Solid state batteries are new type of battery technology which uses a solid electrolyte and solid electrodes such as solid polymers and ceramics basically sulphides, oxides, and phosphates as an alternative of the polymer gel electrolytes present in lithium polymer and lithium-ion batteries. Solid-state batteries are being used in wearable devices, pacemakers, and (Radio-frequency identification) RFID. Solid state batteries have higher energy density and are potentially safer compared to other batteries but at a much greater cost.
With the growing power revolution, battery has become a very important aspect to any device. Major competitors are constantly trying to develop new improved, fast charging batteries with long lasting power. Solid state batteries are being tried and tested in electric vehicles. Recently, in November, 2019, Toyota Motors showcased their first solid state battery powered car, Lexus LF-30 Electrified concept car during its Tokyo Motor Show, which is expected to make the shift from internal combustion engine to electric more comfortable and efficient. With the growing revolution of electric vehicles, automakers are looking forward to revolutionize the battery market by presenting more efficient batteries owing to which the demand for solid state batteries is expected to grow over the forecast period.
Key Market Drivers and Restraints:
Growing demand of electronics and wearable portable devices is driving the solid state batteries market
Solid state batteries are widely being used in various wearable devices, drones, and the healthcare industry as they are considered safe. With the increasing Internet of Things (IOTs), digitalization, and launch of new wearable gadgets and devices such as fitness trackers, smart watches, and head mounted displays, there is a rise in the demand for safer solid state batteries. An increasing demand for fast charging phones, consumer electronics such as wireless headphones and other portable devices and changing consumer’s choices for stylish wearable devices with advanced batteries which do not lose power for a long time is estimated to drive the solid state batteries market growth in the coming years. Solid-state batteries especially thin-film batteries have a limited capacity, and are used for micro-storage, such as in sensors to provide power. Increasing use of sensors in various industry is expected to drive the market further during the forecast period.
Soli state battery is the future as it is already being successful in the small scale. Major companies such as Samsung and Tesla are investing in research and development projects and testing of solid state batteries, which will open up new opportunities for such batteries in near future. Solid states battery are also being used in pacemakers from a very long time. Growing heart patients and people with cardiovascular issues is expected to drive the solid state battery market in the medical device industry. However, high cost of solid state battery and very complex manufacturing process is expected to restrain the market growth.
Increasing adoption of electric vehicles is expected to drive the solid state batteries market
With the growing electric vehicle revolution, automobile manufacturers are desperate to revolutionize the electric vehicle market. Volkswagen invested USD 100 million in QuantumScape, a solid-state battery startup of Stanford. ProLogium, a Taiwanese battery cell manufacturer has recently (January, 2020) launched a solid state battery package for electric based cars, two-wheelers, and buses and has signed many contracts to test its solid state battery package.
Solid-state batteries are an emergent choice for next-generation traction batteries and offer various benefits such as high performance, low cost, high safety, and long lasting features. They also reduce the concerns of bidirectional charging, and disposal and recycling due to the longer life of the battery. In 2019, the U.S. Department of Energy awarded USD 2 million in funds for advanced vehicle tech research to Ford and General Motors, which was focused on solid-state battery research and development. With such growing investments in the research and development of solid states battery, the market is experiencing a significant boost and is expected to grow exponentially over the next few years.
Regional Market Scenario:
North America will lead the growth in this market
The growth in the North America region is primarily driven by the major investments made by major automakers in the region and is projected to lead the market with the highest CAGR during the forecast period. Additionally, growing sales of pacemakers, wearable fitness devices, and (Radio-frequency identification) RFIDs is also expected to drive the market over the forecast period. Major benefits offered by solid state batteries such as faster charging, increased energy density, increased cycle, low leakage currents, and non-flammability features which are not found in current batteries is anticipated to boost the market growth of such batteries.
Solid state batteries can revolutionise the electric vehicle market if it becomes capable enough to be produced in commercial quantities. They will effectively increase the drivable range and significantly decrease the weight and volume of the car. These batteries are also being expected to use in smart phones as the batteries are made of solid electrolytes as compared to other batteries which use liquid electrolytes, and has a significantly low risk of explosion or ignition. With the growing need for more efficient and effective batteries which offer more benefits, solid state batteries are expected to take over the market in the coming years.
Key Market Players
• Solid Power
• Quantumscape Corporation
• BYD Company Ltd.
• LG Chem
• Panasonic Corp.
• Samsung SDI Co.,Ltd.
• ProLogium Technology
Market Segments: Solid state batteries Market
- By Type
- By Application
- Consumer Electronics
- By Region (tentative)
- North America
- Asia Pacific
- South-East Asia
- The Middle East and Africa
- Saudi Arabia
- South America
- North America
• Industry Associations
• Company Annual Reports
• Company Websites
• Key industry leaders
Key Questions Answered
• What are the key growth regions and countries?
• What are the important types and technologies being used?
• What are the market players doing, in terms of research and development?
• Which are the new applications for this market?
• What are the integrations happening?
• What are the recent news, developments, mergers, or large value deals?
• Raw material suppliers
• Paper chemical manufacturers
• Chemical suppliers
• Regulatory Authorities
• Research and Innovation Organizations
• Suppliers and Distributors
• Other Channel Partners
• Quality Control Organizations
• Environmental Authorities