According to the new market research report "Solid State Battery Market by Type (Thin-Film, Portable Battery), Capacity, Application (Consumer Electronics, Electric Vehicles, Medical Devices, Packaging, RFID, Smart Card, Wearable Devices, Wireless Devices), and Region - Global Forecast to 2020", The solid state battery market is estimated to reach USD 1,104.3 Million by 2020, at a CAGR of 72.3% between 2015 and 2020. The increasing trend of miniaturization of electronic devices, requirement for solid state battery in electric vehicles, and the growing need for battery with extended life cycle are the major drivers for the solid state battery market.
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Thin-film batteries are expected to lead the solid state battery market
The thin-film battery has been existing for more than a decade. The growth is precedential due to the growing adoption of thin-film solid state battery in the applications such as packaging, smart cards, medical devices, wearable devices, wireless communication, and others which have a limited internal space and require thin, flexible, and efficient power source.
The market in the electric vehicles sector expected to increase at the high growth rate
Electric vehicles (EVs) are expected to be one of the major segments for solid state batteries. Many major players in the industry are developing solid state batteries to address the current problems in the market. Portable solid state batteries are designed primarily with solid electrolytes which overcome the disadvantages of conventional batteries with liquid-based electrolytes. The battery compliments the requirements of electric vehicles as they are compact, cost-effective with improved power density, and last longer over a single charge. However, the solid state battery for the electric vehicles application is yet at its development stage and is expected to be commercialized in the next three to five years.
North America expected to hold the largest market share and witness a rapid growth during forecast period
North America accounted for the largest share of the solid state battery market in 2014. The growth can be attributed to the high demand from packaging and smart card sectors in this region for the solid state battery. Additionally, the growing trend of electric vehicles in North America is expected to fuel the solid state battery market further.
Major players in this market include Cymbet Corporation (U.S.), Infinite Power Solutions, Inc. (U.S.), Robert Bosch GmbH (Germany), Toyota Motor Corporation (Japan), Planar Energy Devices, Inc. (U.S.), Sakti3 Inc. (U.S.), Excellatron Solid State, LLC (U.S.), Solid Power, Inc. (U.S.), BrightVolt, Inc. (U.S.), and STMicroelectronics N.V. (Switzerland).
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This research report categorizes the global solid state battery market based on vertical and region. This report describes the drivers, restraints, opportunities, and challenges for the growth of the solid state battery market. The Porter’s five forces analysis has also been included in the report with a description of each of its forces and their respective impact on the solid state battery market.
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