The solid-state battery market is poised to hike from around $100m in 2018 to over $2bn by 2025, according to a 2019 Global Market Insights report. Increasing demand of electric vehicles across the emerging economies along with accelerating investments toward consumer electronics will foster the market growth.
Ongoing technological advancements along with increasing adoption of energy efficient technologies will positively influence the solid-state battery market landscape. In addition, shifting trends toward sustainable solutions for power generation will complement the business outlook.
Germany solid-state battery market valued at $8m 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.
Ongoing expansion of automobile manufacturing units along with supportive regulatory policies toward sustainable energy development will foster the Japan solid-state battery 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.
Thin film solid-state battery 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 and investment toward improvement of energy density of mm-scale energy storage systems will enhance the industry landscape.
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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 solid-state battery 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 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 solid-state battery 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 and development activities for large-scale commercialization of product and to increase its application potential.
