Solid State Batteries Market Size, Demand, Shares, Insights and Forecasts 2020
Advancement in technology and materials has substantially increased the performance and reliability of battery systems. The liquid electrolytes used in conventional lithium-ion batteries are replaced by lithium metal electrodes in solid state batteries. As a result the solid state batteries are more efficient and can store more energy than conventional batteries. The rapidly developing consumer electronics and sensor market is the major market for solid state batteries.
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These end-user industries require high performing and long lasting batteries for effective working of their systems. The solid state batteries are used in a wide variety of wireless applications. These batteries have also been deployed in a wide range of energy storage applications. The market for solid state batteries is anticipated to grow at a substantial rate in future owing to increasing requirement of efficient batteries from the consumer electronics segment. It is projected that major manufacturing companies in this industry are working towards large scale commercialization of solid state batteries.
The demand for efficient batteries and growing consumer electronics market are the major drivers attracting investment in solid state batteries market. The solid state batteries are safe devices when compared to conventional batteries as flammable liquid electrolyte is not used in these batteries. The automobile companies are also investing significant amounts in efficient solid state batteries for the electric vehicles manufactured by them. The smartphone industry is a major end-user of these batteries and the market for these batteries is anticipated to further grow owing to development in wireless technologies. However, these batteries are priced very high when compared to conventional batteries which is a major restraint for the growth of this market. Developing economical solid state batteries for a wide range of applications is a major challenge for the industry.
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The market for solid state batteries can be segmented on the basis of end-user industries and type. The major end-user segments of this market are consumer electronics, sensor technologies, automobile industry and others. The consumer electronics and sensor technologies account for the major portion of the market share in terms of installations. On the basis of type solid state battery market can be segmented as Lithium Ion batteries, Nickel- Cadmium batteries and Lead acid batteries. The Lithium –Ion batteries account for the major for the major portion of the market share in this segment.
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