Global Solid State batteries market size is expected to be valued over 5.7 Billion by 2028.
Solid state batteries (SSB) are smaller in size and higher in capacity compared to lithium ion battery. It is largely seen as alternative to lithium based batteries and is in high demand among electric vehicle manufacturer. Various leading companies are eying to leverage the technology.
Electric vehicle (EV) is still far away from its true potential and the potential setback to industry is staggered development in battery technology. This could be analyzed from the fact that less than 700 thousand battery electric vehicles (BEV) were sold in 2017 in U.S. This is less than 1 percent of total car on-road. Though the consumers are highly optimistic towards EVs, higher purchasing price along with lower capacity turnaround has led to slower adoption of EV. Electric vehicle companies are looking forward to lower the battery cost and increase its charging capacity.
It is due to higher emphasis on technology that various battery manufacturers are investing heavily on lithium ion alternatives. Thus, solid state battery has been the buzz in the industry and is increasingly gaining space not only in electric vehicles but also wearable devices.
Currently, the industry is at its nascent stage. Few companies including Toyota are planning to launch solid state batteries for electric vehicle by 2020. This will be a major breakthrough which can significantly lower the operational costs and enhance the product lifecycle.
Another company, Volkswagen announced its plans to set up production facility for solid state batteries by 2025. The announcement came post company invested nearly US$ 87 million in QuantumScape. The company is aiming to capture a major chunk of electric vehicles market with its solid state batteries.
Another major company – Dyson – is gearing up for solid state battery run electric vehicles. In February 2018, the company announced its plans to build thee EVs with an estimated US$ 2.8 billion project. The company is expected to launch its product by 2020.
Finding the right material will be the stepping stone towards Mass Production of Solid State Batteries
SSB holds the potential to retain charges in a compact form – thus doubling the overall range of wearable and electric vehicles.
Various leading giants are investing in the technologies to speed up the commercialization process. One such development took place in 2015, when Dyson acquired Sakti3 in US$ 90 million. In addition to this, Dyson and Samsung invested US$ 65 million in U.S. based Ionic Materials. These companies are engaged in development of materials that can boost solid state battery market.
Global Solid State batteries Market Size and Forecast: Competition Landscape
Some of the key players are Ilika plc., Ionic Materials, Cymbet Corporation, Excellatron Solid State, LLC, and Solid Power, Inc.
What Will You Discover in the Report?
- An in-depth analysis of the Solid State batteries market across regions – North America, Latin America, Western Europe, Central and Eastern Europe, Asia Pacific, Middle East, and Africa.
- How the Solid State batteries market sales is expected to grow throughout the forecast period.
- How geopolitical policies and technological changes will affect the Solid State batteries market in near future
- Where the stakeholders should invest to generate higher profit margins
- How consumers (end-users) will reflect to the Solid State batteries industry during the forecast period
- Who are the Solid State batteries industry leaders and what are the key initiatives taken by them for long term growth
Who will benefit from the Report?
- Solid State batteries Industry Suppliers
- Solid State batteries Industry Manufacturers
- Consultants and Analysts
- Industry Specialists
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