The nano battery market size was valued at $5.1 billion in 2020, and is projected to reach $28.1 billion by 2030, growing at a CAGR of 18.6% from 2021 to 2030. Nano battery is the nano scale energy storage device manufactured using the nano materials including electrodes, electrolytes, and others. Nano batteries are classified on the basis of technology such as nano phosphate, nano pore and lithium-ion technology. Nano battery offers various benefits over conventional battery such as higher power density, shorter charging time, and longer shelf life.
Significant development of the end-use industries such as consumer electronics, medical devices, portable power tools, automotive, and others, is fueling the growth of the nano battery market during the forecast period. In addition, increase in demand for nano battery from renewable energy and grid energy storage applications is further anticipated to propel the growth of the market, globally. However, high cost and difficulties associated with manufacturing of nano batteries are the key factors hampering the growth of the global nano battery market in the upcoming years.
Get detailed COVID-19 impact analysis on the Nano Battery Market
- The Covid-19 outbreak resulted in a temporary ban on import & exports and manufacturing & processing activities, which hampered the demand for nano batteries from these consumers.
- Moreover, the prolonged lockdown disrupted the supply chain and increased prices of raw materials.
- However, the market is expected to recover due to rise in vaccination across European and Asian countries.
Depending on technology, lithium-ion segment held the highest nano battery market share of about 47.2% in 2020, and is expected to maintain its dominance during the nano battery market forecast period. This is owing to increase in demand for lithium-ion batteries from various applications including consumer electronics, power tools, aerospace & defense, renewable & grid energy storage, automotive and others. In addition, advantages of using nanotechnology used in the production of lithium-ion battery such as increase in battery capacity and decrease in battery charging time is anticipated to propel the growth of the market during the analyzed timeframe.
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On the basis of application, the military segment accounted for the largest market share in 2020, in terms of revenue, and is expected to maintain its dominance during the forecast period. This growth is attributed to rise in need for efficient power electronics devices due to increase in digitalization of battlefield and reduction in size & weight of military equipment in the U.S.
In addition, rise in demand for nano batteries from weapons, military vehicles, portable power, sensors, remote activation, programmable power, and backup power applications, is anticipated to fuel the growth of the market during the analyzed time frame.
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The market is analyzed across four major regions, namely, North America, Europe, Asia-Pacific, and LAMEA. North America garnered a dominant market share in 2020, and is anticipated to maintain this trend during the forecast period. This is attributed to numerous factors such as presence of huge consumer base and the existence of key players in the region. Moreover, rapid growth of military, electric vehicle, and renewable energy in the region are anticipated to contribute toward growth of the nano battery market in North America.
The global nano battery market analysis covers in-depth information about the major nano battery industry participants. The key players operating and profiled in the report include Naxin New Energy Technology Co., Ltd., mPhase Technologies, Front Edge Technology, A123 Systems LLC, Altairnano, Amprius Technologies, US Photonics Inc., California Lithium Battery, Sicona Battery Technology, and Kokam.
Other players operating in the value chain of the global nano battery market are Asystems, Ecolocap Solutions, EnerG2, Zpower, Genesis Nanotech, In Step Nano Power and others.