What Is the Size of Global Solid-State Battery Industry?
The increasing demand for the solid-state battery to offer high energy density is anticipated to propel the growth of the global solid-state battery market during the forecast period.
The surging demand for electric vehicles along with increasing investment and partnerships between battery manufacturers and automobile manufacturers is likely to propel the growth of the global solid-state battery market.
The global solid-state battery market faces challenges due to the high manufacturing cost of solid-state batteries.
The availability of other substitutes such as graphene batteries, sand batteries, lithium-sulfur batteries, and others is also expected to restrict the growth of the market.
The COVID-19 pandemic positively impacted the solid-state battery market as countries-imposed lockdowns to curb the situation which resulted in a massive shift to remote and online working and as a result, the demand for electronics increased. Furthermore, the increase in cardiovascular diseases among patients suffering from COVID-19 boosted the demand for pacemakers as well as solid-state batteries.
Global Solid-State Battery market by Application
The Global Solid-State Battery market is segmented by Application into Consumer & Portable Electronics, Electric Vehicles, Energy Harvesting, Wearable & Medical Devices and Others
The consumer & portable electronics segment accounted for the largest share of the Global Solid-State Battery Market in 2022, attributed to the growing urbanization and increasing disposable incomes.
The increase in demand for electronic goods such as mobile phones, laptops, and others among consumers is anticipated to aid the growth of the segment in the global solid-state battery market.
Global Solid-State Battery Market By Type
The Global Solid-State Battery Market is segmented by Type on the basis of thin film battery and portable battery.
The thin film battery segment held the largest share of the global solid-state battery market by type in 2022, owing to the growing demand for thin film batteries for various applications including wearable devices, and others.
The adoption of thin film batteries as they have a low impact on the environment as well as their efficient recharge rate and compact size are expected to fuel the demand for the segment in the global solid-state battery market.
Global Solid-State Battery Market by Geography
The Global Solid-State Battery market is segmented by geography into North America, Europe, Asia- pacific and LAMEA.
Asia-Pacific region accounted for the largest share of the global solid-state battery market in 2021, due to the growing demand for electric vehicles.
The increasing focus on the research and development of solid-state batteries along with supportive initiatives by the government to reduce carbon emissions for automobiles, is expected to augment the growth of the region in the solid-state battery market.
Competition Scenario in Global Solid-State Battery Market
The solid-state battery market is highly competitive with ~100 players that include globally diversified players, regional players as well as a large number of country-niche players having their niche in the solid-state battery.
Regional players comprise ~45% of the total number of competitors, while the country-niche players comprise the second highest of the total number of competitors. However, majority of the regional and country-niche players are suppliers of components or assembling & distribution partners of global players. Some of the major players in the market include Cymbet, Toyota Motor Corporation, Robert Bosch GmbH, Solid Power Inc., Excellatron, BrightVolt Inc., SK Innovation Co. Ltd, STMicroelectronics, Total Energies, and StoreDot, among others.
The leading global solid-state battery companies such as Toyota Motor Corporation, Excellatron, and BrightVolt Inc., are highly focused on the research and development of solid-state batteries.
What is the Expected Future Outlook for the Overall Solid-State Battery Market Across the globe?
The Global Solid-State Battery Market was valued at USD ~million in 2021 and is anticipated to reach USD ~million by the end of 2028F, witnessing a CAGR of ~% during the forecast period 2022-2028F. The realistic growth scenario represents the most likely scenario as per current market conditions. This scenario assumes that there will be no overall impact on the market due to any potential COVID-19 waves in the future.
The Global Solid-State Battery market is driven by factors such increasing investment and partnerships between battery manufacturers and automobile manufacturers and the rising spending by the governments, emerging technologies in the Solid-State Batteries, and the growing demand for the electric vehicles across the globe. However, the market is also constantly being influenced by rapid development in technology, product innovation, and diversification in some countries.
The high manufacturing costs associated with Solid-State Batteries are one of the biggest challenges to the growth of the market. The availability of other substitutes such as graphene batteries, sand batteries, lithium-sulfur batteries, and others is also expected to restrict the growth of the market.
Merger and collaboration among companies will also affect the solid-state battery market as it will enhance the productivity and reduce the cost. For Instance, In January 2022, SK Innovation Co. Ltd collaborated with a research team led by Professor Lee Seung-woo of Georgia Tech in the USA. The company aimed to advance the era of next-generation all-solid-state batteries. In June 2020, Toyota Motor Corporation and Panasonic Corporation partnered to form Prime Planet Energy and Solutions Inc., to focus on the development, manufacturing, and marketing of solid-state batteries for the automotive industry.
The Global Solid-State Battery Market is forecasted to continue exponential growth, primarily driven by the increasing demand for solid-state batteries due to their high energy density for different applications. Furthermore, supportive government initiatives and increased R&D activities on the solid-state battery is expected to fuel the growth of the market. Though the market is highly competitive with ~100 participants, regional players control the dominant market share.
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