The nanowire battery market is estimated at USD 53 million by 2021 and is projected to reach USD 243 million by 2026, growing at a CAGR of 35.7%. 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 and development phase. 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 more considerable 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. The rising demand for batteries with high charge retention capacity, increasing expenditure on R&D activities by automotive companies, and growing consumer electronics industry are the major factors driving the growth of the market.
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Silicon is likely to be extensively used in manufacturing these batteries and thus, expected to grow at the highest CAGR from 2021 to 2026. 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 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.
The medical devices segment is expected to register the highest CAGR in the nanowire battery market during the forecast period. Nowadays, innovations are taking place in the healthcare industry with the quick adoption of new technologies. 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.
APAC is expected to be the fastest-growing market for nanowire battery during 2021–2026. 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.
Nanowire Battery Market by Material Type (Silicon, Germanium, Transition Metal Oxides, Gold), Industry (Consumer Electronics, Automotive, Aviation, Energy, Medical Devices), and Region (North America, Europe, APAC, RoW) – Global Forecast to 2026
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