Vancouver, British Columbia, Feb. 25, 2021 (GLOBE NEWSWIRE) -- The global nanowire battery market is projected to reach a market size of USD 352.9 million at a significantly steady CAGR in 2027, according to latest analysis by Emergen Research. This projected robust revenue growth can be attributed to the excellent cycle life of nanowire batteries, and rising adoption in various industries over the recent past. The high conductivity and connectivity of nanowire batteries has been driving rising adoption in the consumer electronics industry. Increasing development and introduction of rechargeable medical devices has also been driving demand for high energy density nanowire batteries to improve the efficiency and functional duration of these devices on a single charge.
Another major advantage is that graphene batteries do not explode, which is a major factor of these batteries over Li-ion batteries. This is a key reason for higher adoption in of nanowire batteries in automotive and consumer electronics devices and industries. The increasing need to improve performance of electric vehicles, drones, medical devices, and aircraft applications is fueling high demand. Advancements in electronic devices has also been driving rising adoption of nanowire batteries due to need for higher energy density. Moreover, high storage capacities of silicon and germanium batteries as compared to batteries using existing and conventional battery technologies is another factor driving the nanowire batteries market.
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Key Highlights of Report
- In February 2020, Toyota Motor Corp. and Panasonic, which is the largest manufacturer of lithium-ion batteries globally, collaborated to develop a new generation of electric vehicle batteries. The joint venture named Prime Planet Energy and Solutions, is to work on prismatic batteries.
- The medical devices segment revenue is expected to expand at a rapid CAGR of 35.0% during the forecast period. The rising need for advanced batteries that are safer, more reliable, offer longer service life, and volumetric energy density has been driving rising adoption of nanowire batteries for production of advanced medical devices.
- The silicon segment revenue is expected to expand at a rapid CAGR of 33.9% during the forecast period. The excellent cycle life and high conductivity and connectivity of silicon nanowire batteries have increased its adoption in the consumer electronics industry.
- North America accounted for the largest revenue share contribution to the global nanowire battery market in 2019. Technological advancements in the healthcare sector and medical devices industry countries in the region is driving demand for nanowire batteries.
- Key players in the market include Amprius, Sila Nanotechnologies Inc., OneD Material, Inc., Nexeon Ltd, NEI Corporation, XG Sciences, LG Chem, Panasonic, Samsung SDI Co., and Enevate Corporation.
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Emergen Research has segmented the global nanowire battery market on the basis of application, raw material type, and region:
- Application Outlook (Revenue, USD Million; 2020–2027)
- Energy Storage
- Consumer Electronics
- Aviation
- Automotive
- Medical Devices
- Power Generation
- Others
- Raw Material Type Outlook (Revenue, USD Million; 2020–2027)
- Germanium
- Silicon
- Transition Metal Oxides (manganese oxide, lead oxides anodes, heterostructure)
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- Regional Outlook (Revenue, USD Million; 2020–2027)
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- France
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- Rest of MEA
- North America
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