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Solid State Batteries Market Segmented By type such as Thin-film Battery and Portable Battery with Application in Electric vehicles, Smart wearables, Portable electronics, Medical devices
Solid state battery is a technology that uses both solid electrodes and electrolytes. This technology is a combination of both old and traditional lithium ion battery systems. The solid state batteries are no different than traditional lithium ion batteries but these batteries can store more energy than lithium ion batteries and can be made thinner and flexible as well.
Solid state batteries are mainly used in electric vehicles, wearable devices, pacemakers, RFID (Radio Frequency Identification) and other electronic devices. Solid state batteries are an upcoming option for next gen traction batteries which promise high safety, high performance and low cost.
Solid-state batteries, features solid electrodes or electrolytes rather than the gels and liquids used in lithium-ion alternatives, offer great potential for energy storage, and industrial players and research institutes are working to bring the state of the art technology into large scale production.
There are many startups working on solid state batteries technology but only few are likely to bring it to the market without partnership or licensing deals. Whereas large companies such as Samsung SDI, Panasonic and Toyota are showcasing prototype batteries and are likely to bring solid state batteries to larger market for applications in electric vehicles and consumer electronics devices.
The electrodes can be placed closer in the solid state batteries, which allows to make it more compact and thus delivering greater energy density. Thus this enables solid state batteries appealing for fast charging and high power applications.
The pandemic outbreak has resulted in a slowdown in terms of global economic growth. A large number production has stopped as manufacturing centers have either been shut down due to lockdown in many countries or are not operating in full capacity, owing to disruptions in raw material supply chain.
In addition, such trends are also impacting stock prices in the solid state batteries chargers market. The automotive end-user is one of the most affected sectors where solid state battery manufacturers are seeking new opportunities.
Thus such factors are affecting the growth of the market and the demand for solid state batteries has declined by 20% in the first half of 2020. However, as of April 2020, major restrictions in China have been largely restricted, and production levels at Chinese facilities have surpassed 70% of pre virus levels.
In addition, many automobile manufacturers have partnered with solid state battery manufacturers, which is anticipated to drive the growth of the market, by Q4 2020.
For instance, In April 2019, Ford invested in a company named Solid Power that has been working on solid-state batteries, which would provide 2-3 times higher energy density than conventional lithium-ion electric vehicle batteries.
Increasing Adoption Solid State Batteries in Automotive Industry Is Significantly Driving Growth of the Market
New innovations and technological advancements in solid state batteries or industrial batteries is one of the major factors for the adoption of electric vehicles.
Also, electric vehicles are expected to account for 10–12% of the total automotive sales in coming years, thus multiple factors such as favorable regulations in regions such as China, India and Europe, product developments by original equipment manufacturers such as Volkswagen and Honda are driving the growth of the electric vehicles market. Hence this uptake of electric vehicles is significantly driving the growth of the solid state batteries market.
Solid state batteries do not contain a liquid electrolyte, which gets heated due to fast charging, and thus, solid-state batteries provide high safety as compared to liquid lithium-ion batteries. Furthermore, the liquid electrolytes are highly flammable, and any leakage of such liquid would lead to safety concerns of batteries and overall vehicles.
Thus as solid state batteries use flame retardant electrolyte, there is very less risk of fire and flammability. Also, the operating range of solid state batteries is higher as compared to traditional ion batteries. Thus, such factors are anticipated to propel the growth of the market in the coming years.
Examples of some of the market participants in the global solid state batteries market identified across the value chain include StmicroElectronics N.V., Cymbet Corporation, Toyota Motor Corporation, Seeo Inc., Sakti3 Inc. and Brightvolt, Inc. Other noticeable players include Planar Energy Devices, Inc., Excellatron Solid State, LLC, QuantumEscape, Altairnano, Infinite Power Solution, Inc., and Solid Power, Inc.
Currently Europe dominates the solid state battery market in terms of graphene production, as majority of the graphene materials suppliers are based in this region.
Asia Pacific is anticipated to surpass the Europe solid state battery market in the near future attributed to rise in sales of electric vehicles as well as growth of the aerospace market which includes small satellites such as Nanosat and CubeSat, USV and UAVs.
Solid state battery market in North America is also anticipated to grow significantly due to growing environment awareness among customers and increasing government subsidies. Due to favorable government initiatives towards adoption of low emission technology the solid state battery market in Norway is likely to witness a strong growth.
The solid state batteries market report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, and inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators, and governing factors, along with market attractiveness as per segment.
The market report also maps the qualitative impact of various market factors on market segments and geographies.