Reading time ( words)
The nanowire battery market is estimated to reach $243 million by 2026 from $53 million in 2021, at a CAGR of 35.7% between 2021 and 2026.
A nanowire battery is a new type of lithium-ion battery, which uses nanowires to increase the surface area of one or both the electrodes. Nanowire batteries are currently under the research & development phase and are anticipated to commercialize post-2020. They are being considered as a long-term replacement for lithium-ion batteries, which are being used extensively for powering consumer electronics and electric vehicles. The ability of nanowire battery to hold a higher amount of charge for a greater period makes it an attractive alternative to lithium-ion batteries in the future. Battery manufacturing companies are planning to launch silicon, germanium, transition metal oxides, and gold-based nanowire batteries in the near future.
Silicon has emerged as the most promising anode material owing to its high charge retention capacity, low discharge capacity, and low cost. Silicon enables fast charging and lasts longer than lithium-ion batteries. Need for a longer battery lifetime and faster recharging time are the growing trends in the current battery ecosystem. Moreover, growing electric mobility and miniaturization of consumer electronics has created an urgent requirement for advanced energy storage for batteries. Thus, silicon is expected to grow at the highest CAGR in the nanowire battery market.
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. Nanowire batteries are lighter, safer, and have more energy density, and are expected to replace lithium-ion batteries in implantable devices in the coming years.
APAC is expected to be the fastest-growing market for nanowire battery between 2021 and 2026. Industries such as automotive and consumer electronics are expected to drive the demand for nanowire batteries in APAC. The increasing demand for smartphones and wearable devices in countries such as China, Japan, and South Korea is expected to drive the growth of nanowire batteries.
South Korea has the presence of a few of the leading battery manufacturers in the world, such as LG Chem and Samsung SDI. Moreover, the country is home to one of the leading electronics manufacturers, including those manufacturing smartphones, laptops, and wearables. A booming electronics industry, along with the presence of leading battery manufacturers makes South Korea an ideal market for nanowire batteries.
MarketsandMarkets provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.