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Solid State Battery Market Forecast 2018-2025
February 20, 2019 | PRNewswireEstimated reading time: 1 minute
Solid state battery is a technology, which utilizes both solid electrodes and solid electrolytes. It is an ideal substitute of conventional lithium-ion battery. It is comparatively smaller and cheaper as compared to current liquid-based lithium-ion batteries. Also, the current lithium-ion batteries are flammable and create a lot of heat. Getting rid of the liquid electrolyte used in today's lithium-ion batteries results in higher energy density, faster charging times, and lesser need for battery cooling. Thus, manufacturers focus on developing and using batteries containing solid electrolyte to prevent leakage and attain higher energy density and faster charging time.
In 2014, Sakti3 announced the production of a battery, which are expected to feature twice the density as compared to conventional batteries, and are cost-effective. Several other industry giants have also started developing solid state batteries that can be used for different applications. Volkswagen has made a major investment in California solid-state battery startup QuantumScape, to begin production of solid-state batteries for electric vehicle by 2025.
Increase in application of solid state batteries in the electric vehicle, healthcare, wearable, and drone sectors drives the growth of the global solid state battery market. Moreover, rise in need for solid state batteries in electric vehicle boosts the market growth. However, complex manufacturing process and high cost of solid state batteries restrain the market growth. Conversely, increase in investment in the market, by industry giants such as Samsung and Hyundai is anticipated to offer future growth opportunities for the market.
The global solid state battery market is segmented based on type, capacity, application, and region. Based on type, the market is bifurcated into thin film and portable battery. By capacity, the market is divided into less than 20 mAh, between 20 mAh & 500 mAh, and 500 mAh & above capacity batteries. Depending on application, it is fragmented into consumer & portable electronics, electric vehicle, energy harvesting, wearable & medical devices, and others. Based on region, the global solid state battery market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The major key players operating in the global solid state battery market include Cymbet Corporation, Seeo Inc. (Robert Bosch GmbH subsidiary), StmicroElectronics N.V., Toyota Motor Corporation, Sakti3 Inc. (Dyson Ltd subsidiary), and Brightvolt, Inc. The other key players include Excellatron Solid State, LLC, Infinite Power Solution, Inc., Planar Energy Devices, Inc., QuantumEscape, Altairnano, and Solid Power, Inc.
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