SOLID STATE BATTERY MARKET TO REACH USD 454.7 MILLION BY 2027 | CAGR 32.6% – FORENCIS RESEARCH

Global Solid State Battery Market: Key Highlights

• According to the new market research report “Solid State Battery Market by Component (Anode, Cathode, Solid Electrolyte), by Type (Primary Battery, Secondary Battery), by End Use Industry (Automobile, Consumer Electronics, Energy & Utilities, Aerospace and Satellite, and Others), by Region (Asia Pacific, Europe, Middle East & Africa, South America, North America) – Global Forecast (2020 to 2027)”, the global solid state battery market is estimated to reach USD 454.7 Million by 2027 at a CAGR of around 32.6% during the review period.
• Growing demand of electric vehicles, efficient alternative to conventional batteries are few factors driving the demand for solid state battery market.
• However, expensive processing of the battery remains a major challenging factor for the growth of the solid state battery market.

Global Solid state battery Market: Key Market Dynamics

• Expanding demand of electric vehicles worldwide resulting in the growth of the solid state battery.
• Solid state batteries are far more efficient when compared to conventional batteries, solid state batteries have longer life cycle, longer shelf life, better thermal stability such factors also boost the demand of the solid state battery.
• High interfacial resistance at the electrode/electrolyte surface may restrain the growth of the market as the high resistance hinders ion diffusion process in the battery.
• Partnership between automobile manufacturers and battery manufacturers may become growth factor in the near future as the sector with huge demand itself may invest for the production of the batteries resulting in shooting production of the solid state batteries.
• Expensive processing of the battery may hinder the growth of the market as the processing of solid state battery is not yet cost effective which may impact the demand in the medium and small sized enterprises.

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Global Solid state battery Market: Regional Overview

• Europe

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.

• Asia-Pacific

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:

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.:

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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