A recent report published by Infinium Global Research on solid state battery market provides in-depth analysis of segments and sub-segments in the global as well as regional solid state battery market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional solid state battery market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of the global solid state battery market. According to the report, the global solid state battery market is projected to grow at a CAGR of 67% over the forecast period of 2019-2025.
Automotive manufacturers focused on battery technology to shift away from fossil-fuel-powered vehicles towards hybrid and electric. Solid state batteries offer fast charging times and good heat resistance and it requires less area for temperature control than their lithium-ion counterparts. They can also completely charge or discharge in just seven minutes that is ideal for vehicle applications. The fast-growing electric vehicles market is made up of major groups of electric vehicles, each with a distinct set of requirements. Batteries for electronic devices are used mainly within laptops and mobile phones, as well as for tablets, e-readers and other devices.
The increasing adoption of solid state batteries in consumer electronics is the major driving factor of the solid state battery market. The demand for solid state batteries is increasing due to its use in radio-frequency identification (RFID), wearable devices, electric vehicles, pacemakers, and other consumer electronics. Furthermore, factors such as increasing investment of automobile companies and rising demand for electric vehicles in the automotive industry are driving the growth of the market. Solid state batteries are widely used in transportation, grid storage, and other sectors. Growth in the application of solid state batteries in the healthcare, wearable, and drone’s sectors is boosting the market growth. However, the high cost of solid state batteries is restraining market growth. Moreover, increasing production of electric vehicles due to strict government regulations for maintaining eco-friendly environment is expected to provide growth opportunities to the market.
Geographically, North America dominates the global solid state batteries due to the rise in demand for batteries in electric vehicles, and smart cards. Europe is the second largest market for solid state batteries owing to the increasing acceptance rate of solid state batteries in consumer electronics. Asia-Pacific is expected to grow with healthy CAGR due to the growing adoption of solid state batteries in the wearable devices in China and Japan.
The report on global solid state battery market covers segments such as type, capacity, and applications. On the basis of type, the sub-markets include thin-film, and portable. On the basis of capacity, the sub-markets include less than 20 MAH, between 20 MAH and 500 MAH, and 500 MAH and above. On the basis of applications, the sub-markets include consumer and portable electronics, electric vehicle, energy harvesting, wearable and medical devices, and other applications.
The report provides profiles of the companies in the market such as Seeo Inc., STMicroelectronics N.V., Cymbet Corporation, Toyota Motor Corporation, Sakti3 Inc., Excellatron Solid State, LLC, Brightvolt, Inc., Infinite Power Solution, Inc., Planar Energy Devices, Inc., Quantum Escape, and other companies.
The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of solid state battery market. Moreover, the study highlights current market trends and provides forecast from 2019-2025. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.