Solid State Battery Market Size & Share Sees Big Growth by 2024

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Solid State Battery Market
Solid State Battery Market

Global Solid State Battery Market: Overview

Solid state battery consists of both solid electrolytes and electrodes. These materials are good conductors of electricity which improves the performance. The high ionic conductivity of the battery reduces internal resistance and allows high power densities. However, high electronic resistance reduces its self-discharge rate and results in improved charge retention. Polymeric and glassy materials can be readily molded into a thin film that enhances overall capability of the system. Advanced materials and technology used in the solid-state battery have significantly increased the reliability and performance of the battery systems. In solid state batteries, liquid electrolytes previously used in the conventional lithium-ion batteries are replaced by lithium metal electrodes. The solid state batteries are capable of storing more energy and are highly efficient compared to conventional batteries.

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Global Solid State Battery Market: Growth Factors

Demand for consumer electronics and efficient batteries are escalating which is driving the solid-state batteries market. Solid state batteries are considered as safety devices as compared to the conventional batteries since the flammable liquid electrolyte is not used in these batteries. Automobile companies are significantly investing in the manufacturing of solid-state batteries in electric vehicles thus contributing to the growth of the global market. Telecom industry is major end-user of solid-state batteries, which is expected to further growth due to developments in wireless technologies. The emergence of economical solid state batteries for a wide range of applications positively impacts the global solid state battery market growth. However, the price of the solid-state battery is high as compared to conventional batteries thus hampering the growth of the global market.

Global Solid State Battery Market: Segmentation

The global solid-state battery market is fragmented into its type as Li-ion, lead acid, Li-Metal, NiCd, and NiMH. Geographically, the global market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.

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Global Solid State Battery Market: Regional Analysis

Asia Pacific dominates the solid-state battery market owing to the presence of a large number of manufacturers and smartphone users. They are gaining popularity globally owing to its wide usage in smartphone and sensor industry. Prominent players in the Asia-Pacific region are increasingly investing in the technology for improved performance and efficient designs. China and South Korea are emerging as major manufacturing hubs for solid state battery. Major technological innovators are shifting their manufacturing base in these regions for better growth prospects thus boosting the global solid state battery market in the near future. North America is also a major consumer and producer of solid state batteries owing to the abundant availability of raw materials and increasing disposal incomes. Europe is substantially investing in the development of more efficient solid-state batteries thus positively impacting the global solid state battery market growth.

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 Global Solid State Battery Market: Competitive Players

Some of the major players in the global solid state battery market are Solid Power, Inc., Ilika Plc., Cymbet Corporation and Excellatron Solid State, LLC.

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