Allied Market Research published a report, titled, Solid State Battery Market by Type (Thin-film Battery and Portable Battery), Capacity (Less than 20 mAh, Between 20 mAh and 500 mAh, and 500 mAh and above), and Application (Consumer and Portable Electronics, Electric Vehicle, Energy Harvesting, Wearable and Medical Devices, and Others): Global Opportunity Analysis and Industry Forecast, 2018 – 2025. The report provides in-depth analyses of the key winning strategies, drivers & opportunities, market share & estimations, key market segments, and competitive landscape. According to the report, the global market garnered $53 million in 2017 and is expected to reach $1,407.7 million by 2025, registering a CAGR of 49% from 2018 to 2025.
The global solid state battery market is segmented based on type, capacity, application, and region. Based on type, the market is bifurcated into thin film and portable battery. In 2017, the portable battery segment led the market owing to the growth in demand for tablet, laptop, smartphone, and e-reader or a MP3 player, which subsequently increases the demand for solid state battery in portable electronics. The thin film battery segment is expected to grow with a highest CAGR during the forecast period.
By capacity, the market is divided into less than 20 mAh, between 20 mAh & 500 mAh, and 500 mAh & above capacity batteries. Based on capacity, the 500 mAh and above segment is the most lucrative segment in the market. Depending on application, it is fragmented into consumer & portable electronics, electric vehicle, energy harvesting, wearable & medical devices, and others. The solid state battery market for medical devices is expected to hold the largest market size in 2020. Currently, solid state batteries have been commercialized significantly in the medical devices industry. The electric vehicle segment is expected to grow with the highest CAGR as many major players such as Toyoto, Volkswagen, Hyundai, and BMW in the industry are developing solid state batteries for electric vehicle application. Rising deployment of clean energy-powered vehicles across major economies of the world.
The consumer and portable electronics segment contributed 42% of the total market share in 2017 and would maintain its lion’s share throughout the forecast period. This is due to the growing demand for solid state batteries in portable electronics such as laptops and mobile phones. However, the electric vehicle segment is expected to grow at the fastest CAGR of 58.9% from 2018 to 2025, as many major players such as Toyota, Volkswagen, Hyundai, and BMW have been developing solid state batteries for electric vehicles. The report also analyzes several applications such as energy harvesting, wearable, and medical devices, among others.
North America generated the highest revenue of 35% in 2017 and is anticipated to continue its dominance during the forecast period. This is due to the increase in demand for batteries from packaging, smart cards, and electric vehicle sectors in the region. The U.S. is the major revenue contributor to the North American solid state battery market. However, Europe would grow at the fastest CAGR of 54% from 2018 to 2025, owing to surge in adoption of electric vehicles and ongoing R&D activities related to solid state batteries. The other regions analyzed in the study include Asia-Pacific and LAMEA.
The major key players operating in the global solid state battery market include Cymbet Corporation, Seeo Inc. (Robert Bosch GMBH subsidiary), StmicroElectronics N.V., Toyota Motor Corporation, Sakti3 Inc. (Dyson Ltd subsidiary), and Brightvolt, Inc. The other key players include Excellatron Solid State, LLC, Infinite Power Solution, Inc., Planar Energy Devices, Inc., QuantumEscape, Altairnano, and Solid Power, Inc.
Key Findings of the Solid state battery Market:
- In 2017, based on application, the consumer and portable electronics segment accounted for three-sevenths share in application segment of the global solid state battery market.
- Based on application, the electric vehicle segment is anticipated to grow at the highest CAGR during the forecast period.
- In 2017, based on type, the portable battery segment nearly occupied six-sevenths share.
- In 2017, based on region, North America accounted for one-third share of the global market.