Lithium Silicon Battery Market worth $247 million by 2030

(IT-NEWSWIRE.COM, August 25, 2022 ) The global lithium silicon battery market size is anticipated to grow from USD 10 million in 2022 to USD 247 million by 2030 at CAGR of 48.4%.The lithium silicon battery market is segmented based on material, technology, capacity, application, and region. The lithium silicon market growth is propelled by government initiatives for commercializing electric vehicles (EVs). The growth of the consumer electronics industry has also driven demand for compact batteries with increased capacity. Increasing investments in battery technologies have also supported market growth.

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Lithium silicon batteries have been commercialized in consumer electronics to a small extent; many companies are also targeting this application area for future products. Due to their compact, lightweight nature and the design flexibility offered, lithium silicon batteries have seen wide usage in consumer electronics. Thus, the segment dominates the applications market, followed by automotive. The growth of the consumer electronics segment is supported by rising technological advancement and increasing product launches. Newer electronics such as wearables, phones, laptops, consumer & delivery drones, and AR/VR devices will use lithium silicon batteries due to their higher energy density.

The 3,000–10,000 mAh segment is predicted to gain the largest market share in the forecast period. Batteries in this range are widely used in consumer electronics for products such as smartphones, laptops, commercial drones, medical devices, energy harvesting, entertainment, and wireless communication. The market for these products is rapidly rising, resulting in segment growth. The efficiency of products used in these applications depends on the properties and shelf life of the battery. Batteries of this capacity range are also expected to be ideal energy sources for consumer electronics in the coming years. These batteries can be assembled in a module format for applications requiring high capacity.

The medical devices application segment of the lithium silicon battery market accounted for a significant market share in the forecast period. Technological advancements in medicine and device miniaturization have generated opportunities for batteries in medical devices, such as wearables, implants, hearing aids, monitors, pacemakers, surgical tools, monitors, and meters. While most medical devices use lithium-ion batteries, advanced diminutive devices need smaller batteries with higher capacities. Thus, lithium silicon batteries are expected to replace Li-ion batteries in the coming years. The medical devices market is also governed by requirements from bodies like the US FDA, which specify standards for medical device batteries. For example, bioengineering devices require minute lithium-ion batteries. These devices are implanted within the body to help monitor and maintain health. As small lithium-ion batteries are insufficient to power them for long periods, the focus has shifted to lithium silicon batteries.

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Lithium Silicon Battery Market worth $247 million by 2030