The Global "Solid-State Battery Market" is expected to grow at a high CAGR of 64.3% during the forecasting period (2022-2029).
The solid-state battery is the new era of innovation within the energy storage industry which comprises solid electrolytes and electrodes.
These solid materials are a good conductor of electricity that helps in improving the performance of the battery. These solid-state batteries have high ionic conductivity which reduces the internal resistance and allows high power densities. High electronic resistance will minimize the self-discharge rate and results in high charge retention.
Advanced technology and materials used in solid state batteries have significantly increased the performance and reliability of the battery systems.
In solid-state batteries, liquid electrolytes which were previously used in the conventional lithium-ion batteries are being replaced by lithium metal electrolytes. These solid-state batteries are capable of storing more energy and are highly efficient compared to traditional batteries.
Advances in energy storage technology and materials have significantly increased efficiency and reliability, thus resulting in a better output of modern battery systems. Economies of scale have dramatically reduced the cost associated with the manufacturing of these solid-state batteries.
The rising demand for efficient batteries in the consumer electronics segment is escalating the growth of the solid-state batteries market globally. solid state batteries are considered safe devices in comparison to traditional batteries since the flammable liquid electrolyte is not being used in these batteries.
The emergence of economical solid-state batteries for a wide range of applications positively impacts the global solid-state battery market growth.
Complex manufacturing process, high cost of the solid-state battery as compared to conventional batteries, and being temperature (i.e Low-temperature operation is a challenge) sensitive are the key factors restraining the market growth.
The solid-state battery market is segmented based on Electrolyte type, capacity, and application.
By capacity, the solid-state battery market is further segmented into less than 20 mAh, between 20 mAh & 500 mAh, and above 500 mAh capacity batteries.
The 20 mAh to 500 mAh battery capacity segment accounted for the highest market share in 2018 and is expected to maintain its lead throughout the forecast period.
This is attributed to its increasing application in mobile phones, smart devices, and several other battery-operated home appliances.
However, the 500 mAh & above battery capacity segment is expected to grow at the fastest CAGR of XX% from 2019 to 2026, owing to its wider applications in IoT and wireless devices.
Furthermore, the less than 20 mAh segment would witness steady growth during the forecast period.
Based on application, the market is segmented into Consumer Electronics, Automotive, Medical Devices, and others. The consumer electronics sub-segment is leading in the usage of solid-state batteries in 2018 and is anticipated to grow further during the forecasted period 2019-2026.
The growing interest of giant consumer electronics companies including Apple, Samsung, LG-Chem, etc. are moving towards solid-state batteries and are a major factor driving the growth of the consumer electronics segment. For instance, in the year 2019 Samsung is planning to replace lithium-ion batteries with solid-state batteries in its phones.
Furthermore, in October 2015 Dyson acquired solid-state battery manufacturing company Sakti3. This acquisition was made with a core focus on the deployment of solid-state batteries in the company’s novel vacuum cleaners.
The global solid-state battery market is further segmented based on the region into North America, South America, Europe, Asia-Pacific, and the Rest of the world.
North America's solid-state battery market has the largest market share in the solid-state battery owing to the rising adoption of electric vehicles coupled with increasing R & D activities related to the solid-state battery are some of the factors propelling the demand for solid-state batteries in the region.
As per the International Energy Agency (IEA), total electric vehicle sales in the United States stood at 76 million units in 2017, increasing at a CAGR level of 34.9% since 2013.
For instance, In February 2018, A123 Systems invested in Solid Power Inc. with the focus of developing innovative materials, cell design, and manufacturing to achieve new levels of safety in high-performing batteries for plug-in electric vehicles using solid-state battery technology.
The European region is also anticipated to be the fastest evolving region in the solid-state battery market owing to the growing trend of government investments in solid-state batteries. Universities and various research groups are making efforts to promote research on solid-state battery technology.
The rising sales volume of electric vehicles and innumerable strategies adopted by the energy storage companies to take solid-state batteries will further influence the solid-state battery market growth in the European region over the forecast period.
The global solid-state battery market is highly fragmented due to the presence of multiple large players. Some of the key players are Excellatron Solid State LLC, Solid Power Inc., Maxwell Technologies, Cymbet Corporation, Toyota Motor Corporation, Infinite Power Solutions, Inc., Robert Bosch GmbH, Planar Energy Devices, Inc., Panasonic Corporation, and Front Edge Technology, Inc.
Two prominent players in the global solid-state battery market, i.e., Panasonic Corporation and Toyota Motor Corporation are enhancing the market competitiveness through joint ventures.
solid state battery market, in January 2019, Toyota and Panasonic have announced a joint venture to design and build batteries for electric vehicles where the areas of focus will be solid-state batteries development on a commercial base.
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