Battery technology has advanced over the
past few years, and the Solid State Battery is a part of it. The solid state
battery technology is primarily built around the concept of using solid
materials for all the components in a battery; a solid state battery has solid
electrodes and solid electrolytes. The use of a solid electrolyte in lieu of
the conventional liquid- or gel-based electrolyte overcomes most of the disadvantages
of a conventional battery. The market for solid state batteries is expected to
grow at a high CAGR of 72.3% during the forecast period.
 |
In a solid state battery, the use of
volatile and flammable liquid electrolytes is avoided because they may produce
sparks, causing battery explosion. These batteries have a high energy density
and a long shelf life; also, it eliminates the need for multi-layers of
packaging, making the battery compact. Solid state batteries are made of non-flammable
solid electrolytes, which improve the safety and reliability of the battery.
Solid state batteries have found applications in many areas from packaging to
consumer electronics to electric vehicles and many more.
The Solid State Battery Market is
segmented on the basis of type, capacity, application, and geography. Thin-film
solid state batteries are being widely accepted in applications such as RFID
tags and labels, smart cards, wearable devices, and medical devices among
others. On the other hand, portable batteries are not yet commercialized;
however, many key players in the industry are investing majorly in R&D to
develop and test the potential of portable solid state batteries for electric
vehicles. One such prominent company involved in the development of solid state
battery is Sakti3 Inc. (U.S); it was recently being acquired by Dyson Inc.
(U.K.).
Integrating
the solid state battery in place of conventional battery could make the product
lighter, and increase its efficiency. Packaging and smartcards are two emerging
application areas of the solid state battery market. Electric vehicles are
anticipated to be one of the major segments for solid state batteries in the
future, as the need for advanced and long lasting batteries in in this segment
is increasing. The solid electrolytes used in a solid state battery eliminate
the cause of explosion, as well as they increase the power density and make the
battery compact, lightweight, and cost-effective. Therefore, it is anticipated to
gain immense popularity over the years.
The European region has potential growth
opportunities for solid state batteries, owing to the increasing adoption in applications
such as consumer electronics, medical devices, and packaging. Europe expected
to be the fastest-growing market for solid state batteries during the forecast
period.
Further, the companies in this market adopt
various strategies such as new product developments collaborations,
acquisitions, and contracts to develop the next generation solid state
batteries and strengthen their position in the market.
The detailed analysis of the Solid State Battery Market is done in the Market Research Report – “Solid State battery Market– (2015–2020).” The report states that the solid state battery market is witnessing rapid growth; it is expected to reach USD 1.10 billion by 2020, and grow at a CAGR of 72.3% between 2015 and 2020. The report provides the market size forecast of solid state batteries, along with the segmentation – by Type (Thin-Film, Portable Battery), Capacity, Application (Consumer Electronics, Electric Vehicles, Medical Devices, Packaging, RFID, Smart Card, Wearable Devices, Wireless Devices), and Geography (North America, Europe, Asia-Pacific, and Rest of the World).
The major players involved in the solid
state battery market include Cymbet Corp. (U.S.), Robert Bosch GmbH (Germany),
Toyota Motor Corp. (Japan), Sakti3 Inc. (U.S.), and STMicroelectronics N.V.
(Switzerland) among others.
Know More | Research Report Abstract :-
