Research Nester has released a report titled “Solid State Batteries Market – Global Demand Analysis & Opportunity Outlook 2027” which delivers detailed overview of the solid state batteries market in terms of market segmentation by type, by capacity, by application and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
The solid state batteries market is segmented by application into consumer and portable electronics, vehicles, energy harvesting, wearable devices, medical devices and others, out of which, vehicles segment is anticipated to hold largest market share on account of the rise in demand for electric vehicles and hybrid vehicles. In the European Union (EU) Member States, 262 million cars were registered in total during the year 2017, out of which, 2 million cars were classified as either electric cars or hybrid cars, according to the statistics by European Commission.
The solid state batteries market is anticipated to record a CAGR of around 45.0% during the forecast period, i.e. 2019-2027. Growing utilization of wearable devices, and rising demand for drones, coupled with advanced in healthcare devices, solid state batteries is observing increasing applications on the aforementioned sectors, which is anticipated to raise the growth of the market during the forecast period. Additionally, technical advancements in electric vehicles (EVs) and hybrid electric vehicles (HEVs) combined with the demand for batteries which provide longer backups, are some of the notable factors estimated to promote the demand for solid state batteries market throughout the forecast period.
Regionally, the solid state batteries market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Among these regions, North America is expected to hold largest market share on the back of demand of the batteries for utilization in packaging, smart cards and others. Moreover, paradigm shift towards deployment of sustainable energy technologies is also estimated to propel the growth of the market in the region over the forecast period.
On the back of growing research and developments for longer durability batteries, regulatory policies for transportation sector, and increasing adoption of electric vehicles, the region of Europe is anticipated to gain significant market share over the forecast period.
Growing Demand For Alternative Energy Vehicles
According to the United States Environmental Protection Agency (EPA), a typical passenger vehicle emits about 4.6 metric tons of carbon dioxide (CO2) per year. Growing emissions of greenhouse gases (GHG) by vehicles using traditional fuels is raising concerns amongst the government for a paradigm shift towards alternative renewable sources of energy. Government regulatory bodies are building up stringent rules to curb such issues, which is inducing OEMs to build vehicles which are powered by alternative power sources, such as electric vehicles and hybrid vehicles.
Electric vehicles are powered by electric vehicle battery and hybrid powered vehicles are powered by either electric batteries or the traditional source of energy. Growing demand for utilization of batteries in these vehicle segments is estimated to promote the demand for solid state batteries during the forecast period.
The solid state batteries market is also anticipated to grow at a rapid pace owing to the adoption of electric commercial vehicles for the use of public transport by various growing economies around the globe.
However, the concerns for high production and manufacturing costs owing to the price of the materials used in the electrolyte and the electrode, is expected to operate as key restraint to the growth of the solid state batteries market during the forecast period.
This report also provides the existing competitive scenario of some of the key players of the solid state batteries market, which includes company profiling of Cymbet, STMicroelectronics, BrightVolt, Excellatron, Planar Energy, QuantumScape Corportion, Solid Power, Ilika (LON: IKA), Prieto Battery Inc., Front Edge Technology, Inc. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the solid state batteries market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.