Lithium-silicon Battery Market: Introduction
- Lithium-silicon battery is a type of lithium-ion battery which contains silicon base as the anode and lithium ions as charge carriers. As compared to graphite and carbon working as anode, silica is required in less amount, which creates more space for lithium ions.
- Lithium-ion batteries are used in several applications such as mobiles, laptops, cameras, e-vehicles, and homes. Due to high demand, companies are currently focusing on introduction of advanced batteries with rapid charging, high power, and long life. Lithium-silicon batteries can fulfill requirements for rapid charging, high power, and long life.
- Lithium-silicon batteries can store 20% to 40% higher energy than other lithium-ion batteries. Companies are investing to increase the battery power by 50% and thereby, provide lighter, more powerful, rapid charging batteries to consumers.
Key Drivers and Restraints of Global Lithium-silicon Battery Market
- The rise in industrialization and modernization across the globe is estimated to be a key driver of the global lithium-silicon battery market during the forecast period. Use of lithium-silicon batteries offers benefits such as quick charging, reduced battery size and weight, and increased charge cycles.
- Growth of automobile, defense, energy, electronics, and aerospace sectors across the globe is anticipated to boost the global lithium-silicon battery market between 2019 and 2027. Properties such as low weight and flexibility in application in several industries are expected to drive the global lithium-silicon battery market during the forecast period.
- Significant rise in the demand for electric vehicles in the last few years is expected drive the global lithium-silicon battery market during the forecast period. Global electric vehicle sales reached the mark of more than 1 million units in the first half of 2019, which are 46% higher than those in 2018. This rise in the demand for electric vehicles among consumers is anticipated to boost the global lithium-silicon battery market in the near future.
- Lack of awareness about technological potential of lithium-silicon batteries and the availability of low-cost substitutes are restraining factors for the global lithium-silicon battery market.
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Global Lithium-silicon Battery Market: Segmentation
- The global lithium-silicon battery market can be segmented in terms of battery shape and end-user
- In terms of battery shape, the global lithium-silicon battery market can be segmented into prismatic, cylindrical, coin-shaped, multi-cell, and others. The prismatic segment is anticipated to expand at a significant CAGR during the forecast period, due to rise in the demand from various industries such as automotive, aerospace, and military.
- Based on end-user, the global lithium-silicon battery market can be segmented into automobile, aerospace, defense, consumer electronics, and others. The global automobile sector is expected to expand at the maximum CAGR during the forecast period, due to high demand for battery-operated vehicles. In the last few years, increase in awareness about environment protection and stringent government rules and regulations have forced companies to adopt new, eco-friendly technologies. Due to these factors, the global lithium-silicon battery market is expected to expand significantly during the forecast period.
Global Lithium-silicon Battery Market: Regional Segmentation
- Based on region, the global lithium-silicon battery market can be classified into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa
- Asia Pacific is expected to dominate the global lithium-silicon battery market during the forecast period. Due to rise in industrialization in developing countries in the region, such as China, India, Indonesia, and South Korea, the demand for lithium-silicon batteries is expected to increase significantly from 2019 to 2027.
- China dominated the lithium-silicon battery market in Asia Pacific in 2018. It is expected to continue its dominance during the forecast period, owing to expansion of the automobile industry in the country. In 2018, electric vehicle sales in China stood at around 1.2 million units, which were almost double the sales in 2017 (0.7 million units).
- The market in North America is projected to expand significantly during the forecast period, due to significant increase in household incomes in the U.S. and Canada. The U.S. is a major player in the global automobile, military, and aerospace sectors and the country is estimated to dominate the lithium-silicon battery market in the region during the forecast period.
- The lithium-silicon battery market in Europe is anticipated to expand significantly during the forecast period, due to increased adoption of battery-operated vehicles in the region
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- In October 2018, Huawei Consumer Business Group introduced the first patented lithium-silicon battery, which provides high power, rapid charging, and safety. The company is planning to use this battery in its upcoming smartphones.
- In November 2019, Sila Nanotechnologies Inc. partnered with BMW and Daimler to develop an advanced version of lithium-silicon batteries. In this deal, the company received funding of US$ 45 Mn. In 2019 itself, the company received funding worth US$ 170 Mn from Daimler AG.
Key Players Operating in Global Market
- Targray Technology International Inc.
- Sila Nanotechnologies Inc.
- NEXEON LTD
- Enevate Corporation
- EoCell, Inc.
Global Lithium-silicon Battery Market: Research Scope
Global Lithium-silicon Battery Market, by Battery Shape
Global Lithium-silicon Battery Market, End-user
- Consumer Electronics
Global Lithium-silicon Battery Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
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