Solid State Batteries Market size is set to surpass USD 2 billion by 2025, according to a new research report by Global Market Insights Inc.
Increasing demand of electric vehicles across the emerging economies along with accelerating investments toward consumer electronics will boost the market growth. Ongoing technological advancements along with rising adoption of energy efficient technologies will positively influence the industry expansion. Moreover, shifting trends toward sustainable solutions for power generation will complement the market demand.
Germany solid state batteries market accounted for USD 8 million revenue in 2018 due to the growing demand for high efficiency energy storage systems along with ongoing product innovations. Stringent government regulations and norms toward carbon emissions coupled with favorable government initiatives for development of sustainable energy solutions will drive the industry demand. Furthermore, declining cost of electric vehicles along with development EV charging infrastructure will foster the market value.
Substantial fiscal support toward commercialization of innovative energy storage systems will propel the market progression. Superior efficiency, high energy density & stability coupled with distinctive feature of sustainability will spur the product penetration. Rising usage of clean energy technologies coupled with increasing demand for energy storage systems (ESS) will surge the market revenue.
Browse key industry insights spread across 160 pages with 174 market data tables & 24 figures & charts from the report, “Solid State Batteries Market Size by Product (Thin Film & Bulk Storage) and Application (Industrial, Automotive, Consumer Electronics & Energy Storage), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2019 – 2025” in detail along with the table of contents:
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The thin film segment will register admirable growth on account of their rising use across portable medical devices, low power sensors, consumer products and industrial systems. Growing research and development initiatives & investment toward improvement of energy density of mm-scale energy storage systems will enhance the industry growth.
Japan market is predicted to grow significantly owing to the ongoing expansion of automobile manufacturing units along with supportive regulatory policies toward sustainable energy development. Increasing electric vehicle sales along with extensive R&D activities being done by leading companies will augment the industry progression. In addition, government initiatives toward reduction of greenhouse gas emissions will influence the industry outlook.
Consumer electronics application is projected to observe a 30% growth rate till 2025 led by the increasing disposable income of consumers coupled with growing interest toward smart portable devices. Long service life, short recharge times and surged energy storage capacity are some of the key features which will stimulate the industry revenue. Huge potential for providing enhanced safety is attributed to the unique presence of solid electrolyte will impel the product adoption in smartphones and digital cameras.
Solid state batteries market is expected to witness high gains propelled by the paradigm shift toward the acceptance of renewable energy technologies coupled with the increasing need for efficient and affordable storage solutions across automotive, consumer electronics and medical sector. Growing need for energy-efficient storage systems and safety concerns toward battery material will impel the industry value. Ongoing innovations toward product design coupled with rapid technological development will fuel the market expansion.
Key players operating in the market are Cymbet, Ilika, BrightVolt, Front Edge, Altair, Hitachi Zosen, 24M, Solid Power, Excellatron, Prieto Battery, Robert Bosch, STMicroelectronics, Planar Energy, QuantumScape and Toyota. These leaders are focusing toward extensive research & development activities for large-scale commercialization of product and to increase its application potential.