The global solid-state battery market is expected to grow at a significant CAGR during the forecast period as solid-state batteries are emerging to be potential alternatives, superseding conventional lithium-ion batteries. Solid-state batteries utilize solid electrodes and electrolytes as opposed to liquid or polymer electrolytes in lithium-ion batteries. The increasing demand for pacemakers, radio-frequency identification (RFID), and wearable devices boost the growth of the global solid-state battery market. Besides, the demand for solid-state batteries in healthcare, wearable, and drone applications is also on the rise. Solid-state batteries are an indispensable component of next-generation traction batteries. The high-performance and reduced cost, along with low flammability, higher electrochemical stability, higher potential cathodes, and higher energy density, are a few other driving factors of the solid-state batteries over liquid electrolyte batteries.
The impacts of COVID-19 are quite detrimental in the short term, and its long-term impacts are still unknown. Semiconductor companies around the world are evaluating impacts on the pandemic’s impact on the supply chain, market demand, and workforce. The spread of the virus has disrupted global supply chains, wherein the government imposed lockdowns and certain restrictions. Product demand has changed as consumer behavior, which is continuously changing rapidly and with future volatility. Employees have been asked to work from home, whereas several businesses are suspended. Accenture reports that Overall, the 2020 semiconductor revenue projection has been reduced by USD 55.0 billion to USD 415.4 billion, and annual growth for 2020 has been reduced from 12.5% to 0.9%
Rapid advancements in the electronics industry have subsequently increased the demand for smaller, lighter, and durable products. This has further garnered the attention of companies to invest in innovative thermal management technologies to improve system performance. Key industry participants are focusing on the development of cost-effective, optimized thermal management solutions applicable across a range of applications. Advanced technological research is expected to produce more efficient solid-state solutions in the future. Solid-state batteries are light in weight and durable in nature
Growing demands for efficient batteries and consumer electronics markets are attracting substantial investments into the global solid-state batteries market. No usage of flammable liquid electrolyte in the solid-state batteries make them safe and convenient to be used in applications such as automobile, smartphones, and other wireless technologies. Despite the high price, many industry participants are developing economical solid-state batteries, which is accelerating the market growth
The new solid-state technology is incredibly expensive to manufacture; therefore, they are not extensively installed in any major consumer-grade electronics. Another factor further suppressing the rapid growth of solid-state batteries is the manufacturing of millions of rechargeable batteries each year, resulting in the overall manufacturing cost of the materials and equipment to spread out across huge supply lines
There are still debates on the best chemical and atomic composition for a solid electrolyte between metallic anodes and cathodes, thereby hampering the speedy growth of the market. On the other hand, the properties of metals, alloys, and metallic salts used for conventional rechargeable batteries are well-known, which is also pushing back the growth rate of the solid-state battery market. Lack of reliable data and synthesis of the materials and limited investment in manufacturing processes is narrowing down the market growth pace.
Dyson is one of the pioneers of the electric vehicle industry, which uses solid-state batteries for designing its smart cars. The company is set to release its first electric vehicles in 2020. The company is also building high-precision vacuums and fans with electric vehicles (EVs). The Financial Times states that the company has allocated a budget to the tune of USD 2.8 billion to construct three EVs by 2020. Elon Musk’s Tesla is a primary competitor to companies such as Dyson that are determined to shape the electric vehicles industry. Talks are in the air regarding the mass production of non-sports high-end car models in the upcoming years. Axios reports, Samsung and Dyson have collectively invested USD 65 million in Massachusetts-based Ionic Materials, a liquid crystal polymer that can solve many issues of mass production. BMW i3 Electric Vehicle is a fine example ofa carbon fiber body constructed out of light materials. The core component of such cars is the solid-state battery, which is able to hold more charge compared to lithium-ion batteries
New markets are entering into the business, owing to the benefit of solid-state batteries as they provide more security than fluid state batteries and have higher execution productivity. According to the International Energy Agency (IEA), global registrations for electric cars recorded over 750 thousand sales in 2016, with a market share of 29.0%. Norway has achieved the most successful deployment of electric cars in terms of market share, followed by the Netherlands, with a 6.4% electric car market share, and Sweden with 3.4%. Germany’s Volkswagen launched its first electric vehicle in 2016 with a goal to make 3 million electric vehicles per year with Porsche, Audi, VW, and others by 2025. Europe is on the upward trajectory in this segment as more factories are being built in this region for the production of solid-state battery
The thin-film battery segment is expected to register the highest CAGR during the forecast period due to the wide application base, such as in IoT and wearable devices. Efficient recharging rate and compact design, unlike conventional batteries, and a minimum environmental impact are significantly augmenting the segment growth. Changing consumer lifestyle has increased the demand for portable type segment as consumers are more inclined to buy portable electronic devices, such as mobile phones, calculators, laptops, watches, calculators, and others
Solid-state batteries are likely to gain a competitive edge alongside the growth of the global healthcare sector. There is a high demand for wireless devices in medical applications, such as diagnostic monitoring patches and hearing aids. The wearable and medical devices segment accounted for a significant market share in 2019. Healthcare professionals are opting for small energy storage sources and wearable electronics that are encouraging innovations in medical technology. On the other hand, the consumer and portable electronics segment is anticipated to dominate the global market due to rapid urbanization along with rising discretionary expenditures. This trend is anticipated to stimulate segment growth in the upcoming years. Technological advancements in the automobile sector, along with the presence of favorable regulatory policies, are encouraging the adoption of electric vehicles, thereby boosting the solid-state battery market growth.
North America is expected to dominate the solid-state battery market during the forecast period on account of the presence of key vendors, innovators, and entrepreneurs. The U.S. is also focusing on investments in R&D activities along with the government funding aimed at deploying electric vehicles across the country. Early adoption of technology across consumer and portable electronics will have a positive impact on the product demand in North America
Europe is foreseen to hold the second-largest market share over the forecast period, attributed to its strict implementation of regulatory policies regarding energy storage systems and electric vehicles across the region. The European Commission funding is aimed at battery-specific R&D projects during the forecast period
Asia-Pacific’s solid-state battery market accounted for 33% of the global market share in 2019. There has been a high demand for solid-state batteries by prominent economies, such as India and China. Governments are focusing on the strategic deployment of electric vehicles with portable electronic devices in the next few years.
Key players in the Solid-state Battery market are focusing on expanding their operations to different industry verticals. They aim to achieve their goals by leveraging strategic collaborations to increase their profitability. Mergers and acquisitions of firms is also a prime agenda to strengthen their product capabilities. Key players in this market include Samsung SDI Co. Ltd., Solvay, Cymbet, Pathion Inc., Robert Bosch GmbH, Saft, Excellatron Solid-state, Toyota Motor, BrightVolt, and Solid Power, among others