Solid State Battery Market Will Exhibit an Impressive Expansion by 2024-2030 | Solvay, Samsung SDI Co., Ltd., Cymbet Corporation

The Solid State Battery Market is estimated for 2024 for the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Solid state batteries utilize solid electrolytes instead of liquid electrolytes found in lithium-ion batteries currently used in portable electronics and electric vehicles. They offer higher energy density, longer battery life, reduced flammability and wider operating temperature range.

Market Dynamics:

The solid state battery market is expected to witness significant growth over the forecast period owing to increasing demand for long lifecycle batteries with high energy density. Solid state batteries provide about 2-10 times higher energy density compared to lithium-ion batteries. Their ability to charge and discharge hundreds or thousands of times without significant loss of capacity is resulting in their greater adoption across various end-use industries. Additionally, solid state batteries are safer and less prone to fire-related issues as compared to traditional lithium-ion batteries. This factor is further fueling market growth.

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Top Key Players are Covered in this Report:

★ Solvay
★ Samsung SDI Co., Ltd.,
★ Cymbet Corporation
★ Panasonic Corporation
★ Saft
★ BrightVolt Inc.
★ Solid Power

Market Segmentation:

By Applications:

★ Consumer & Portable Electronics
★ Electric Vehicles
★ Energy Harvesting
★ Wearable & Medical Devices
★ Others

By Capacity:

★ Below 20mAh
★ 20mAh-500mAh
★ Above 500mAh

By Battery Type:

★ Thin Film Battery
★ Portable Battery

Key Region/Countries are Classified as Follows:

» North America (U.S., Canada, Mexico)
» Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
» Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of APAC)
» South America (Brazil, Argentina, Rest of SA)
» Middle East & Africa (Turkey, Saudi Arabia, Iran, UAE, Africa, Rest of MEA)

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Market Dynamics:

The solid state battery market is expected to witness significant growth over the forecast period owing to increasing demand for long lifecycle batteries with high energy density. Solid state batteries provide about 2-10 times higher energy density compared to lithium-ion batteries. Their ability to charge and discharge hundreds or thousands of times without significant loss of capacity is resulting in their greater adoption across various end-use industries. Additionally, solid state batteries are safer and less prone to fire-related issues as compared to traditional lithium-ion batteries. This factor is further fueling market growth.

Driver: Growing Demand for Longer Lasting Batteries Powering Portable Electronic Devices

The demand for longer lasting batteries that can power portable electronic devices such as smartphones, tablets and notebooks for a longer duration without requiring frequent charging is growing steadily. Solid state batteries offer higher energy density compared to traditional lithium-ion batteries allowing electronic devices to operate for longer hours on a single charge. With consumers increasingly relying on their mobile devices for work and personal use throughout the day, the requirement for batteries with higher capacity is increasing which is fueling the demand for solid state batteries in this market.

Driver: Increasing Sales of Electric Vehicles Driving Interest in Solid State Batteries

With stringent emissions norms and policies encouraging use of green vehicles, sales of electric vehicles have been rising dramatically. However, the driving range of current electric vehicles is still a major limitation. Solid state batteries promise to resolve this issue as they provide higher energy density allowing electric vehicles to travel longer distances on a single charge. The auto industry is actively researching solid state battery technology to develop high performance battery packs for electric vehicles. As EV adoption continues to grow globally in the coming years, demand for advanced battery technologies like solid state is also expected to increase significantly in the automotive sector.

Restrain: High Production Costs Hindering Widespread Commercialization

While solid state batteries hold immense potential, high production costs remain a major hurdle currently limiting their widespread commercialization. Developing production processes & equipment for mass manufacturing solid state batteries at scale involves significant capital investments & technological challenges. Achieving high production throughput without compromising on quality further increases costs. The raw materials used in solid state batteries are also relatively more expensive compared to liquid electrolytes used in lithium-ion batteries. Until economies of scale lower costs, high battery prices may restrict adoption of solid state batteries especially in cost sensitive industries.

Opportunity: Growing Investment in R&D to Develop Next Generation Battery Technologies

Recognizing the potential of solid state batteries to revolutionize energy storage, governments and private organizations across major economies have been ramping up funding and support for research & development activities in this field. For example, in 2021 the US department of energy announced a funding initiative of $160 million for R&D projects focused on developing affordable solid state batteries for electric vehicles and other applications. Several startups focused on solid state batteries have also raised funding from venture capital firms. Growing interest from both public and private sectors indicate solid opportunities for companies investing in innovation to bring down production costs and help commercialize next generation solid state battery technologies.

Trends: Increasing Collaborations Between Battery Players and Automakers

To accelerate the development of solid state batteries that meet the stringent performance and cost requirements of automotive applications, battery manufacturers are increasingly partnering with major automakers. For example, Toyota invested $394 million in 2019 in a Japan based solid state battery developer, while in 2021 General Motors invested $150 million in a US solid state battery startup. Such collaborations help battery developers gain understanding of the unique needs of different types of electric vehicles, while automakers get early access to forthcoming battery technologies. As solid state battery commercialization comes closer, trends like incorporation of battery expertise within automakers and partnerships across the value chain are likely to continue in future as well.

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The report answers a number of crucial questions, including:

➥ Which companies dominate the global Solid State Battery market?
➥ What current trends will influence the market over the next few years?
➥ What are the market's opportunities, obstacles, and driving forces?
➥ What predictions for the future can help with strategic decision-making?
➥ What advantages does market research offer businesses?
➥ Which particular market segments should industry players focus on in order to take advantage of the most recent technical advancements?
➥ What is the anticipated growth rate for the Solid State Battery market economy globally?

Some of the Major Points of TOC cover:

Chapter 1: Techniques & Scope

1.1 Definition and forecast parameters
1.2 Methodology and forecast parameters
1.3 Information Sources

Chapter 2: Latest Trends Summary

2.1 Regional trends
2.2 Product trends
2.3 End-use trends
2.4 Business trends

Chapter 3: Industry Insights

3.1 Industry fragmentation
3.2 Industry landscape
3.3 Vendor matrix
3.4 Technological and Innovative Landscape

Chapter 4: Solid State Battery Market, By Region

Chapter 5: Company Profiles

5.1 Company Overview
5.2 Financial elements
5.3 Product Landscape
5.4 SWOT Analysis
5.5 Systematic Outlook

Chapter 6: Assumptions and Acronyms

Chapter 7: Research Methodology

Chapter 8: Contact (Continue . . .)

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Coherent Market Insights is a global market intelligence and consulting organization that provides syndicated research reports, customized research reports, and consulting services. We are known for our actionable insights and authentic reports in various domains including aerospace and defense, agriculture, food and beverages, automotive, chemicals and materials, and virtually all domains and an exhaustive list of sub-domains under the sun. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.

This release was published on openPR.