Global Solid State Batteries Market Size worth $2bn by 2025
Published Date: July 8, 2019 Authors: Ankita Bhutani, Abhishek Chopra
Solid State Batteries Market size is set to exceed USD 2 Billion by 2025, as reported in the latest study by Global Market Insights, Inc.
Increasing demand of electric vehicles across the emerging economies along with accelerating investments toward consumer electronics will foster the solid state batteries market growth. Ongoing technological advancements along with increasing adoption of energy efficient technologies will positively influence the industry landscape. In addition, shifting trends toward sustainable solutions for power generation will complement the business outlook.
Germany solid state batteries market was valued over USD 8 million in 2018. Increasing demand for high efficiency energy storage systems along with ongoing product innovations will propel the industry growth. Stringent government regulations and norms toward carbon emissions coupled with favorable government initiatives for development of sustainable energy solutions will positively influence the product demand. Furthermore, declining cost of electric vehicles along with development EV charging infrastructure will complement the business outlook.
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Substantial fiscal support toward commercialization of innovative energy storage systems will propel the market growth. Superior efficiency, high energy density & stability coupled with distinctive feature of sustainability will enhance the product penetration. Rising adoption of clean energy technologies coupled with increasing demand for energy storage systems (ESS) will enhance the industry landscape.
Thin film solid state batteries market will onlook growth on account of their increasing use across portable medical devices, low power sensors, consumer products and industrial systems. Increasing research and development initiatives & investment toward improvement of energy density of mm-scale energy storage systems will enhance the industry landscape. For instance, in 2019, Ilika PLC announced it has increased the volumetric efficiency of its mm-scale Stereax solid-state batteries by a factor of 3 through introduction of wafer-thinning technology.
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), By Application (Industrial, Automotive, Consumer Electronics, Energy Storage), Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2019 – 2025” in detail along with the table of contents:
Ongoing expansion of automobile manufacturing units along with supportive regulatory policies toward sustainable energy development will foster the Japan solid state batteries market share. Increasing electric vehicle sales along with extensive R&D activities being done by leading industry players will stimulate the business growth. In addition, government initiatives toward reduction of greenhouse gas emissions will complement the industry outlook.
Consumer electronics application is anticipated to grow at a rate of over 30% by 2025 Increasing disposable income of consumers coupled with growing interest toward smart portable devices will stimulate the market. Long service life, short recharge times and enhanced energy storage capacity are some of the key features which will stimulate the industry growth. Huge potential for providing enhanced safety owing to the unique presence of solid electrolyte will boost product adoption in smartphones and digital cameras.
Paradigm shift toward the adoption of renewable energy technologies coupled with the increasing need for efficient and affordable storage solutions across automotive, consumer electronics and medical sector will fuel the solid state batteries market growth. Growing need for energy-efficient storage systems and safety concerns toward battery material will stimulate the product adoption. Ongoing innovations toward product design coupled with rapid technological development will fuel the industry growth.
Eminent industry participants operating across market comprises of Cymbet, Ilika, BrightVolt, Front Edge, Altair, Hitachi Zosen, 24M, Solid Power, Excellatron, Prieto Battery, Robert Bosch, STMicroelectronics, Planar Energy, QuantumScape and Toyota. The leading industry players are focusing toward extensive research & development activities for large-scale commercialization of product and to increase its application potential.
The solid state batteries market research report includes in-depth coverage of the industry with estimates & forecast in terms of USD from 2014 to 2025, for the following segments:
- Thin film
- Bulk storage
- Consumer Electronics
- Energy Storage
The above information is provided on a regional & country basis for the following:
- North America
- Asia Pacific
- South Korea
- Rest of World
- Saudi Arabia