Automotive Segment is Expected to Dominate the Global Nanowire Battery Market
Rising
Demand for Electric Vehicles and Fast Charging are the factors propelling the
market growth.
According
to TechSci Research report, “Global Nanowire Battery Market - Industry Size,
Share, Trends, Competition Forecast & Opportunities, 2029”. Global
Nanowire Battery is anticipated to project robust growth in the forecast period
with a CAGR of 32.64% through 2029. Need for a longer battery lifetime and
faster recharging time are the growing trends in the present battery ecosystem.
Moreover, growing electric mobility and miniaturization of consumer electronics
has created an urgent requirement for advanced energy storage for batteries.
Nanostructured silicon has emerged as the most promising anode material owing
to its high theoretical charge retention capacity of 4,200 mAh/gm, which is ten
times more than traditional graphite. Such high energy density makes silicon
ideal for energy-intensive applications, such as consumer electronics, electric
vehicle.
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.
Therefore, upcoming nanowire batteries, which are lighter, safer, and have more
energy density, are expected to replace lithium-ion batteries for implantable
devices in the coming years.
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Global Nanowire Battery Market”
Based
on Industry, Automotive is expected to hold the largest share of Nanowire
Battery market for during the forecast period, Vehicles with internal
combustion engine (ICE) technology were the only types preferred earlier.
However, technology has now been shifting toward electric vehicles (EVs) due to
growing environmental concerns. Lithium-ion batteries are predominantly used in
EVs as they provide high energy density, low self-discharge, and low weight and
require low maintenance.
For
ICE vehicles, lead-based batteries are being widely used. These batteries are
expected to continue to be the only viable mass-market battery system for the
foreseeable future. For SLI applications, lithium-ion batteries require heavy
cost reductions to be considered a viable mass-market alternative to lead-based
batteries.
Lithium-ion
battery systems propel plug-in hybrid and electric vehicles. These batteries
contain the only available technology capable of meeting the OEM requirements
for the vehicle's driving range and charging time. In 2021, the global stock of
electric cars reached 16.49 million units, which increased by around 9% from
10.24 million units in 2020. This growth in EVs is expected to proped the
demand for lithium-ion batteries as well.
In
January 2022, Nexeon Limited, a supplier of advanced silicon anode materials
for next-generation lithium-ion batteries, licensed its NSP-1 technology to
advanced material giant, SKC Co. Ltd. This contributed to the advancement of
the research of automotive batteries.
Also,
in February 2022, Panasonic Corporation announced that its Energy Company will
establish a production facility at its Wakayama Factory in western Japan to
manufacture large cylindrical 4680 (46 mm wide and 80 mm tall) lithium-ion
batteries for electric vehicles (EVs).
Based
on Region, Asia Pacific will dominate the market, Asia-Pacific has multiple
growing economies with substantial natural and human resources. China and India
are expected to be major investment hotspots for battery companies in the
coming years because of policy-level support from the respective governments
encouraging the manufacturing sector.
The
deployment of electric vehicles and the installation of renewable power plants
in China and India are increasing rapidly, which is expected to create a
massive demand for batteries.
China
is the largest market for electric vehicles (EVs), with over 1.15 million EVs
sold in 2021. The country is expected to remain the world’s largest electric
car market. China accounted for almost 40% of the global sales of electric cars
in 2021. Additionally, in January 2022, the 50% ownership rule was relaxed for
passenger cars in China. Also, the laws restricting a foreign company from
establishing more than two joint ventures producing similar vehicles in the
country were removed.
The
Government of China is expected to cut down subsidies on electric vehicles by
30% in 2022 and eliminate it by the end of the year, as the electric vehicle
industry in the country is now thriving. The planned subsidy cut is aimed at
reducing the reliance of manufacturers on governmental funds for the
development of new technologies and vehicles.
India
is also rapidly developing advanced batteries. As part of this, in June 2022,
IIT Madras researchers developed a new kind of battery technology for electric
cars. They developed mechanically rechargeable zinc-air batteries, which are
more economical than the existing lithium-ion batteries and have a longer shelf
life. Zinc-air batteries can be used in two-wheeler and three-wheeler EVs.
Key market
players in the Global Nanowire Battery Market are following: -
- Amprius
- Sila
Nanotechnologies
- OneD
Material
- Nexeon
- NEI
Corporation
- XG
Sciences
- LG
Chem
- Panasonic
- Samsung
SDI
- Enevate
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“The
global nanowire battery market is driven by several key factors that highlight
the immense potential of nanowire batteries as an advanced energy storage
solution. These drivers include their high energy density, enabling the storage
of more energy in smaller, lighter packages. Nanowire batteries also offer
fast-charging capabilities, addressing the growing demand for rapid charging in
electric vehicles and portable electronics. Their longer lifespan reduces the
need for frequent replacements, cutting costs and reducing waste. Safety is a
critical driver, as nanowire batteries exhibit lower risks of overheating and
explosions, making them safer for various applications. Their environmentally
friendly materials align with sustainability goals, reducing the environmental
impact of battery production and disposal. The rising demand for electric
vehicles and the need for advanced energy storage solutions in consumer
electronics and IoT devices further propel the nanowire battery market. These
drivers collectively position nanowire batteries as a promising technology for
revolutionizing energy storage in a wide range of industries.” said Mr. Karan
Chechi, Research Director with TechSci Research, a research-based global
management consulting firm.
Nanowire
Battery Market – Global Industry Size, Share, Trends, Opportunity, and Forecast
Segmented by Material Type (Silicon, Germanium, Transition Metal Oxides, Gold),
Industry (Consumer Electronics, Automotive, Aviation, Energy, Medical Devices),
By Region, By Competition 2019-2029 has evaluated the future growth potential of Global Nanowire Battery Market and
provides statistics and information on market structure, size, share, and
future growth. The report is intended to provide cutting-edge market
intelligence and help decision makers take sound investment decisions. Besides,
the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities present in the Global Nanowire
Battery Market.
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