone based battery is predicted to have high CAGR. On the other hand, the market is divided into consumer electronics, automotive, aviation, energy, and medical devices while considering the end-use industry. With inventive expansion in the medical sector, the use of nanowire batteries is bound to be essential.

During the projected period, the APAC Nanowire Battery Market is predicted to develop at the fastest CAGR. In APAC, the automotive and consumer electronics sectors are expected to drive demand for nanowire batteries. The rising popularity of smartphones and wearable gadgets in China, Japan, and South Korea is predicted to fuel the expansion of nanowire batteries. The Chinese government's quest for sustainable energy, along with a rapidly expanding EV industry, is likely to generate significant development prospects for the nanowire battery business.

Sila Nanotechnologies is quickly expanding in North America, with other operations in Europe and Asia Pacific, with the goal of partnering with prominent firms in the consumer electronics and automotive industries to expand its company in the next few years. Sila Nanotechnologies is at the forefront of commercialising their lithium-ion battery with an anode made entirely of silicon. According to the business, silicon dominating battery technology may be readily integrated into the existing battery manufacturing process, making mass production of silicon nanowire batteries easier.

As of 2021, the major players in the Nanowire Battery Market were - OneD Material (US), Amprius (US), Nexeon (UK), Sila Nanotechnologies (US), NEI Corporation (US), LG Chem (South Korea), XG Sciences (US), Panasonic (Japan), Enevate (US), Samsung SDI (South Korea), Novarials Corporation (US), ACS Materials (US), Boston Power (US), Targray (Canada), and Lithium Werks (Netherlands).