Solid State Battery Market Estimated to Surpass $450.3 Million Mark by 2026

(IT-NEWSWIRE.COM, September 10, 2021 ) The global Solid State Battery Market is estimated to surpass $450.3 million mark by 2026 growing at an estimated CAGR of more than 34.5% during the forecast period 2021 to 2026. Solid-state batteries technology that involves solid electrolytes and solid electrodes and not using the polymer or liquid electrolytes are found in lithium-ion batteries. Solid-state battery technology is considered to be an alternative to the Li-ion battery technology. Rising investments on Research and developments for the battery, increasing utilising of energy storage battery, rising adoption of electronic devices and gadgets are some factors that drive the market. Solid state batteries are utilised in Electric vehicle that will hike in the growth which is environmental friendly comparatively to the liion batteries. Healthcare industry has major factors like pacemakers, RFID and other wearable are driving the market. These factors are set to boosts the market growth for Solid State Battery during the forecast period 2021-2026

Solid State Battery Market Segment Analysis – By Application

Market is segmented based on the Application, where consumer electronics holds the major share in the market. Rapid advancement in technologies and rapid urbanisation has increased which in turn increased the growth of consumer electronics like smartphones, laptops, media players, consoles, and other devices. The increase in disposable income has increased the growth of consumer electronics. Wearable & medical devices segment accounted for a significant market share with the substantial growth over the forecast period. Rising demand for small energy storage sources and wearable electronics is projected to favour the segment growth

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Solid State Battery Market Segment Analysis – By Battery type

Market is segmented based battery type such as thin film battery and portable battery. Thin film battery is expected to grow in the forecasted period. These thin film batteries are used in wearable devices in fitness & healthcare industry majorly. Thin film batteries majorly used reasons are for its compatibility and efficient recharging rate. This battery is environmental friendly as compared to many other batteries. Portable batteries are used in laptop, mobiles, calculators, and others. Portable battery will also grow during the forecasted period.

Solid State Battery Market Segment Analysis – By Geography

APAC is expected to grow and will have the highest share in the forecasted period. High demand for solid-state batteries across major economies, such as China and India is the major factor for the growth. The major producers for the wearable devices are from the APAC region and with high population the most consumers are also from APAC region. North America follows APAC in the consumption of solid state batteries and is set to witness significant growth driven by power and energy and automotive applications.

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Solid State Battery Market Drivers

Technological Advancements in the wireless sector

Increased demand for efficient batteries and growing consumer electronics market are the major drivers for the increased investments toward solid state batteries. The automobile companies are also investing significant amounts in efficient solid state batteries for the electric vehicles manufactured by them. The smartphone industry is a major end-user of these batteries and the market for these batteries is anticipated to further grow owing to development in wireless technologies.

Rise of Electric Vehicles

Solid state batteries are increasingly focusing on the electric vehicle industry with its benefits but still the research is going on for the new technology, as the power backup of Solid state battery is low for the Electric vehicle. It only lasts for 4-5 hrs for each charging. The production line of electric cars use solid state batteries in many stages. As of now the major market driver for Solid state battery is electric vehicle. Emission free environment is one the major project which is being developed.

Solid State Battery Market Challenges

Manufacturing Cost

The manufacturing cost of Solid state batteries is higher comparatively with the other batteries. Manufacturing of Solid State batteries are 60% more costly than manufacturing a Nickel Cadmium cells. Maintaining the voltage with protection circuit is considered to be one the challenges in solid state Battery.

Solid State Battery Market Landscape

Solid State Battery companies use the strategies like acquisition, expansion, collaboration, partnerships and R&D for the market growth. Solid State Battery consists of few major players in the market Google Inc.,Naunce Communication, IBM, Baidu, Amazon, Microsoft, Raytheon, BBN Technologies, Sensory, Iflyte, Speak2web

Acquisitions/Technology Launches/Partnerships

In April 2021, Ford is set to open new lab to develop next-gen lithium-ion and solid-state batteries

In April 2021, Ganfeng Lithium announced that it would build a plant in its home province of Jiangxi to produce 7,000 tonnes per year of lithium metal for the burgeoning solid-state battery sector.

Related Reports :

A. Lithium Ion Battery Market

https://www.industryarc.com/Report/15433/lithium-ion-battery-market.html

B. Automotive Battery Market

https://www.industryarc.com/Report/15291/automotive-battery-market.html

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Solid State Battery Market Estimated to Surpass $450.3 Million Mark by 2026