The global solid-state battery market is making quite a stride. The market growth attributes to rising usages of solid-state batteries in applications such as radio-frequency identification (RFID), wearable devices, electric vehicles, pacemakers, and other consumer electronics. Moreover, increasing demand for electronic devices and electric vehicles escalate market growth.
According to Market Research Future (MRFR), the global solid-state battery market is expected to reach USD 62.5 MN by 2025, registering a momentous 48.02% CAGR throughout the review period (2019-2025). Growing R&D activities and investments by major companies increase the size of the market. Solid-state battery potentially has more energy density than regular Li-ion cells and significantly reduced battery pack sizes while keeping a similar drivable range of a traditional lithium-ion battery pack.
This could result in a scenario where solid-state batteries would have the maximum footprint in electric vehicles. Additionally, solid-state batteries contain more energy units than traditional batteries, which give it very long-range capabilities, meeting optimal range while lowering weight and increasing vehicle efficiency. Resultantly, the solid-state battery is expected to remain a key component in the high-volume automotive sector, where reliability, cost-effectiveness, and the supply chain existence are crucial.
On the other hand, complexities in the manufacturing process are a major factor projected to impede the growth of the market. Nevertheless, the increase in solid-state battery cars and electric vehicle sales would support market growth throughout the assessment period.
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Major Players:
Players leading the solid-state battery market include STMicroelectronics NV (Switzerland), Cymbet Corporation (US), Robert Bosch GmbH (Germany), Brightvolt Inc. (US), Toyota Motor Corporation (Japan), Excellatron Solid State, LLC (US), Planar Energy Devices, Inc. (US), Apple Inc. (US), Solid Power, Inc. (US), Quantumscape Corporation (US), Altairnano (US), and Infinite Power Solution, Inc. (US), among others.
Global Solid-State Battery Market -Regional Analysis
North America dominates the global solid-state battery market. The largest market share attributes to the augmenting demand from packaging, smart cards, and electric vehicle sectors in the region. Besides, the increasing focus on maintaining an eco-friendly environment and stringent government rules and regulations drive the regional market growth. Moreover, the growing production of electric vehicles provides potential growth opportunities for the market.
Also, the well-established infrastructure the region supports the market growth, allowing faster implementation of advanced technologies. Additionally, growing numbers of manufacturers is another major factor driving solid-state battery market growth in the region.
Europe stands second in the global solid-state battery market. The market is driven by the well-established automotive sector in the region. Moreover, the growing market penetration of electric vehicles creates substantial demand in the region. Additionally, the spurting rise in the electronics, medical devices, and wearable devices sector substantiates the market sales in the region. Furthermore, rapid economic growth in countries such as the UK, Germany, Sweden, and Italy contribute to the market growth in the region.
The Asia Pacific region has come up as a lucrative for solid-state batteries. Factors such as promising government regulations that encourage investments from public-private partnerships and foreign direct investments influence regional market growth. Also, rapidly growing markets in developing countries such as South Korea, China, and India fuel the growth of the solid-state battery market.
Global Solid-State Battery Market - Segment
The report is segmented into four dynamics;
By Type : Portable Battery, Thin-film Battery, and others.
By Capacity: Less than 20 mAH, 20 mAH – 300 mAH, 301 mAH – 500 mAH, and Above 500 mAH.
By Application: Electric Vehicles, Electronics, Medical Devices, Wearable Devices, Smart Cards and others.
By Regions : North America, Europe, APAC, and the Rest-of-the-World.
Solid-State Battery Market – Competitive Analysis
Highly competitive, the global solid-state battery market appears fragmented due to the presence of several well-established players. To gain a competitive share in the market, industry players incorporate strategic initiatives such as mergers & acquisitions, collaboration, expansion, and technology launch. Some other strategies adopted by these market players include greater commercialization of their products and promotion initiatives through trade exhibitions. Manufacturers strive to improve the performance and design of their batteries.
Industry/ Innovation/ Related News:
July 30th, 2020 ---- SK Innovation (South Korea), a leading global battery manufacturer, announced its plans to collaborate with Goodenough to make the solid-state battery dream come true. Partners are working hard to develop a unique gel-polymer electrolyte for a lithium-metal battery. The collaboration would enable these companies to provide higher energy density and better safety at a competitive cost.
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