April 28, 2020
According to the research report titled ‘Global Solid State Battery Market Size study, by Type (Thin-Film Batteries, Portable Batteries, Other Batteries), By Capacity( Battery Capacity: Less Than 20 mAh, Battery Capacity: Between 20 mAh and 500 mAh, Battery Capacity: 500 mAh and Above), by Application ( Consumer Electronics, Electric Vehicle, Energy Harvesting, Entertainment, Medical Devices, Packaging, Portable Devices, Others ) and Regional Forecasts 2019-2026’, available with Market Study Report LLC, worldwide solid state battery market was worth USD 79 million in 2018 and is expected to grow with a CAGR of 50% during 2019-2026.
For the record, solid-sate batteries are coming in trend as next-gen traction batteries since they are not only relatively safer but also offer better performance as compared to liquid state batteries. These are high power & energy density batteries that comprise of both solid electrolytes and solid electrodes. The product is easy to miniaturize and eliminates the leakage risk. Moreover, solid-state battery has longer shelf life and do not compromise on performance in various temperature conditions.
Growing usage for solid-state batteries in wearables, medical devices, consumer electronics etc. along with escalating investments in R&D activities are major factors driving the market. Citing an instance, the United States based IONIC Materials Co., in February 2018, acquired around USD 65 million from various battery manufacturers, electric vehicle and consumer electronics players to develop polymer electrolyte for solid-state batteries. Moreover, key industry contenders are focusing on large scale commercialization of the product. However, high investment and installation costs associated with solid-state battery may act as a restraining factor to the overall market growth.
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Considering the geographical landscape, North America market is poised to display lucrative growth patterns owing to growing demand for solid state batteries from electric vehicles, smart cards and packaging industries.
Meanwhile, Europe solid-state battery industry is presumed to expand substantially during the forecast period. Rising penetration of wearable devices, growing consumer electronics industry and surging adoption of solid-state batteries in electric vehicles are promoting the business scenario in Europe.
The eminent companies in worldwide solid-state battery industry are Solid Power Inc., Planar Energy Devices Inc., Infinite Power Solution Inc., Excellatron Solid State LLC, Brightvolt Inc., Sakti3 Inc., Toyota Motor Corp., STMicroelectronics N.V., Robert Bosch GmbH and Cymbet Corp. Inc. among others.