Impact Analysis of Covid-19

The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.

Silicon anode battery is also known as next-generation Li-ion batteries that use silicon as an anode in order to provide more than 10 times theoretical capacities as compared to the lithium-ion battery. They are basically an extension of lithium-ion battery which increases the energy storage capacity and increase life of the battery. They are widely used across various industries such as automotive, consumer electronics, and grid & renewable energy.

The global silicon anode battery market is projected to surpass US$ 1050.0 billion by the end of 2027, in terms of revenue, growing at CAGR of 21.5% during the forecast period (2020 to 2027).

Drivers

Growth in the electronic industry is a major factor fueling the market growth of the silicon anode battery. Rising demand for microelectronic devices such as laptops, cell phones, and tablets is expected to have a positive impact on the market growth of the silicon anode battery. Growing demand for smartphones due to increasing penetration of the internet is further anticipated to augment the market growth of the silicon anode battery.

The growing use of silicon as an anode material in lithium-ion batteries due to its excellent capacity performance is projected to bolster the market growth. Also, growing environmental concern coupled with the rising demand for the high-performance batteries due to rising demand for high-end electronic applications are further expected to augment the market growth of the silicon anode battery over the forecast period

Regionally, Asia-pacific dominated the global silicon anode battery market in 2019, reporting 39% market share in terms of revenue, followed by North America and Europe, respectively.

Figure 1. Global Silicon Anode Battery Market, Revenue Share (%), By Region, 2019

Silicon Anode Battery  | Coherent Market Insights

Market Restraints

The poor life cycle of silicon materials is one of the major challenges for the market. This factor is expected to hinder the market growth of the silicon anode battery.

The high production cost of the silicon batteries is another major factor expected to inhibit the market growth of the silicon anode battery over the forecast period.

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Report Coverage Details
Base Year: 2019 Market Size in 2019: US$ 1050.0 Mn
Historical Data for: 2016 to 2019 Forecast Period: 2020 to 2027
Forecast Period 2020 to 2027 CAGR: 21.5% 2027 Value Projection: US$ 170.0 Mn
Geographies covered (27):
  • North America: U.S., Canada
  • Latin America: Brazil, Mexico, Rest of Latin America
  • Europe: Germany, U.K., Spain, France, Italy, Russia, Rest of Europe
  • Asia Pacific: China, India, Japan, Australia, Rest of Asia Pacific
  • Middle East & Africa: South Africa, GCC Countries, Rest of Middle East & Africa
Segments covered:
  • By Application: Consumer Electronics, Automotive, Industrial, Grid and Renewable Energy
Companies covered (10):

Nexeon Limited, Enevate Corporation, OneD Material, XG Sciences Inc., Nanotek, Instruments, Inc., Zeptor Corporation, California Lithium Battery, Amprius, Inc., and Connexx Systems Corporation

Growth Drivers:
  • Rising demand for microelectronic devices such as laptops, cell phones, and tablets among consumers
  • Growing use of silicon as an anode material in lithium-ion batteries due to better capacity performance
  • Penetration of electric and hybrid vehicles due to strict emission rules by the government
Restraints & Challenges:
  • Poor life cycle of silicon materials
  • High production cost of the silicon batteries

Market Opportunities

An increasing number of new gigafactory projects by manufacturers is expected to offer potential growth opportunities to the market of the silicon anode battery. For instance, in November 2019, Tesla founder and CEO Elon Musk pledged to build "Gigafactory 4" in the Berlin area. It is planning to build batteries, powertrains, and vehicles, starting with Model Y" a lower-priced sports utility vehicle at the factory.

Growth in the IT sector coupled with the increasing government focus on the developing high-performance operating system is expected to propel the market growth of the silicon anode battery. In addition to this, advancement in the technology in order to offer a high-performance battery and better energy storage system is further anticipated to augment the market growth of the silicon anode battery over the forecast timeframe. 

Figure 2. Global Silicon Anode Battery Market – Opportunity Analysis

Silicon Anode Battery  | Coherent Market Insights

Market Trends

Growing demand for silicon anode battery from healthcare electronic devices is expected to fuel the market growth over the forecast period. The growth of the market is also attributed to the increasing production of various healthcare devices due to growth in the healthcare sector around the globe. Thus, growing demand for the product from healthcare devices is anticipated to augment the market growth.

The rising demand for silicon anode battery from the grid and renewable energy sector is expected to accelerate the market growth over the forecast period. The growth is also attributed to the developing infrastructure of the energy sector around the globe due to the growing demand for energy. Therefore, growth in the energy sector is expected to augment the market growth of the silicon anode battery.

Figure 3. Global Silicon Anode Battery Market, Revenue Share (%), By Application, in 2019

Silicon Anode Battery  | Coherent Market Insights

On the basis of application, consumer electronics dominated the global silicon anode battery market in 2019 with around 45% of market share in terms of revenue, followed by automotive and industrial, respectively. 

Global Silicon Anode Battery Market - Impact of Coronavirus (Covid-19) Pandemic

The automobile industry is facing a major slowdown globally owing to the implementation of lockdown in various countries across the globe amidst the Covid-19 outbreak. This has led to hamper the demand of silicon anode batteries from automotive industry. The global car rental market is expected to grow at slower rate of around 10% for a short term period. However the demand for silicon anode batteries is expected to regain traction by end of 2021 with production facilities functioning at stable rate.

Competitive Section

Key players are operating in the global silicon anode battery market are Nexeon Limited, Enevate Corporation, OneD Material, XG Sciences Inc., Nanotek, Instruments, Inc., Zeptor Corporation, California Lithium Battery, Amprius, Inc., and Connexx Systems Corporation

Few Recent Developments

Enevate Corporation

  • In January 2020, Enevate announced its new 4th generation technology optimized for high volume commercialization and manufacturing at gigafactory scale. The new XFC-Energy technology achieves 5-minute charging to 75% capacity with 800 Wh/L cell energy density.

Silicon anode battery is the extension of lithium-ion battery which are also known as next-gen Li-ion batteries. Lithium-ion battery which uses silicon as anode in batteries results in significantly higher energy storage and longer battery life. Silicon anode batteries are used in various applications which include industrial, consumer electronics, automotive, and grid & renewable energy.

Market Dynamics

The global silicon anode battery market has witnessed significant growth in recent past years, owing to the rising demand for rising demand for electronic devices smartphones   among consumers. Furthermore, growing investments for research & development in production silicon anode battery solutions has fuelled the growth of the market in recent past years.. This scenario is expected to provide lucrative growth to the global silicon anode battery market over the forecast period.

Major players in the global silicon anode battery market are increasing their investment on innovative product launchings, research & development and marketing & promotional activities to capitalize on emerging trends in various end-use industries such as Automotive, Electronics, Energy, Aviation and healthcare. This scenario is expected to fuel the market during the forecast period.

Key features of the study:

  • This report provides in-depth analysis of global silicon anode battery market size (US$ Million), and Compound Annual Growth Rate (CAGR %) for the forecast period (2020 – 2027), considering 2019 as the base year
  • It elucidates potential revenue opportunity across different segments and explains attractive investment proposition matrix for this market
  • This study also provides key insights into market drivers, restraints, opportunities, new product launches or approval, regional outlook, and competitive strategies adopted by the leading players
  • It profiles leading players in the global silicon anode battery market based on the following parameters – company overview, financial performance, product portfolio, geographical presence, distribution strategies, key developments and strategies, and future plans
  • Key companies covered as a part of this study Nexeon Limited, Enevate Corporation, OneD Material, XG Sciences Inc., Nanotek, Instruments, Inc., Zeptor Corporation, California Lithium Battery, Amprius, Inc., and Connexx Systems Corporation
  • Insights from this report would allow marketers and the management authorities of companies to make informed decision regarding their future product launches, Product Type up-gradation, market expansion, and marketing tactics
  • The global silicon anode battery market report caters to various stakeholders in this industry including investors, suppliers, global silicon anode battery manufacturers, distributors, new entrants, and financial analysts
  • Stakeholders would have ease in decision-making through various strategy matrices used in analysing the global silicon anode battery market

Detailed Segmentation:

  • Global Silicon Anode Battery Market, By Application:
    • Consumer Electronics 
      • 3G/4G Cell Phones
      • Laptops
      • Tablets
      • MP4 Players
      • Digital Cameras
      • Other Microelectronic Devices
    • Automotive 
      • Plug-in Hybrid Electric Vehicles
      • Hybrid Electric Vehicles
      • Electric Vehicles
      • Electric Bicycles
    • Industrial
    • Grid and Renewable Energy 
  • Global Silicon Anode Battery Market, By Region:
    • North America
      • U.S.
        • By Application
          • Consumer Electronics 
            • 3G/4G Cell Phones
            • Laptops
            • Tablets
            • MP4 Players
            • Digital Cameras
            • Other Microelectronic Devices
          • Automotive 
            • Plug-in Hybrid Electric Vehicles
            • Hybrid Electric Vehicles
            • Electric Vehicles
            • Electric Bicycles
          • Industrial
          • Grid and Renewable Energy 
      • Canada
        • By Application
          • Consumer Electronics 
            • 3G/4G Cell Phones
            • Laptops
            • Tablets
            • MP4 Players
            • Digital Cameras
            • Other Microelectronic Devices
          • Automotive 
            • Plug-in Hybrid Electric Vehicles
            • Hybrid Electric Vehicles
            • Electric Vehicles
            • Electric Bicycles
          • Industrial
          • Grid and Renewable Energy 
    • Latin America
      • Brazil
        • By Application
          • Consumer Electronics 
            • 3G/4G Cell Phones
            • Laptops
            • Tablets
            • MP4 Players
            • Digital Cameras
            • Other Microelectronic Devices
          • Automotive 
            • Plug-in Hybrid Electric Vehicles
            • Hybrid Electric Vehicles
            • Electric Vehicles
            • Electric Bicycles
          • Industrial
          • Grid and Renewable Energy 
      • Mexico
        • By Application
          • Consumer Electronics 
            • 3G/4G Cell Phones
            • Laptops
            • Tablets
            • MP4 Players
            • Digital Cameras
            • Other Microelectronic Devices
          • Automotive 
            • Plug-in Hybrid Electric Vehicles
            • Hybrid Electric Vehicles
            • Electric Vehicles
            • Electric Bicycles
          • Industrial
          • Grid and Renewable Energy 
      • Rest of Latin America
        • By Application
          • Consumer Electronics 
            • 3G/4G Cell Phones
            • Laptops
            • Tablets
            • MP4 Players
            • Digital Cameras
            • Other Microelectronic Devices
          • Automotive 
            • Plug-in Hybrid Electric Vehicles
            • Hybrid Electric Vehicles
            • Electric Vehicles
            • Electric Bicycles
          • Industrial
          • Grid and Renewable Energy 
    • Europe
      • France
        • By Application
          • Consumer Electronics 
            • 3G/4G Cell Phones
            • Laptops
            • Tablets
            • MP4 Players
            • Digital Cameras
            • Other Microelectronic Devices
          • Automotive 
            • Plug-in Hybrid Electric Vehicles
            • Hybrid Electric Vehicles
            • Electric Vehicles
            • Electric Bicycles
          • Industrial
          • Grid and Renewable Energy 
      • Germany
        • By Application
          • Consumer Electronics 
            • 3G/4G Cell Phones
            • Laptops
            • Tablets
            • MP4 Players
            • Digital Cameras
            • Other Microelectronic Devices
          • Automotive 
            • Plug-in Hybrid Electric Vehicles
            • Hybrid Electric Vehicles
            • Electric Vehicles
            • Electric Bicycles
          • Industrial
          • Grid and Renewable Energy 
      • U.K.
        • By Application
          • Consumer Electronics 
            • 3G/4G Cell Phones
            • Laptops
            • Tablets
            • MP4 Players
            • Digital Cameras
            • Other Microelectronic Devices
          • Automotive 
            • Plug-in Hybrid Electric Vehicles
            • Hybrid Electric Vehicles
            • Electric Vehicles
            • Electric Bicycles
          • Industrial
          • Grid and Renewable Energy 
      • Russia
        • By Application
          • Consumer Electronics 
            • 3G/4G Cell Phones
            • Laptops
            • Tablets
            • MP4 Players
            • Digital Cameras
            • Other Microelectronic Devices
          • Automotive 
            • Plug-in Hybrid Electric Vehicles
            • Hybrid Electric Vehicles
            • Electric Vehicles
            • Electric Bicycles
          • Industrial
          • Grid and Renewable Energy 
      • Rest of Europe
        • By Application
          • Consumer Electronics 
            • 3G/4G Cell Phones
            • Laptops
            • Tablets
            • MP4 Players
            • Digital Cameras
            • Other Microelectronic Devices
          • Automotive 
            • Plug-in Hybrid Electric Vehicles
            • Hybrid Electric Vehicles
            • Electric Vehicles
            • Electric Bicycles
          • Industrial
          • Grid and Renewable Energy 
    • Asia Pacific
      • China
        • By Application
          • Consumer Electronics 
            • 3G/4G Cell Phones
            • Laptops
            • Tablets
            • MP4 Players
            • Digital Cameras
            • Other Microelectronic Devices
          • Automotive 
            • Plug-in Hybrid Electric Vehicles
            • Hybrid Electric Vehicles
            • Electric Vehicles
            • Electric Bicycles
          • Industrial
          • Grid and Renewable Energy 
      • Japan
        • By Application
          • Consumer Electronics 
            • 3G/4G Cell Phones
            • Laptops
            • Tablets
            • MP4 Players
            • Digital Cameras
            • Other Microelectronic Devices
          • Automotive 
            • Plug-in Hybrid Electric Vehicles
            • Hybrid Electric Vehicles
            • Electric Vehicles
            • Electric Bicycles
          • Industrial
          • Grid and Renewable Energy 
      • Australia
        • By Application
          • Consumer Electronics 
            • 3G/4G Cell Phones
            • Laptops
            • Tablets
            • MP4 Players
            • Digital Cameras
            • Other Microelectronic Devices
          • Automotive 
            • Plug-in Hybrid Electric Vehicles
            • Hybrid Electric Vehicles
            • Electric Vehicles
            • Electric Bicycles
          • Industrial
          • Grid and Renewable Energy 
      • India
        • By Application
          • Consumer Electronics 
            • 3G/4G Cell Phones
            • Laptops
            • Tablets
            • MP4 Players
            • Digital Cameras
            • Other Microelectronic Devices
          • Automotive 
            • Plug-in Hybrid Electric Vehicles
            • Hybrid Electric Vehicles
            • Electric Vehicles
            • Electric Bicycles
          • Industrial
          • Grid and Renewable Energy 
      • Rest of the Asia-pacific
        • By Application
          • Consumer Electronics 
            • 3G/4G Cell Phones
            • Laptops
            • Tablets
            • MP4 Players
            • Digital Cameras
            • Other Microelectronic Devices
          • Automotive 
            • Plug-in Hybrid Electric Vehicles
            • Hybrid Electric Vehicles
            • Electric Vehicles
            • Electric Bicycles
          • Industrial
          • Grid and Renewable Energy 
    • Middle East & Africa
      • GCC
        • By Application
          • Consumer Electronics 
            • 3G/4G Cell Phones
            • Laptops
            • Tablets
            • MP4 Players
            • Digital Cameras
            • Other Microelectronic Devices
          • Automotive 
            • Plug-in Hybrid Electric Vehicles
            • Hybrid Electric Vehicles
            • Electric Vehicles
            • Electric Bicycles
          • Industrial
          • Grid and Renewable Energy 
      • South Africa
        • By Application
          • Consumer Electronics 
            • 3G/4G Cell Phones
            • Laptops
            • Tablets
            • MP4 Players
            • Digital Cameras
            • Other Microelectronic Devices
          • Automotive 
            • Plug-in Hybrid Electric Vehicles
            • Hybrid Electric Vehicles
            • Electric Vehicles
            • Electric Bicycles
          • Industrial
          • Grid and Renewable Energy 
      • Rest of Middle East & Africa
        • By Application
          • Consumer Electronics 
            • 3G/4G Cell Phones
            • Laptops
            • Tablets
            • MP4 Players
            • Digital Cameras
            • Other Microelectronic Devices
          • Automotive 
            • Plug-in Hybrid Electric Vehicles
            • Hybrid Electric Vehicles
            • Electric Vehicles
            • Electric Bicycles
          • Industrial
          • Grid and Renewable Energy 
  • Company Profiles
    • Nexeon Limited.*
      • Company Overview
      • Product Portfolio
      • Financial Performance
      • Key Strategies
      • Recent Developments
      • Future Plans
    • Enevate Corporation
    • OneD Material
    • XG Sciences Inc.
    • Nanotek Instruments, Inc.
    • Zeptor Corporation
    • California Lithium Battery
    • Amprius, Inc.
    • CONNEXX SYSTEMS Corporation

“*” marked represents similar segmentation in other categories in the respective section.

Table of Contents

  1. Research Objectives and Assumptions
    • Research Objectives
    • Assumptions
    • Abbreviations
  2. Market Purview
    • Report Description
      • Market Definition and Scope
    • Executive Summary
      • Market Snippet, By Application
      • Market Snippet, By Region
    • Coherent Opportunity Map (COM)
  3. Market Dynamics, Regulations, and Trends Analysis
    • Market Dynamics
      • Drivers
        • Supply Side Drivers
        • Demand Side Drivers
        • Economic Drivers
      • Restraints
      • Market Opportunities
      • Regulatory Scenario
      • Industry Trend
      • PEST Analysis
      • PORTER’s Analysis
      • New Product Approvals/Launch
      • Promotion and Marketing Initiatives
  4. Global Silicon Anode Battery Market - Impact of Coronavirus (Covid-19) Pandemic
    • Change in the Consumer Spending Pattern, by Geography
      • North America
      • Latin America
      • Asia-pacific
      • Europe
      • Middle East & Africa
  5. Global Silicon Anode Battery Market, By Application, 2017 - 2027 (US$ Million)
    • Introduction
      • Market Share Analysis, 2017 and 2027 (%)
      • Y-o-Y Growth Analysis, 2020 - 2027
      • Segment Trends
    • Consumer Electronics
      • Market Share Analysis, 2017 and 2027 (%)
      • Y-o-Y Growth Analysis, 2020 – 2027
      • Sub-Segment Trends
        • 3G/4G Cell Phones
        • Laptops
        • Tablets
        • MP4 Players
        • Digital Cameras
        • Other Microelectronic Devices
    • Automotive
      • Market Share Analysis, 2017 and 2027 (%)
      • Y-o-Y Growth Analysis, 2020 – 2027
      • Sub-Segment Trends
        • Plug-in Hybrid Electric Vehicles
        • Hybrid Electric Vehicles
        • Electric Vehicles
        • Electric Bicycles
    • Industrial
      • Market Share Analysis, 2017 and 2027 (%)
      • Y-o-Y Growth Analysis, 2020 - 2027
    • Grid and Renewable Energy
      • Market Share Analysis, 2017 and 2027 (%)
      • Y-o-Y Growth Analysis, 2020 - 2027
  6. Global Silicon Anode Battery Market, By Region, 2017- 2027 (US$ Million)
    • Introduction
      • Market Share Analysis, By Region, 2017 and 2027 (%)
      • Y-o-Y Growth Analysis, By Region, 2020 - 2027
    • North America
      • Market Share Analysis, By Country, 2017 and 2027 (%)
      • Y-o-Y Growth Analysis, By Country, 2020 - 2027
        • U.S.
          • Country Trends
          • Market Size and Forecast, By Application, 2017- 2027 (US$ Million)
        • Canada
          • Country Trends
          • Market Size and Forecast, By Application, 2017- 2027 (US$ Million)
    • Latin America
      • Market Share Analysis, By Country, 2017 and 2027 (%)
      • Y-o-Y Growth Analysis, By Country, 2020 - 2027
        • Brazil
          • Country Trends
          • Market Size and Forecast, By Application, 2017- 2027 (US$ Million)
        • Mexico
          • Country Trends
          • Market Size and Forecast, By Application, 2017- 2027 (US$ Million)
        • Rest of Latin America
          • Sub-region/Country Trends
          • Market Size and Forecast, By Application, 2017- 2027 (US$ Million)
    • Europe
      • Market Share Analysis, By Country, 2017 and 2027 (%)
      • Y-o-Y Growth Analysis, By Country, 2020 - 2027
        • France
          • Country Trends
          • Market Size and Forecast, By Application, 2017- 2027 (US$ Million)
        • Germany
          • Country Trends
          • Market Size and Forecast, By Application, 2017- 2027 (US$ Million)
        • Italy
          • Country Trends
          • Market Size and Forecast, By Application, 2017- 2027 (US$ Million)
        • Spain
          • Country Trends
          • Market Size and Forecast, By Application, 2017- 2027 (US$ Million)
        • U.K.
          • Country Trends
          • Market Size and Forecast, By Application, 2017- 2027 (US$ Million)
        • Russia
          • Country Trends
          • Market Size and Forecast, By Application, 2017- 2027 (US$ Million)
        • Rest of Europe
          • Sub-region/Country Trends
          • Market Size and Forecast, By Application, 2017- 2027 (US$ Million)
    • Asia Pacific
      • Market Share Analysis, By Country, 2017 and 2027 (%)
      • Y-o-Y Growth Analysis, By Country, 2020 - 2027
        • China
          • Country Trends
          • Market Size and Forecast, By Application, 2017- 2027 (US$ Million)
        • India
          • Country Trends
          • Market Size and Forecast, By Application, 2017- 2027 (US$ Million)
        • Japan
          • Country Trends
          • Market Size and Forecast, By Application, 2017- 2027 (US$ Million)
        • Rest of Asia Pacific
          • Sub-region/Country Trends
          • Market Size and Forecast, By Application, 2017- 2027 (US$ Million)
    • Middle East & Africa
      • Market Share Analysis, By Country/ Sub-region, 2017 and 2027 (%)
      • Y-o-Y Growth Analysis, By Country/ Sub-region, 2020 - 2027
        • GCC
          • Country Trends
          • Market Size and Forecast, By Application, 2017- 2027 (US$ Million)
        • South Africa
          • Country Trends
          • Market Size and Forecast, By Application, 2017- 2027 (US$ Million)
        • Rest of Middle East & Africa
          • Sub-region/Country Trends
          • Market Size and Forecast, By Application, 2017- 2027 (US$ Million)
  7. Competitive Landscape
    • Market Share Analysis
    • Company Profiles
      • Nexeon Limited
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Recent Developments/Updates
        • Future Plans
      • Enevate Corporation
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Recent Developments/Updates
        • Future Plans
      • OneD Material
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Recent Developments/Updates
        • Future Plans
      • XG Sciences Inc.
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Recent Developments/Updates
        • Future Plans
      • Nanotek Instruments, Inc.
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Recent Developments/Updates
        • Future Plans
      • Zeptor Corporation
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Recent Developments/Updates
        • Future Plans
      • California Lithium Battery
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Recent Developments/Updates
        • Future Plans
      • Amprius, Inc.
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Recent Developments/Updates
        • Future Plans
      • CONNEXX SYSTEMS Corporation
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Recent Developments/Updates
        • Future Plans
    • References
    • Research Methodology
    • About us and Sales Contact

* Browse 45 market data tables* and 30 figures* on "Global Silicon Anode Battery Market” – global forecast to 2027

Frequently Asked Questions

The market for global silicon anode battery is forecast to surpass US$ 1050.0 billion by 2027 witnessing a CAGR of 21.5% between 2020 and 2027.
Rising demand for microelectronic devices such as laptops, cell phones, and tablets among consumers and penetration of electric and hybrid vehicles due to strict emission rules by the government is fuelling the growth of the global silicon anode battery market in the region.
Growing demand for silicon anode battery from healthcare electronic devices and rising demand for silicon anode battery from the grid and renewable energy sector are expected to favor market growth over the forecast period.
Poor life cycle of silicon materials and high production cost of the silicon batteries is expected to hamper the growth the market during the forecast period.
Major players operating in the global silicon anode battery market include Nexeon Limited, Enevate Corporation, OneD Material, XG Sciences Inc., Nanotek, Instruments, Inc., Zeptor Corporation, California Lithium Battery, Amprius, Inc., and Connexx Systems Corporation
The global silicon anode battery market was estimated to be valued around US$ 170.0 Million in terms of revenue in 2019.
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