Solid-state battery refers to the battery technology that employs both solid electrolytes and solid electrodes, rather than using the polymer or liquid electrolytes that are found in lithium polymer or lithium-ion batteries. Solid-state battery technology is considered to be an alternative to the Li-ion battery technology.

Global solid-state battery market is expected to grow at 66.32% CAGR during the forecast period 2019-2027. The base year considered for the market study is 2018 and the estimated period is between 2019 and 2027.

Several factors that are liable for the advancement of the market are:

• Benefits offered by solid-state batteries over the liquid cell batteries
• Surge in the investments to aid in market development
• Ongoing trend of product miniaturizing
• Positive outlook of the electric vehicle market
• Growing number of startups

To know more about this report, request a free sample copy.

However, global solid-state battery market is primarily driven by rising investment activities along with research and development in the field of solid-state batteries. Companies in solid state batteries are investing huge capital in research activities to develop new and advanced batteries with less charging time, compact size and with more efficiency. For instance, in 2016, as per company sources, Dyson made an investment of $XX billion for development in solid-state battery technology. Furthermore, increasing adoption of electric vehicles is expected to propel the demand of solid state battery globally. As per the International Renewable Energy Agency Organization, the global stock of electric vehicles reached XX million units in 2016 from XX million units during 2015.

In terms of application segment, consumer electronics sub-segment leads the application segment of the global solid-state battery market by capturing the largest market share of over XX% in 2018 with estimated revenue of approximately $XX million. The growing interest of the giant consumer electronics companies including Apple, Samsung, LG-Chem, etc. towards solid-state batteries act as a major driver for the growth of the consumer electronics segment. For instance, Samsung is planning to replace lithium-ion batteries with solid-state batteries in its phones by 2019, as per company sources. Furthermore, cordless vacuum cleaner manufacturer, Dyson has acquired solid-state battery manufacturing company Sakti3 in 2015. This acquisition is expected to result in the deployment of solid-state batteries in the company’s novel vacuum cleaners. Thus, increasing adoption of solid-state batteries in consumer electronics is expected to supplement the market growth during the forecast period.

Though the market is advancing at a promising pace, there are still several factors that are profoundly restraining the market growth. Market growth is restricted by high setup and installation cost of solid-state batteries along with complexities in the manufacturing process of the solid-state battery. Solid-state battery manufacturing is a very complex and challenging process. According to the American Chemical Society (ACS), poor conductance of solid electrolyte acts as a major factor that presents complexities during battery manufacturing. Moreover, solid-state batteries are costly as compared to lithium-ion batteries. Thus, manufacturing cost-effective solid-state battery is one of the challenges for the solid-state battery market. Also, the easy availability of conventional rechargeable batteries acts as another challenge.

Global solid-state battery market is segmented on the basis of battery type, battery capacity and application.

Market by Battery Type:

• Thin-film batteries
• Bulk batteries
• Other batteries

Market by Battery Capacity:

• Less than 20 mAh
• Between 20 mAh & 500 mAh
• 500 mAh above

Market by Application:

• Consumer electronic
• Electric vehicle
• Energy harvesting
• Medical devices
• Wearable devices
• Other applications

Total market revenue has been calculated by net adoption of solid state batteries and revenue deployed for research and development in next-generation solid-state batteries of higher capacity.

On the basis of geography, global solid-state battery market has been segmented into four major regions:

• North America Solid State Battery Market: the United States & Canada
• Europe Solid State Battery Market: United Kingdom, France, Germany, Spain & Rest of Europe
• Asia Pacific Solid State Battery Market: China, India, Japan, Australia & Rest of Asia Pacific
• Rest of World: Latin America, Middle East & Africa

Geographically, North America solid-state battery market is dominating as it captured the largest market share concerning revenue of approximately XX% and will acquire roughly $XX million in 2018. Rising adoption of electric vehicles coupled with rising research & development activities related to the solid-state battery are some of the requirements that are essentially propelling the demand for solid-state batteries in the region. For instance, as per company sources, A123 Systems invested an undisclosed amount of capital into Solid Power Inc., for development of solid-state battery technology.

Moreover, as per International Energy Agency (IEA), total electric vehicle sales in the United States stood at XX thousand units in 2016, increasing from a level of XX thousand in 2014. On the flip side, Europe is anticipated to be the fastest evolving regional market. The Europe solid-state battery market will be on the up-surging trend owing to government investments on solid-state batteries. Universities and various research groups are making efforts to promote the researches on solid-state batteries. Also, rising sales of electric vehicles and the innumerable strategies that are adopted by companies to adopt solid-state batteries are going to influence the improvement of the solid-state battery market in Europe during the forecast period.

Global solid-state battery market is segmented on the basis of battery type, battery capacity and application. Type segment is further sub-segmented into thin-film batteries, bulk batteries & other type of batteries. Battery capacity segment is further segmented into, less than 20mAh, 20 mAh to 500 mAh, 500 mAh and above. Furthermore, application segment is further segmented into consumer electronics, electric vehicle, energy harvesting, medical devices, wearable devices and other applications.

The key companies operating in the global solid state battery market are:

• Excellatron Solid State LLC
• Solid Power Inc.
• Dyson
• Cymbet Corporation
• Toyota Industries Corporation
• And other companies

Company profiles of the prominent market players are discussed elaborately in the report. Most of the companies look for strategies such as merger & acquisition, partnership, contracts, agreements, new product launch, to gain a competitive edge over other companies. For instance, In April 2018, Imec introduced an innovative type of solid-state Li-ion battery with an energy density of 200 Wh/liter at a charging speed of 0.5C (2 hours). In December 2017, Solid Power Inc. signed a partnership agreement with BMW Group to develop solid-state EV batteries required for the electrification of automotive transport.

Key findings of the global solid-state battery market:

• North America accounts for the largest market share of overall solid state battery market in 2018
• Increasing R&D activities and investments in solid-state batteries is a major factor which contributes to the growth of global solid-state battery market during the forecast period
• Usage of solid-state of batteries in military and defense sector is expected to propel over the forecast period
• High usage of solid-state batteries in wearable devices is expected to offer lucrative growth opportunity for the global solid-state battery market