New York, June 13, 2023 (GLOBE NEWSWIRE) -- According to Persistence Market Research, the global nanowire battery market size is projected to increase from US$ 71.7 million in 2022 to US$ 928 million by 2032. Between 2022 and 2033, global sales of nanowire batteries are likely to rise at 29.2% CAGR.
Consumer electronics is expected to remain the leading end user sector for nanowire batteries. This is due to rising importance of these batteries in the thriving consumer electronics sector. The target segment is poised to exhibit an impressive CAGR of 16.3% from 2022 to 2032.
Rising adoption of nanowire batteries in electric vehicles & consumer electronics around the world is projected to boost the global market.
Increasing demand for energy storage solutions due to rise of the renewable energy revolution and requirement for portable power in a variety of applications is a crucial driver driving the expansion of the nanowire battery industry.
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When compared to standard battery technologies, nanowire batteries have the potential for higher energy density, faster charging, and longer cycle life. As a result, they are becoming ideal for energy storage applications.
Surging demand for high-performance batteries in consumer electronics, electric vehicles (EVs), and other portable devices is another factor fueling market expansion.
Nanowire batteries can help in meeting demand for longer battery life, faster charging, and more energy density across various sectors. They are especially gaining wider popularity in electric vehicles and consumer electronics products.
Nanowire batteries can improve EV performance by providing faster charging, better energy density, and longer cycle life. Thus, rising production and sales of electric vehicles globally will create lucrative opportunities for nanowire battery manufacturers.
Similarly, widening applications in the thriving consumer electronics sector will uplift nanowire battery demand. This is because nanowire batteries benefit consumer gadgets such as cell phones by delivering increased energy density, faster charging, and longer battery life.
Key Takeaways from the Nanowire Battery Market Report:
- Global nanowire battery sales are projected to soar at 29.2% CAGR through 2032.
- By material type, germanium segment is forecast to exhibit a CAGR of 16.4% from 2022 to 2032.
- Based on industry, consumer electronics segment is likely to progress at 16.3% CAGR through 2032.
- The United States nanowire battery industry is expected to reach US$ 131.3 million by 2032.
- Korea nanowire battery industry is expected to thrive at 29.7% CAGR between 2022 and 2032.
- Japan market is projected to surpass a valuation of US$ 167.6 million by the end of 2032.
- Nanowire battery demand in China is projected to increase at 31.0% CAGR through 2032.
“Rising fame of electric vehicles and proliferation of consumer electronic devices such as smartphones are expected to boost the global nanowire battery market. To take benefit of emerging opportunities, key companies are focusing on using various organic and inorganic strategies including new product launches and acquisitions.” - says a Persistence Market Research (PMR) analyst
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Who is Winning?
Targray, Amprius, Enevate, Sila Nanotechnologies, Novarials Corporation, OneD Material, Nexeon, Samsung SDI, NEI Corporation, LG Chem, Panasonic, ACS Materials, Lithium Werks, and Boston Power are few of the prominent nanowire battery manufacturers profiled in the report.
These companies are concentrating on developing novel products with better efficiency and lower prices to meet end user requirements. They are also adopting strategies such as mergers, partnerships, partnerships, acquisitions, facility expansions, etc. to improve their revenues and expand their presence. For instance,
- In 2019, Cobalt and Nickel Refinery Products (CNP), a leading company specializing in the production of nanowire-based cathode materials for lithium-ion batteries, was acquired by Umicore.
More Insights Available:
Persistence Market Research (PMR), in its new offering, presents an unbiased analysis of the nanowire battery industry presenting historical data (2017 to 2021) and forecast statistics for the period from 2022 to 2032.
The study reveals market projections based on material type (silicone, germanium, transition metal oxide, and gold), industry (consumer electronics, automotive, aviation, energy, and medical devices), and Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) from 2022 to 2032.
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About the Semiconductor and Electronics Division at Persistence Market Research (PMR)
Persistence Market Research's (PMR) highly experienced semiconductor and electronics team aids companies from all over the world with their specific business intelligence needs through professional research, actionable insights, and strategic recommendations. With a library of over a thousand research and 1 million+ data points, the team has spent over a decade analyzing the technology business across 50+ countries. From start to end, the company provides unrivaled research and consulting services. Please get in touch with us to see how we can help.
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