Solid state battery market is poised to experience remarkable changes in the years to come, owing to a wide application base and growing environmental concerns which have triggered the demand for electric vehicles. Solid state batteries provide better safety, longer life cycle and entail lower cost compared to the Li-ion batteries, which have helped foster their demand. Several government initiatives for the development of more efficient energy solutions will heavily influence solid state battery industry trends.
Technological advancements have attracted several customers towards the consumption of smart devices, which will stir the adoption of solid state batteries that are more reliable than most other alternatives. In fact, the consumer electronics segment in solid state battery market is slated to witness a CAGR of more than 30% by the year 2025. The ability to provide enhanced storage capacity and short recharging time will strengthen the industry prospects. These batteries have solid electrolyte present in them that ensures enhanced safety when in use, emerging as a key driver for the use of the products in digital cameras and smartphones.
Private investments for research and development of energy storage solutions as well as corporate initiatives will help develop innovative and long-lasting products. For instance, Ricardo, a global engineering and environmental consultancy firm had begun a project in 2018, supposed to last for 30 months, under a collaboration with numerous battery technology experts in the U.K. for the development of solid state battery for electric vehicles (EVs). Similar efforts across the region will certainly lead to swift expansion of Europe solid state battery market size.
Browse key industry insights spread across 160 pages with 174 market data tables & 24 figures & charts from the report, “Solid State Batteries Market Size By Product (Thin Film, Bulk Storage), By Application (Industrial, Automotive, Consumer Electronics, Energy Storage), Industry Analysis Report, Regional Outlook (U.S., Canada, Mexico, Germany, UK, France, Italy, Spain, Austria, Sweden, China, Japan, South Korea, India, Australia, Brazil, Saudi Arabia, UAE), Application Potential, Competitive Market Share & Forecast, 2019 – 2025” in detail along with the table of contents:
The German government had recently announced that it will be investing about USD 1.2 billion in order to support the future production activities for next gen solid state batteries in Europe. Apparently, the battery consumption from electric vehicles is slated to reach unprecedented levels in the next few years. The strategy of the Berlin government is part of the Battery Alliance initiative of European Union that has a goal to boost the share of EU’s EV battery manufacturing capacity, raising it to 30% by the year 2030.
Numerous projects through the Faraday Battery Challenge in U.K. had secured a total of GBP 23 million from the UK government in the third round of funding. It is supposedly a part of the total GBP 274 million set aside for investing in different projects targeting development of EV technologies. This massive initiative represents a notable research and development thrust that will ensure innovative technologies are provided to EV makers and will positively impact Europe solid state industry outlook.
The U.S. Department of Energy says that if and when EV battery costs may fall below $125 per kWh, it will become cheaper for people to own and operate electric cars, as compared to petrol-driven options. Economic viability could substantially increase the demand for solid state batteries, particularly since global battery EV market is estimated to reach USD 425 billion valuation by 2025.
The competitive landscape of solid state battery industry is outlined by mergers and collaborations to accelerate technology development. Automotive giant Toyota and tech giant Panasonic have agreed to collaborate on developing various battery technologies, which also includes solid state batteries. The Japanese automaker plans to introduce the resulting solid state batteries by the year 2020 with a goal to sell 5.5 million electrified vehicles deployed with those batteries by 2025.
Eminent industry participants operating across Solid-State Battery Market comprises of Cymbet, Ilika, BrightVolt, Front Edge, Altair, Hitachi Zosen, 24M, Solid Power, Excellatron, Prieto Battery, Robert Bosch, STMicroelectronics, Planar Energy, QuantumScape and Toyota. The leading industry players are focusing toward extensive research & development activities for large-scale commercialization of product and to increase its application potential.
Chapter 4 Solid State Battery Market, By Product
4.1 Solid state battery market share by product, 2018 & 2025
4.2 Thin film
4.2.1 Global market from thin film, 2014 - 2025
4.2.2 Global market from thin film, by region, 2014 – 2025
4.3 Bulk storage
4.3.1 Global market from bulk storage, 2014 - 2025
4.3.2 Global market from bulk storage, by region, 2014 – 2025
4.4 Others
4.4.1 Global market from others, 2014 - 2025
4.4.2 Global market from others, by region, 2014 – 2025
Chapter 5 Solid State Battery Market, By Application
5.1 Solid state battery market share by application, 2018 & 2025
5.2 Industrial
5.2.1 Global market from industrial, 2014 - 2025
5.2.2 Global market from industrial, by region, 2014 – 2025
5.3 Automotive
5.3.1 Global market from automotive, 2014 - 2025
5.3.2 Global market from automotive, by region, 2014 – 2025
5.4 Consumer electronics
5.4.1 Global market from consumer electronics, 2014 - 2025
5.4.2 Global market from consumer electronics, by region, 2014 – 2025
5.5 Energy storage
5.5.1 Global market from energy storage, 2014 - 2025
5.5.2 Global market from energy storage, by region, 2014 – 2025
5.6 Others
5.6.1 Global market from others, 2014 - 2025
5.6.2 Global market from others, by region, 2014 – 2025
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