The solid-state batteries are said to be an emerging trend for next-generation traction batteries. These batteries are much safer than liquid state batteries and also have high performance based on efficiency. It is a high energy & power density battery that has both the solid electrodes as well as solid electrolytes. These batteries are easy to miniaturize (thin film) and also restrict the problem of electrolyte leakage. The solid-state batteries have a longer shelf life and do not show the abrupt changes in performance with the temperature changes. Owing to such key benefits, the demand for solid-state batteries is further witnessing a rise in demand over the end-use industries such as consumer electronics, medical devices, wearables, and other.
According to study, “Global Solid-State Battery Market to reach USD 2,024 million by 2026” the key companies operating in the global solid-state battery market are Cymbet Corporation Inc., Toyota Motor Corporation, Robert Bosch GmbH, Excellatron Solid State, LLC, STMicroelectronics N.V., Brightvolt, Inc., Sakti3 Inc., Planar Energy Devices, Inc., Infinite Power Solution, Inc., and Solid Power, Inc.
Based on type, the solid-state battery market is segmented as portable batteries, thin-film batteries, and other batteries. The portable batteries segment holds a major share in the market owing to the rise in demand for portable electronic devices, such as calculators, laptops, mobile phones, watches, calculators, and others. The thin film-based batteries segment is expected to exhibit stronger demand owing to the wide application base. These batteries are also widely used in IoT and wearable devices, such as fitness bands, smart clothing, and smartwatches, due to the efficient recharging rate and the compact design. Based on rechargeability, the market is segmented as a primary battery and secondary battery. Based on capacity, the market is segmented as below 20 mAh, between 20 mAh and 500 mAh, and above 500 mAh. In addition, based on application, the market is segmented as Consumer Electronics, Energy Harvesting, Electric Vehicles, Wireless Sensors, Medical Devices, Packaging, and Others.
The solid-state battery market is driven by an increase in the adoption of solid-state batteries in electric vehicles, followed by a surge in research & development (R&D) activities related to solid-state batteries, miniaturization of electronic devices, and extended shelf life of solid-state batteries than conventional batteries. However, the complicated manufacturing process of solid-state batteries and the high cost of solid-state batteries may impact the market. Moreover, the rise in demand for electric vehicles, an increase in investments & partnerships among automobile companies or solid-state battery manufacturers, and the integration of flexible and lightweight batteries in wearable devices are key opportunities for the market.
Based on geography, the North-American region holds the major share in global solid-state battery market owing to rise in demand from packaging, smart cards, and electric vehicles in the region. Whereas, European and Asian-Pacific regions are expected to exhibit the highest growth rate due to growth in the consumer electronics sector & wearable devices and strong demand from the electric vehicles sector over the forecast period. The global solid-state battery market is valued approximately at the US $79 million in 2018 and is estimated to grow with a healthy growth rate of more than 50% over the forecast period 2019 to 2026.
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