Solid State Battery Market Trends

Growth Drivers

• Growing Demand for Wireless Communications – All-solid-state batteries are expected to power wireless sensors in IoT devices. A long service life of up to 10 years makes it even more practical.
• Growing Need for Emergency Backup Power – Solid-state batteries are often used in inverters to provide power in emergencies.
• Increased Smart Infrastructure Development - Increased smart city development is likely to increase power demand for connected infrastructure. By 2030, it is predicted that there will be 43 large cities with over 10 million people in the world, most of them in developing countries.
• Increased Use of Portable Devices – Solid-state slate batteries enable smaller and higher-capacity portable devices such as wearables, IoT-connected devices, mini gadgets, and others.
• Increased EV sales – The battery technology is estimated to have twice the energy density of existing lithium-ion batteries used to power EVs. Solid-state batteries could be an important development for electric vehicles (EVs), as it holds more energy, charge faster, and provide greater safety than liquid lithium-ion batteries.  According to statistical data, nearly 2 billion electric vehicles will need to be deployed for the world to reach net zero emissions by 2050, with EV sales totaling 6.6 million in 2021. 

Challenges

• High Manufacturing Cost - Solid-state batteries are still in the process of development, and the process of production is much more complicated a. expensive than traditional lithium-ion batteries. This high cost of manufacturing makes them less cost-competitive in the market.
• Not fully scalable
• Strict manufacturing and transportation regulations