Solid State Battery Market Size Worth $87.5 Billion By 2027 | CAGR: 13%: Grand View Research, Inc.
SAN FRANCISCO, Sept. 1, 2020 /PRNewswire/ -- The global solid state battery market size is expected to reach USD 87.5 billion by 2027, escalating at a CAGR of 13% over the forecast period, according to a new report by Grand View Research, Inc. Growing demand for solid-state batteries across end-use markets along with rising R&D focused on developing advanced batteries is likely to drive the market growth over the forecast period.
The market is also driven by the rising deployment of Electric Vehicles (EVs), increasing utility of battery energy storage systems, and the growing adoption of electronic gadgets. Solid-state batteries offer higher electrochemical stability, higher energy density, and low flammability as compared to conventional batteries. These characteristics have widened the application base, thereby enhancing the commercial value of solid-state batteries.
Key suggestions from the report:
- Consumer & portable electronics segment occupied the largest market share in 2019 owing to the high demand for portable electronic devices in various end-use segments
- The EVs segment occupied the second-largest market share in 2019 owing to the increased deployment of clean energy-powered vehicles across major economies
- Below 20 mAh capacity segment is anticipated to register the fastest CAGR over the forecast period owing to the wide scope of application in low drain devices that do not require a high battery capacity
- The thin-film type segment is expected to record the fastest CAGR from 2020 to 2027 owing to the compact design and efficient recharging rate of these products
- Asia Pacific led the global market in 2019 and will retain the dominant position over the forecast years due to rising deployment of EVs across economies, such as China & India
Read 100 page research report with ToC on "Solid State Battery Market Size, Share & Trends Analysis Report By Application (Energy Harvesting, EVs), By Battery Type (Thin Film, Portable Batteries), By Capacity (Below 20 mAh, Above 500 mAh), And Segment Forecasts, 2020 - 2027" at: https://www.grandviewresearch.com/industry-analysis/solid-state-battery-market
Industry participants are following several strategic initiatives, such as partnerships, joint ventures, and mergers and acquisitions, to enhance their foothold in the market. For instance, in April 2019, Ford Motor Company entered into a partnership with Solid Power to design and develop a product for EVs segment of the automotive sector.
High costs associated with the initial-stage product development are anticipated to hamper the market growth over the forecast period. Moreover, the outbreak of the COVID-19 pandemic has severely impacted the market supply chain that includes electrode material producers, raw material suppliers, battery pack manufacturers, and others.
Grand View Research has segmented the global solid state battery market based on application, capacity, battery type, and region:
- Solid-state Battery Application Outlook (Revenue, USD Billion, 2016 - 2027)
- Consumer & Portable Electronics
- Electric Vehicles
- Energy Harvesting
- Wearable & Medical Devices
- Others
- Solid-state Battery Capacity Outlook (Revenue, USD Billion, 2016 - 2027)
- Below 20mAh
- 20mAh - 500mAh
- Above 500mAh
- Solid-state Battery Type Outlook (Revenue, USD Billion, 2016 - 2027)
- Thin Film
- Portable
- Solid-state Battery Regional Outlook (Revenue, USD Billion, 2016 - 2027)
- North America
- The U.S.
- Canada
- Mexico
- Europe
- Germany
- Russia
- The U.K.
- Spain
- Italy
- France
- Asia Pacific
- China
- Japan
- South Korea
- India
- Australia
- Central & South America
- Brazil
- Colombia
- Paraguay
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Egypt
List of Key Players of Solid State Battery Market
- Samsung SDI Co. Ltd.
- Solvay
- Cymbet
- Robert Bosch GmbH
- Saft
Find more research reports on Power Generation & Storage Industry, by Grand View Research:
- Portable Generator Market – Increasing business downtime across the globe, owing to rise in weather-related power outages, has resulted in an increasing demand for uninterrupted power supply. This is a major factor in driving product demand.
- Battery Management System Market – Increasing use of renewable energy for a variety of applications due to rising concerns regarding climate change across the globe is expected to play a key role in the overall market development.
- Energy Storage Systems Market – Increasing consumer awareness regarding energy efficiency in residential and commercial buildings is expected to be a prominent factor driving new installations in the near future.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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