Solid State Battery Global Market Report 2022: A $1.72 Billion Industry by 2026 - Long-term Forecasts to 2031 - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--The "Solid State Battery Global Market Report 2022" report has been added to ResearchAndMarkets.com's offering.
The global solid state battery market is expected to grow from $0.24 billion in 2021 to $0.34 billion in 2022 at a compound annual growth rate (CAGR) of 41.25%. The solid state battery market is expected to reach $1.72 billion in 2026 at a compound annual growth rate (CAGR) of 50.02%.
The solid state battery market consists of sales of solid-state batteries by entities (organizations, sole traders, and partnerships) that refers to battery technology that uses solid electrodes and a solid electrolyte rather than liquid or polymer gel electrolytes set up in lithium-ion or lithium polymer batteries.
The battery is projected to increase safety, battery life, and heat resistance by replacing liquid electrolytes. These batteries provide excellent energy density, outstanding safety efficiency, and a wide range of operating temperatures and are generally more expensive than conventional batteries.
The main types of solid state batteries are single-cell battery and multi-cell battery. The single-cell battery of solid state battery are made up of one cell. Single cell battery is used in small electronic equipment such as toys, clocks, watches and others. These solid state batteries are classifies on the basis of rechargeability into primary battery and secondary battery and by material into thin film batteries and portable batteries. The solid state batteries have application in consumer and portable electronics, electric vehicle, energy harvesting, wearable and medical devices and other application.
Asia-Pacific was the largest region in the solid state battery market in 2021. The regions covered in the solid state battery market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The rising adoption of electric vehicles is expected to drive the growth of the solid-state battery market. While the economic effect of COVID-19 has dampened demand for petrol and diesel cars, demand for EVs has increased. Climate warming and aspirations to achieve net-zero emissions are driving the global shift to emissions-free motoring.
This shifts toward EVs help with the economic growth by shifting consumption away from imported oil and lowering fuel costs moving towards more locally produced power. For instance, according to the International Energy Agency's Global EV Outlook report published in April 2021, in 2020, consumers spent USD 120 billion on electric vehicle purchases, a 50% increase over 2019, which equates to a 41% increase in sales and a 6% increase in average prices. Therefore, the rising adoption of electric vehicles will drive the solid-state battery market.
Technological Advancements is a key trend gaining popularity in the solid-state battery market. Major companies operating in the solid-state battery market are focused on providing technologically-advanced solutions to strengthen their market position. These companies are implementing next-generation solid-state battery technologies into their products, such as electrochemical, electrolytes, Li-ion batteries, cathode, anode, and others, to bring the solid-state battery cheaper and lighter.
For instance, in September 2021, LG Energy Solution and the University of California, San Diego researchers created a new type of battery that combines two technology techniques. The battery is an all-silicon solid-state battery because it contains a solid-state electrolyte and an all-silicon anode.
In November 2021, Hyundai, a South Korea-based automotive manufacturer, announced a partnership with Factorial. In this partnership, Hyundai will integrate factorial technology at the cell, module, and system levels, undertake vehicle-level integration, and co-develop specifications for Factorial's batteries. Factorial Batteries is a US-based solid-state Battery Technology company.
The countries covered in the solid state battery market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
Major players in the solid state battery market are
- Robert Bosch GmbH
- SolidEnergy System
- Toyota Motor Corporation
- Solid Power
- Excellatron Solid State
- Samsung SDI Co. Ltd.
- Stmicroelectronics N.V
- Planar Energy Devices Inc
- Pathion Inc
- Infinite Power Solution Inc
- Sakti3 Inc.
Key Topics Covered:
1. Executive Summary
2. Solid State Battery Market Characteristics
3. Solid State Battery Market Trends And Strategies
4. Impact Of COVID-19 On Solid State Battery
5. Solid State Battery Market Size And Growth
5.1. Global Solid State Battery Historic Market, 2016-2021, $ Billion
5.1.1. Drivers Of The Market
5.1.2. Restraints On The Market
5.2. Global Solid State Battery Forecast Market, 2021-2026F, 2031F, $ Billion
5.2.1. Drivers Of The Market
5.2.2. Restraints On the Market
6. Solid State Battery Market Segmentation
6.1. Global Solid State Battery Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
- Single-Cell Battery
- Multi-Cell Battery
6.2. Global Solid State Battery Market, Segmentation By Rechargeability, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
- Primary Battery
- Secondary Battery
6.3. Global Solid State Battery Market, Segmentation By Material Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
- Thin Film Batteries
- Portable Batteries
6.4. Global Solid State Battery Market, Segmentation By Application, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
- Consumer And Portable Electronics
- Electric Vehicle
- Energy Harvesting
- Wearable And Medical Devices
- Other Application
7. Solid State Battery Market Regional And Country Analysis
7.1. Global Solid State Battery Market, Split By Region, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
7.2. Global Solid State Battery Market, Split By Country, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
For more information about this report visit https://www.researchandmarkets.com/r/eij8ba
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