Grand View Research, Inc. - Market Research And Consulting.According to a new report by Grand View Research, Inc., The global solid state battery market size was valued at USD 32.9 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 13% from 2020 to 2027. Rising demand for solid-state batteries among end-use sectors along with the rising research and development activities focused on commercializing the battery cost are expected to propel the market growth over the forecast period.
The global solid state battery market is expected to reach at USD 87.5 billion by 2027, at a CAGR of 13%, according to the new report by Grand View Research. Rise in demand in the consumer markets followed by growing need for advanced batteries is anticipated to propel the market growth in the coming years. Moreover, infrastructural development in manufacturing sectors is likely to encourage a significant market demand for solid state batteries.
Development of electric vehicles and battery operated vehicles have induced a high adoption of electronic devices, gadgets and energy storage systems. The purpose of solid-state batteries are mostly for bio applications. These devices are likely to result in a high energy density with a compact size. Solid-state batteries uses solid electrolytes and electrodes by replacing the polymer electrolytes present in the lithium-ion or polymer batteries.
Healthcare, automobile, and aerospace sectors are the large consumers for solid-state batteries. Mainly, the automotive sector is the large hub for electronic devices. Major players are adopting innovation and intense research for energy storage systems that offer batteries with a high range of energy density. For instance, Toyota and Panasonic has entered into a partnership to produce solid-state batteries until 2025 which will come into effect once the shortcomings such as longer life-span and energy storage size are worked upon.
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At the backdrop of the ongoing pandemic, the production of EVs are temporarily suspended as the automotive industry is experiencing a downfall in the schedule owing to economic slowdown and stringent government policies. There has been a huge decline in the sales of electric cars in the first quarter of 2020. Many startups associated with the automotive sector are experiencing a shortage of cash supplies and lack of potential technologies needed for a full operational capacity.
Despite this, there is some optimism in the pandemic as several governments such as Germany and France are designing opportunities for funds to seep in. There have been government initiatives in these countries from the financial perspective. In May 2020, France declared to offer USD 9 billion (8 Billion Euros) to its auto industry as an economic booster in the support for electric vehicles. On the similar lines, Germany also plans to offer significant monetary packages of 6 billion euros for infrastructural development.
Further Findings From the Report Suggest:
l Electric vehicles are expected to occupy a high share in the forthcoming period attributing to the significant demand
l Consumer & portable electronics is likely to have an encouraging growth in the following years attributing to the high demand for portable electronic devices in end-use segments
l The thin-film segment is likely to record a huge growth in the forthcoming period attributing to the compact design and efficiency of these products
l North America is expected to have a significant share in the global market attributing to the increase in demand for electric vehicles and rise in deployment. Asia Pacific is an emerging market for battery operated vehicles and high adoption of technological advancements in the past few years
The market is also driven by the rising deployment of Electric Vehicles (EVs), increasing utility of battery energy storage systems, and the growing adoption of electronic gadgets. Solid-state batteries offer higher electrochemical stability, higher energy density, and low flammability as compared to conventional batteries. These characteristics have widened the application base, thereby enhancing the commercial value of solid-state batteries.
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Industry participants are following several strategic initiatives, such as partnerships, joint ventures, and mergers and acquisitions, to enhance their foothold in the market. For instance, in April 2019, Ford Motor Company entered into a partnership with Solid Power to design and develop a product for EVs segment of the automotive sector.
Market players are investing in research and development activities to enhance the technical aspects of solid-state cells and modules that offer lower battery cost, longer life, and better performance when compared to conventional batteries. Industry participants have undertaken several strategic initiatives, such as offering diversified product range, joint ventures, collaborations, and mergers and acquisitions. These strategies enable companies to enhance their foothold in the global market.
Some of the prominent players in the solid state battery market include:
- Samsung SDI Co. Ltd.
- Robert Bosch GmbH
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Grand View Research has segmented the global solid state battery market based on application, capacity, battery type:
Solid-state Battery Application Outlook (Revenue, USD Billion, 2016 - 2027)
- Consumer & Portable Electronics
- Electric Vehicles
- Energy Harvesting
- Wearable & Medical Devices
Solid-state Battery Capacity Outlook (Revenue, USD Billion, 2016 - 2027)
- Below 20mAh
- 20mAh - 500mAh
- Above 500mAh
Solid-state Battery Type Outlook (Revenue, USD Billion, 2016 - 2027)
- Thin Film
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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