Nanowire Battery Market

Nanowire Battery Market Outlook (2022 to 2032)

Global nanowire battery sales in 2021 totaled US$ 53 million. From 2022 to 2032, demand for nanowire batteries is projected to rise at a stupendous 29.2% CAGR. As per the latest analysis, the global nanowire battery industry size is expected to expand from US$ 71.7 million in 2022 to US$ 928 million by 2032.

Demand for nanowire batteries is anticipated to remain high in consumer electronics sector. According to the latest analysis, consumer electronics segment is forecast to thrive at 16.3% CAGR from 2022 to 2032.

Key Market Shaping Factors:

• Growing popularity of electric and hybrid vehicles to uplift nanowire battery demand
• Surging demand for batteries with high charge retention capacity to encourage adoption of nanowire batteries
• Widening applications of nanowire batteries in the booming consumer electronics sector to create lucrative opportunities for nanowire battery manufacturers
• Burgeoning demand for advanced medical devices with highly efficient batteries will bolster nanowire battery sales
• Rising usage of nanowire technology in energy storage devices will positively impact the market
• Rapid expansion of renewable energy infrastructure is likely to open new growth windows for nanowire battery companies

Batteries with improved charge retention capacities that use nanowires to increase the surface areas of one or both electrodes are referred to as nanowire batteries. These batteries are gaining wider traction in a wide range of sectors.

Nanowire technology has the potential to replace conventional lithium-ion batteries as the industry standard.

As per PMR, nanowire batteries are expected to replace various other conventional batteries such as lithium-ion batteries due to their attractive features. For instance, these batteries are lighter and safer and have more energy density.

Growing demand for better consumer electronics has put a lot of pressure on companies to use novel batteries in their products. This is bringing nanowire batteries into limelight and creating lucrative opportunities for nanowire battery manufacturers.

Nanowire batteries offer various advantages for consumer electronics such as smartphones. This includes higher energy density, faster charging, and longer battery life.

Rising usage of nanowire batteries in a wide range of consumer electronic products is expected to boost sales during the forecast period.

Implementing nanowire batteries in smartphones can result in improved performance, longer usage time, and reduced charging times, enhancing the overall user experience.

There were around 3.5 billion smartphone users in the world in 2018 which increased to around 5 billion in 2022. It is projected that by 2028 there will be around 6.1 billion smartphone users around the world.

As the demand for consumer electronics with more powerful and longer-lasting batteries continues to increase, sales of nanowire batteries are expected to rise rapidly. This is due to their potential for higher energy density and improved performance.

2017 to 2021 Global Nanowire Battery Sales Outlook Compared to Demand Forecast from 2022 to 2032

As per Persistence Market Research’s (PMR) latest report, historically, global sales of nanowire batteries increased by around 35.5% CAGR from 2017 to 2021. Looking forwards, the worldwide market for nanowire batteries is anticipated to thrive at 29.2% CAGR, creating an absolute $ opportunity of US$ 856.4 million during the forecast period.

Growing demand for energy storage solutions, driven by the rapid adoption of renewable energy sources and the need for portable power in various applications, is a significant factor driving the expansion of the nanowire battery industry.

Nanowire batteries offer the potential for higher energy density, faster charging, and longer cycle life compared to traditional battery technologies. This makes them attractive for energy storage applications.

The demand for high-performance batteries in consumer electronics, electric vehicles (EVs), and other portable devices is expected to boost the nanowire battery industry.

As the demand for longer battery life, faster charging, and higher energy density increases, nanowire batteries offer the potential to meet these requirements and enhance the performance of electronic devices and EVs.

Nanowire batteries have the potential to enhance the performance of electric vehicles (EVs) by providing higher energy density, faster charging, and longer cycle life. The use of nanowire batteries in EVs could enable longer driving ranges, reduce charging times, and improve overall battery performance.

In 2018, around 1.9 million units of electric vehicles were sold globally. It is expected that by 2027, around 16.21 million units of electric vehicles will be sold globally. This is likely to uplift nanowire battery demand during the assessment period.

Which Region is Projected to Dominate the Worldwide Nanowire Battery Industry?

Regionally, Asia Pacific is expected to dominate the global nanowire battery industry during the assessment period. In 2022, Asia Pacific nanowire battery industry size reached US$ 36.9 million. By 2032, Asia Pacific market is projected to cross a valuation of US$ 478.8 million.

Asia Pacific region is witnessing a rapid adoption of electric vehicles (EVs) and renewable energy sources, leading to an increased need for efficient energy storage solutions.

Nanowire batteries offer advantages such as higher energy density, faster charging, and longer cycle life, making them well-suited for EVs and renewable energy storage applications.

In 2018 the region produced around 97,000 EVs which increased to around 187,000 EVs in 2021. With increasing adoption of EVs, demand for nanowire batteries is also projected to increase therefore expanding the market during the assessment period.

Country-wise Insights:

Projected CAGR (2022 to 2032):

Market Value (2032):

Absolute Incremental Opportunity (2022 to 2032):

What is the Sales Forecast for the United States Nanowire Battery Market?

The United States nanowire battery market witnessed a CAGR of 31.7% from 2017 to 2021. Looking ahead, nanowire battery sales across the United States are likely to soar at 27.8% CAGR. By 2032, total market valuation in the country is projected to reach US$ 131.3 million.

Rising popularity of electric vehicles is a prominent factor expected to boost sales of nanowire batteries in the United States market.

In 2018 there were around 361,000 units of electric vehicles sold in the United States which increased to around 750,000 units by 2022. It is projected that by 2030 the number of electric vehicles sold in the United States will be around 5.6 million units. This will elevate nanowire battery demand.

Nanowire batteries have the potential to enhance the performance of electric vehicles (EVs) by providing higher energy density, faster charging, and longer cycle life. Therefore, rising demand for electric vehicles in the country will bolster nanowire battery sales during the assessment period.

Why is China Becoming a Leading Market for Nanowire Battery Manufacturers?

As per Persistence Market Research (PMR), China is expected to remain the most lucrative market for nanowire battery companies. This is due to robust expansion of automotive and consumer electronics sectors along with high usage of nanowire batteries in these sectors.

From 2022 to 2032, nanowire battery demand in China is anticipated to rise at 31.0% CAGR. By 2023, China nanowire battery market is projected to cross a valuation of US$ 249.0 million.

Increasing production and usage of smartphones and burgeoning demand for electric vehicles are expected to uplift nanowire battery demand in China through 2032.

China is a leading producer and consumer of smartphones globally. There were around 1.06 billion smartphone users in China in 2022 which is expected to reach around 1.18 billion by 2026. Driven by this, demand for nanowire batteries is expected to rise rapidly in China.

How will Growth Unfold in Japan Nanowire Battery Market?

Japan nanowire battery industry is expected to reach a valuation of US$ 167.6 million by 2032. It is likely to create an absolute $ growth of US$ 154.9 million over the next ten years.

Historically, from 2017 to 2021, nanowire battery demand in Japan increased at 36.9% CAGR. Over the projection period, Japan market is forecast to thrive at a CAGR of 29.5%.

High adoption of electric vehicles is a key factor that is expected to provide impetus to Japan nanowire battery industry.

In 2020, Japan sold around 20,000 electric vehicles, which increased to about 54,000 electric vehicles in 2021. The overall number of electric vehicles in operation in the country is projected to be around 138,000 vehicles.

With surging demand for electric vehicles, sales of nanowire batteries are projected to increase at an impressive pace.

Category-wise Insights:

Which Material Type is Highly Preferred for Making Nanowire Batteries?

According to Persistence Market Research (PMR), germanium will remain the most commonly used material type for making nanowire batteries. This is due to its various excellent properties and high end user demand for germanium-based nanowire batteries.

From 2017 to 2021, germanium segment exhibited a CAGR of 20.7%. For the projection period 2022 to 2032, it is likely to thrive at 16.4% CAGR.

Germanium is a semiconductor material used in the production of nanowire batteries. Its properties, such as high energy density, good electrical conductivity, compatibility with silicon, and compatibility with nanofabrication techniques, make it suitable for this application.

Germanium can store a significant amount of energy in a small volume, enabling high energy density in nanowire batteries. Its moderate electrical conductivity allows for efficient charge transfer, resulting in high power output and fast charging/discharging capabilities.

Germanium can be alloyed with silicon to form heterostructures, enhancing battery performance. Further, it can be integrated into nanowire battery fabrication processes, enabling precise and controlled growth.

Which Industry is Expected to Create Lucrative Opportunities for Nanowire Battery Manufacturers?

Based on industry, adoption of nanowire batteries is expected to remain high in consumer electronics sector. The target segment is forecast to progress at a CAGR of 16.3% from 2022 to 2032, making it a key revenue-generation segment for manufacturers.

Nanowire batteries are gaining attention for their potential use in consumer electronics due to their unique properties and advantages. These batteries, which utilize nanoscale wires to enhance performance, offer several benefits for electronic devices.

Nanowire batteries have the potential to significantly increase energy storage capacity. By incorporating nanowires into the battery structure, more active surface area is available for electrochemical reactions, allowing for higher energy density and longer battery life.

Usage of nanowire batteries in consumer electronic devices, such as smartphones, laptops, and wearables, allows them to operate for longer durations without requiring frequent recharging.

Nanowire batteries also exhibit faster charging and discharging rates. The nanowire structure allows for efficient ion and electron transport, enabling rapid energy transfer during the charging and discharging processes. This feature is particularly valuable for consumer electronics, where quick charging times are highly desirable.

Nanowire batteries also offer improved durability and stability. The nanowire design can mitigate issues such as electrode degradation, capacity fading, and internal resistance buildup commonly observed in traditional batteries. This leads to longer-lasting and more reliable power sources for consumer electronics.

Competitive Landscape:

Leading nanowire battery manufacturing companies listed in the report include Sila Nanotechnologies, Targray, OneD Material, Amprius, Novarials Corporation, Nexeon, NEI Corporation, Samsung SDI, LG Chem, Panasonic, Enevate, Boston Power, Lithium Werks, and ACS Materials.

Key companies are employing numerous strategies to increase their sales and expand their footprint. These strategies include new product launches, mergers, distribution agreements, collaborations, partnerships, acquisitions, etc.

Recent developments:

• In October 2022, Amprius Technologies, Inc. signed a three-year collaboration arrangement with BAE Systems. Amprius will first collaborate with BAE Systems' Air division, producing lightweight high-energy batteries designed exclusively for electrically powered aircraft applications.
• In September 2019, Umicore announced its acquisition of Cobalt and Nickel Refinery Products (CNP), a company specializing in the production of nanowire-based cathode materials for lithium-ion batteries. The acquisition was expected to strengthen Umicore's position as a key player in the battery materials market.
• In February 2019, Tesla announced the acquisition of Maxwell Technologies, a company specializing in ultracapacitors and battery technology. Maxwell had been developing a dry electrode technology that utilized nanowires, which could potentially improve the performance of Tesla's batteries, therefore providing Tesla with better batteries than its competitors.

Scope of the Report:

Global Nanowire Battery Market Segmentation:

By Material Type:

• Silicon
• Germanium
• Transition Metal Oxides
• Gold

By Industry:

• Consumer Electronics
• Automotive
• Aviation
• Energy
• Medical Devices

By Region:

• North America
• Latin America
• Europe
• Asia Pacific
• Middle East and Africa

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