Solid State Battery Market Size By Product (Thin Film, Bulk Storage), By Application (Industrial, Automotive, Consumer Electronics, Energy Storage), Industry Analysis Report, Regional Outlook (U.S., Canada, Mexico, Germany, UK, France, Italy, Spain, Austria, Sweden, China, Japan, South Korea, India, Australia, Brazil, Saudi Arabia, UAE), Application Potential, Competitive Market Share & Forecast, 2019 - 2025Solid State Battery Market share is set to surpass USD 2 billion by 2025. Increasing investments toward consumer electronics coupled with ongoing demand for electric vehicles will boost the industry growth. Advancements in technology along with upsurge in adoption of energy efficient technologies will propel the product adoption. Furthermore, extensive R&D activities being carried out by leading industry players toward commercialization will positively influence the business growth.
Germany solid state battery market is set to exceed USD 8 million in 2018. Stringent regulatory norms pertaining to carbon emissions along with accelerating demand for efficient storage technologies will positively influence the product penetration. Declining cost of electric vehicles owing to rapid technological upgradation in the design will boost the business outlook. In addition, favorable government initiatives pertaining to the deployment of sustainable energy technologies will propel the industry outlook.
Increasing demand for RFID tags, smart cards and wearable devices will boost thin film batteries. In addition, there increasing utilization across military, medical devices and consumer products, low power sensors and industrial systems will fuel the product demand. In addition, ongoing research & development and investments toward improvements in energy density of product will enhance the business growth. For instance, Ilika PLC in 2019, announced an increase in the volumetric density of its mm-scale Stereax battery by introduction of wafer-thinning technology.
Consumer electronics application is predicted to witness a growth of over 30% by 2025. Growing interest toward smart portable devices owing to increasing purchasing power of consumers will boost the solid state battery market. Enhanced energy storage capacity, longer shelf life and short recharge time are some of the prominent features which will boost the product demand. Furthermore, large potential for providing enhanced safety on account of presence of solid electrolyte will propel the industry landscape.
Introduction of various incentives and schemes by respective government authorities pertaining to adoption of electric vehicles will foster product demand. Growing focus toward zero emission automobiles along with robust investments for the development of sustainable transport solutions will propel the business growth. In addition, increasing demand for personal mobility on account of improvement in standard of living of people will positively influence the industry growth.
Increasing need for affordable and efficient storage solutions across consumer electronics, automobiles, and medical sector will stimulate the business growth. Shifting trends toward adoption of sustainable energy technologies along with growing demand for energy-efficient energy storage systems will propel the industry outlook. In addition, rapid technological advancements along with robust innovations in product design and development will boost the product demand.
Leading players operating across the solid state battery market includes Toyota, Ilika, Cymbet, Front Edge, Hitachi, BrightVolt, 24M, Altair, Solid Power, Robert Bosch, QuantumScape, Planar Energy and STMicroelectronics.
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