Solid State Battery Market Size Will Surpass USD 721.35 Million at 35.9% CAGR Growth by 2028; Solid-State Batteries in EV Vehicles is Expected to Drive the Market: According to Vantage Market Research

·8 min read

WASHINGTON, Jan. 20, 2022 (GLOBE NEWSWIRE) -- The market size stood at USD 84.26 Million in 2021. The Global Solid State Battery Market size is expected to reach USD 721.35 Million by 2028, exhibiting a CAGR of 35.9% during the forecast period.

Solid State Batteries are recently developed and are expected to show a bright future in terms of market, applications, and sustainability. Currently Solid-State Batteries replace the flammable liquid electrolyte in a conventional lithium-ion battery with a proprietary sulphide-based solid electrolyte. Hence solid-state batteries are considered to be safe and more stable across broad temperatures and provide a higher energy density compared to best rechargeable battery cells available in market. Thus, solid state battery is expected to flourish in coming years, states Vantage Market Research, in a report, titled “Solid State Battery Market by Type (Single-cell, Multi-cell Battery), by Application (Consumer Electronics, Electric Vehicles, Energy Harvesting, Medical Devices), by Region (North America, Europe, Asia Pacific, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.

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  • Provide chapter-wise guidance on request 2021 Updated Regional Analysis with Graphical Representation of Trends, Size, & Share, Includes Updated List of figures and tables.

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The report on Solid State Battery Market highlights:

  • Assessment of the market

  • Premium Insights

  • Competitive Landscape

  • COVID Impact Analysis

  • Value Chain Analysis

  • Historic Data, Estimates and Forecast

  • Company Profiles

  • Porter’s Five Forces Analysis

  • Global and Regional Dynamics

Market Overview:

Rising technological Advancements in Applications of Solid-State Battery is Expected to Drive the Market.

Solid state battery is considered to be the one of the future innovative battery with special benefits such as fat charging, high temperature stability, long lasting and last but not the least safety factor. For instance, solid power generated from solid state batteries began its relationship with BMW in 2017 with a joint development agreement to develop all-solid-state batteries for electric vehicles. Solid Power also anticipates the all-solid-state battery cells which will enable less expensive battery pack designs due to the removal of expensive and extensively engineered battery pack cooling schemes. Solid Power’s battery technology is compatible with traditional lithium-ion manufacturing processes, which is anticipated to speed up market and keep battery cell prices competitive with todays and tomorrow’s industry-standard lithium-ion battery cells.

High Cost and Complicated Manufacturing will Hinder the Solid-State Battery Market

Solid state batteries are recently developed and are expected to be launched on full scale in 2022. The materials used in manufacturing are very expensive as compared to conventional batteries and hence this might reduce the sales of Solid-State batteries. Another concerning factor is the complicated manufacturing process. This factor is really important factor as Solid-State battery are expected to be used in consumer electronics and hence to be manufactured with precise tolerances and higher safety regulations.

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COVID-19 Analysis:

The COVID-19 outbreak has affected various industries worldwide. The impact of COVID-19 on demand for solid state batteries and their market is not certain and clear for the time being. It is expected that the production and sales of these batteries will certainly reduce more than in the short-term COVID-19 period as a majority of Solid-State Battery manufacturers are based in the North America and Asia Pacific. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data- points:

  1. Impact Assessment of COVID-19 Pandemic

    1. North America

    2. Europe

    3. Asia Pacific

    4. Latin America

    5. Middle East & Africa

  2. Quarterly Market Revenue Forecast by Region 2020 & 2021

  3. Key Strategies Undertaken by Companies to Tackle COVID-19

  4. Long Term Dynamics

  5. Short Term Dynamics

Regional Analysis:

Increasing Growth of Solid-State Battery Market in Asia Pacific

Asia Pacific is expected to dominate the global Solid State Battery Market in 2021 and is likely to continue the same trend during the forecast period. This is attributable to the increasing adoption of these technologies and rising investment in R&D activities across the region. Furthermore, favourable government initiatives and offering of funds for research is also expected to support the regional growth of the market.

Asia Pacific is anticipated to grow at a fastest CAGR in the projected period. This is attributed due to presence of key players of Solid-State Battery manufacturers. Stringent government regulation and demand from the consumers is expected to generate revenue for solid state batteries in coming years. Countries in this region such as U.S. and Canada are considered to be the innovative sector in manufacturing of batteries and their spare parts. As majority of the application of Solid-State Batteries will be applied in EV vehicles major EV manufacturers will gain benefit from this innovation.

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List of Prominent Players in the Solid-State Battery Market:

  • Robert Bosch (Germany)

  • Cymbet (US)

  • Solid Power (US)

  • Toyota Motor (Japan)

  • BrightVolt (US)

  • Excellatron Solid State (US)

Key questions answered in the report:

  • Which regional market will show the highest and rapid growth?

  • Which are the top five players of the Solid-State Battery Market?

  • How will the Solid-State Battery Market change in the upcoming six years?

  • Which application and product will take a lion’s share of the Solid-State Battery Market?

  • What are the Solid-State Battery market drivers and restrictions?

  • What will be the CAGR and size of the Solid-State Battery Market throughout the forecast period?

Recent Developments in the Industry:

In February 2020, Toyota Motor and Panasonic (Japan) announced a joint venture named Prime Planet Energy and Solutions, a joint venture that focuses on designing and developing advanced batteries for electric vehicles.

In June 2019, Cymbet launched the next-generation power management with RTC (PMRTC) product family. This new PMRTC product family supports charging voltage for a variety of backup power sources—EnerChip, rechargeable coin cells, and supercapacitors.

In April 2019, Ford Motor Company (US) partnered with Solid Power to design all-solid-state batteries (ASSB) for electric vehicles with a focus on specific automotive requirements.

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This market titled “Solid State Battery Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:

Report Attribute

Details

Market Size in 2021

USD 84.26.02 Million

Projected Market Size in 2028

USD 721.35 Million

CAGR Growth Rate

CAGR of 35.9% from 2022 – 2028

Base Year

2021

Historic Years

2016 - 2020

Forecast Years

2022 - 2028

Segments Covered

Type: - Single-cell, Multi-cell Battery

Application: - Consumer Electronics, Electric Vehicles, Energy Harvesting, Medical Devices, Packaging, Wireless Sensors

Quantitative Data - Units

Revenue in USD Million/Billion and CAGR from 2022 to 2028

Regions Covered

North America, Europe, Asia Pacific, Latin America, and Middle East & Africa

Countries Covered

U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others

Report Coverage

Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis.

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