Automotive applications to impel solid state battery market size
Publisher : Fractovia | Published Date : 2019-08-02Request Sample
Driven by the increasing demand for a high capacity power storage technology, solid state battery market size has been witnessing exponential growth. The drawbacks associated with existing lithium-ion battery technology such as flammability and limited energy density have generated new opportunities for solid state battery industry players. Ongoing technological advancements to revamp the existing power storage technologies will positively influence solid state battery industry landscape.
UK Solid State Battery Market Size, By Product, 2018 & 2025 (USD Million)
Emergence of solid state batteries is expected to solve many known issues of lithium-ion battery. The ability of solid state battery store twice as much energy as a lithium-ion battery of same size will augment its popularity. Solid state battery possess remarkable properties comprising quick charge time, high energy density, and improved safety which will place it on top priorities for use in plethora of battery powered applications. Considering these factors, solid state battery is expected to completely replace the lithium ion batteries in most of the devices, thus propelling product demand in the upcoming years.
Currently the masses are becoming more inclined towards battery powered portable devices like smartphones, tabs, laptops, wireless headphones, and many more that can be added to the list. Solid state battery has a huge potential for providing enhanced safety owing to the presence of solid electrolyte which may boost product adoption in portable handheld devices. Reportedly, Consumer electronics application is anticipated to grow at a rate of more than 30% over 2019- 2025, owing the rise in high disposable incomes and growing interest towards smart portable devices. This may lead to massive investments towards consumer electronics, thus fostering solid state battery market share over the forecast duration.
Additionally, the wide acceptance of sustainable energy sources, such as solar cells will generate immense demand for power storage solutions which is expected to boost solid state battery market outlook. Owing the longer service life, short recharge times, and enhanced energy storage capacity the introduction of solid state battery to store the renewable energies will stimulate the industry outlook.
Government initiatives to subsidize clean energy technologies will motivate more adoption of sustainable power sources, further propelling the product demand. For instance, according to the Ministry of New and Renewable Energy, Indian Central Government pays 30% of the installation cost of rooftop PV systems. Such initiatives will encourage more people to exploit solar energy and reduce the electricity cost, creating more awareness towards using the renewables.
Electric vehicle (EV) industry is expected to witness exponential gains over the next 20 years, owing to the increased use of electric cars, bikes, and scooters across the globe. Therefore, the development of reliable and energy-efficient battery technology becomes critically important across EV industry. Presently, EV industry relies on lithium-ion (Li-ion) battery technology, which seems inadequate to fulfill some demands of the e-mobility solutions. The EV industry is specifically restrained by the shorter range of distance covered by the vehicles in a single charge.
The enhanced energy storage capacity and quick charge capability of the solid state battery will make it an optimal choice for electric auto manufacturers. Also, the other influencing factors including lower weight and increased safety will create high product demand, further supporting solid state battery market trends. Stringent government regulations to control carbon emissions and the declining cost of electric vehicles will complement the industry outlook.
Over the last few years, Japanese automobile manufacturers have been shifting their focus toward sustainable energy development. For instance, in 2019, Toyota declared its plan to manufacture solid state battery assisted plug-in vehicles by 2020. Increasing electric vehicle sales in the region along with technological research conducted by some prominent players will further stimulate Japan solid state batteries market share. Additionally, the government initiatives toward limiting the greenhouse gas emissions will also aid market growth.
Solid state battery market is driven by increasing product demand from prominent industries like consumer electronics and automobiles. The rising awareness towards the acceptance of renewable energies like solar power will also foster solid state battery industry growth. Global Market Insights, Inc. estimates solid state Batteries market size to exceed USD 2 Billion by 2025.
