Global Solid State Battery Market: Key Highlights
Global Solid state battery Market: Key Market Dynamics
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Global Solid state battery Market: Regional Overview
The solid state battery market in Europe is expected to observe notable growth in the forecasted period because of the rapid adoption of electric vehicles in the region. The number of electric vehicles in this region are increasing aggressively, also the policies and regulations are in the favor of phasing out combustion engine vehicles in coming decades. According to European Automobile Manufacturers’ Association (ACEA) the combined market shares of electric vehicles and plug-in hybrids increased 6.8 percent in the first quarter of 2020.
Due to increasing consumption of smartphones and other electronic devices based on battery, the growth of solid state battery market may show considerable growth in the Asia-Pacific region. Significant consumer electronics manufacturers are located in the territory of South Korea, Taiwan, and China which creates huge demand of battery. Also automobile sector of this region is investing huge amount in the development of electric vehicles which may create more demand for the solid state battery in the near future.
Global Solid State Battery Market: Key Players Overview
QuantumScape Corporation is the US based company which deals in the domain of advanced energy storage. The main product of the company is solid state battery which are manufactured with higher level of battery storage compared to others. In June 2020, Volkswagen, a German based automotive company, invested USD 200 million in the company for the development of solid state batteries, in 2018 initial investment of USD 100 million was made by the same firm.
KeraCel, Inc. is the US based manufacturing company primarily engaged in the manufacturing of electrical and electronic devices. The firm uses 3D printing method at large scale to produce various devices such as 3D printed ceramic battery, microreactors, fluidic devices, 3D printed electronics, actuators, energy harvesters, and chemical sensors among others. In 2019, Musashi Seimitsu Industry Co., Ltd, a Japan based auto parts manufacturing firm, invested in KeraCel, Inc. to boost the high volume production of solid state battery.
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