ID: MRFR/E&P/7012-HCR | February 2021 | Region: Global | 121 pages
Solid-State Battery Market size is projected to reach USD 411.48 million by 2027, with 28.01% CAGR between 2020 and 2027.
The major factors driving the growth of the global solid-state battery market include increasing demand for electronic devices, a rise in need for solid-state batteries in electric vehicles, and the growing R&D activities by major companies. According to the International Energy Agency report, electric mobility is expanding at a rapid pace. In 2018, the global electric car fleet exceeded by 5.1 million and up to 2 million from the previous year which is twice the number of new electric car sales. The increase in electric vehicle sales raises the demand of solid-state batteries to be used in solid-state battery cars and electric vehicles. However, advancement in wearable devices is likely to act as an opportunity for thin-film solid-state batteries.
The key players operating in the global solid-state battery market are Cymbet Corporation (US), STMicroelectronics N.V. (Switzerland), Robert Bosch GmbH (Germany), Toyota Motor Corporation (Japan), Brightvolt Inc. (US), Excellatron Solid State, LLC (US), Apple Inc. (US), Planar Energy Devices, Inc. (US), Solid Power, Inc. (US), Altairnano (US), Quantumscape Corporation (US), and Infinite Power Solution, Inc. (US).
Many major players such as Cymbet Corporation, Robert Bosch GmbH, and STMicroelectronics N.V. are actively focusing on new product development and product launch activities to leverage the unique attributes of the solid-state batteries. For instance, in May 2018, Cymbet Corporation has introduced an integrated circuit combining an ultra-low-power Real-Time Clock (RTC) with power management functions that support power switching and battery management. The Power Management with RTC (PMRTC) product family supports charging voltage options for a variety of backup power sources. This has helped to increase the battery performance with the new solid-state battery technology. However, complexities in the manufacturing process of the solid-state battery is expected to restrain the growth of the solid-state battery market.
The global solid-state battery market has been segmented based on type, capacity, application, and region. By type, the global market has been segmented into portable battery, thin-film battery, and others. The thin-film battery segment is expected to hold the largest share during the forecast period owing to the growing adoption of solid-state battery materials and thin-film solid-state batteries in applications like packaging, smart cards, medical devices, wearable devices, and wireless communication.
By capacity, the global market is segmented into less than 20 mAH, 20 mAH – 300 mAH, 301 mAH – 500 mAH, and above 500 mAH. The above 500 mAH segment is expected to grow with the highest CAGR during the forecast period owing to its increasing use for high energy internet of things (IoT) application.
By application, the global market has been segmented into electric vehicles, electronics, medical devices, wearable devices, smart cards, and others. The electric vehicles segment is expected to hold the largest share within the global market due to the rising adoption of solid-state batteries and solid-state battery isolator in electric vehicles. Increasing electric vehicle sales along with extensive R&D activities being done by leading industry players will stimulate business growth. In addition, government initiatives toward the reduction of greenhouse gas emissions will complement the industry outlook.
The Global Solid-State Battery Market is expected to grow at 48% CAGR during the forecast period.
Solid-state battery is a technology that involves the use of both solid electrolytes & solid electrodes and is smaller, higher-capacity and cheaper than current liquid-based lithium-ion batteries. This battery technology is used instead of old and traditional solid lithium-ion battery systems. Solid-state batteries are mainly utilized in radio-frequency identification (RFID), wearable devices, electric vehicles, pacemakers, and other consumer electronics. Additionally, solid-state batteries contain more energy units than traditional batteries.
The global market for solid-state battery is expected to grow exponentially during the forecast period owing to the requirement for the solid-state battery in electric vehicles globally.
By region, the global solid-state battery market is segmented into North America, Asia-Pacific, Europe, the Middle East & Africa, and South America. North America holds the largest market share due to high product demand from packaging, smart cards, and electric vehicle sectors in this region for the solid-state battery. Moreover, the rising production of electric vehicles leads to maintain an eco-friendly environment due to stringent government rules and regulations to provide potential growth opportunities for this regional market.
|Market Size||2027: USD411.48 million|
|CAGR||28.01% CAGR (2020-2027)|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type , Capacity and Application|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Cymbet Corporation (US), STMicroelectronics N.V. (Switzerland), Robert Bosch GmbH (Germany), Toyota Motor Corporation (Japan), Brightvolt Inc. (US), Excellatron Solid State, LLC (US), Apple Inc. (US), Planar Energy Devices, Inc. (US), Solid Power, Inc. (US), Altairnano (US), Quantumscape Corporation (US), and Infinite Power Solution, Inc. (US).|
|Key Market Opportunities||Advancement in wearable devices|
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
The global solid-state battery market is expected to record a substantial market valuation of USD 4.3 billion by 2027.
The global solid-state battery market is projected to register a whopping 48.02 % CAGR in the forecast period.
The thin-film battery segment is slated to expand as the fastest-growing segment.
The electric vehicles segment is slated to expand as the fastest-growing segment.
A few major market players operating in the global solid-state battery market are Robert Bosch GmbH (Germany), STMicroelectronics N.V. (Switzerland), Cymbet Corporation (US), among others.