Global solid state battery market accounted for USD 52.2 million in 2018 and is anticipated to reach a market value of USD 1,502.1 million by 2026. The market is expected to register a CAGR of 51.3% during the forecast period 2018-2026. Instead of liquid or Polymer Electrolytes in conventional lithium-ion or lithium polymer batteries, the solid-state battery uses solid electrodes and solid electrolytes. Batteries with strong states can be used in pacemakers, RFID and wearable equipment. Technological and material advancements have significantly increased battery system performance and reliability. Lithium metal electrodes in solid state batteries are replaced with the liquid electrolytes used in conventional lithium-ion batteries. This enables a more efficient solid state battery and saves more energy than conventional batteries. The rapidly developing market for consumer electronics and sensors is the main market for batteries of solid state. For their systems to operate effectively, these end-user industries require high-performance and durable batteries.
Solid State Battery Market Dynamics
Increasing application in the health, wearable and drone sectors of stable batteries boosts growth in stabilized batteries. In addition, the increase in the need for solid state electric batteries also helps to increase the global market. Complex production processes and high costs for solid state batteries, however, restrict market development. In contrast, the growth of market investment by industrial giants like Samsung and Hyundai is anticipated to provide future market growth opportunities. The demand for efficient batteries and the increasing market for consumer electronics are key drivers for investment in the battery-solid market. In comparison with conventional batteries, solid status batteries are safe when the flame retarding liquid electrolyte is not used. Cars also invest substantial amounts of electric vehicles produced by them in efficient, solid state batteries. The smartphone industry is a major user of these batteries and the wireless technology is expected to continue to grow on the market.
Solid State Battery Market Insights
In a wide range of wireless applications the solid state batteries are used. These batteries were also used in a wide range of applications of energy storage. Due to the increasing requirements of efficient batteries from the consumer electronics segment, the market for solid state batteries should continue to grow significantly in the future. It is expected that large manufacturing companies are working on large-scale marketing of solid state batteries in this industry. But these batteries are very costly compared to conventional batteries, which is a major impediment to the market's growth. The industry faces a major challenge by developing low-cost solid state batteries for a variety of applications. Batteries in solid state are gaining worldwide popularity. Efficient designs and better performance lead to increasing investments by manufacturing companies in this technology. This technology's main consumer segment is the smartphone and sensing industries.
Solid State Battery Market Segmentation
Global solid state battery market can be segmented on the basis of type, capacity, application and geography. Based on type, the global market can be bifurcated into thin film and portable. Based on capacity, the global market can be divided into Less than 20 mAh, 20 mAh-500 mAh and above 500 mAh. On the basis of application, the global market can be segmented into electric vehicle, consumer & portable electronics, wearable & medical devices, energy harvesting and others. Based on regions, the global market can be categorized into North America, Europe, Middle East & Africa, Latin America and Asia-Pacific.
Solid State Battery Market Key Players
Some of the key players operating in the global solid state battery market include Seeo Inc., Cymbet Corporation, Toyota Motor Corporation, StmicroElectronics N.V., Brightvolt, Inc. and Sakti3 Inc. Some of the other players include Excellatron Solid State, LLC, Infinite Power Solution, Inc., Planar Energy Devices, Inc., QuantumEscape, Altairnano, and Solid Power Inc.