Global Solid State Battery Market 2017-2021
About Solid State Battery
A solid-state battery is a category of battery that has both solid electrodes and electrolytes. These materials in the battery are very good ionic conductors, which is required for the efficient performance of the electrolyte and electrode. Solid state batteries eventually make the product long lasting and safer. The above advantages make them suitable for use in EVs and consumer electronics.
Technavio’s analysts forecast the global solid-state battery market to grow at a CAGR of 72.33% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global solid-state battery market for 2017-2021. To calculate the market size, the report considers the new shipments and exclude replacement/ aftermarket/services market.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Solid-State Battery Market 2017-2021
Technavio recognizes the following companies as the key players in the global solid-state battery market 2017-2021: Cymbet, Infinite Power Solutions, Sakti, Seeo, and Solid Power.
Other Prominent Vendors in the market are: Robert Bosch, Toyota Motor Corporation, Planar Energy, Excellatron, BrightVolt, STMicroelectronics, and Front Edge Technology.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is need for clean energy to mitigate climate change. Great efforts are put across the world to reduce energy consumption by making facilities more efficient through energy management systems. In addition, the effort is directed to reduce the dependency on fossil fuel as it is one of the major contributors to emissions. Governments have turned their focus on reducing carbon emissions from power plants, which are the highest contributors to CO₂ and greenhouse gas emissions. The previous policies did not have separate regulations for power plants.”
According to the report, one of the major drivers for this market is improved consumer spending. Consumer spending is a significant economic factor since it usually matches with the overall consumer confidence in a nation’s economy. High consumer confidence indicators typically relate to higher levels of consumer spending in the economic market. Improving consumer spending will support sales of high-drain electronics, boosting the demand for solid state batteries.
Further, the report states that one of the major factors hindering the growth of this market is competition from other battery technologies. In recent months, focus toward secondary battery is increasing, especially in applications such as mobile phones, earphones, music players, and others. if we keep aside the consumer market, military and defense are the biggest sectors for primary batteries. However, during the last 10 years, the market has gradually switched from primary battery to secondary battery, owing to the better charge methods and more readily available power sources.
Cymbet, Infinite Power Solutions, Sakti, Seeo, Solid Power, Robert Bosch, Toyota Motor Corporation, Planar Energy, Excellatron, BrightVolt, STMicroelectronics, and Front Edge Technology.