New York, NY, May 07, 2019 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Solid State Battery Market by Type (Thin Film and Portable) and by Application (Consumer Electronics, Electric Vehicles, Wearable Devices, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2025”. According to the report, the global solid state battery market was approximately USD 142 million in 2018 and is expected to generate around USD 6,258 million by 2025, at a CAGR of around 70.5% between 2019 and 2025.
Solid state battery is a technology that uses both solid electrolytes and solid electrodes. This battery technology is the substitute of old and traditional lithium-ion battery systems. Solid-state batteries are mainly utilized in radio-frequency identification (RFID), wearable devices, electric vehicles, pacemakers, and other consumer electronics. The global solid state battery market is likely to experience significant growth in the future, owing to the increasing adoption of solid state batteries in consumer electronics. This growing acceptance is driven by the growing solid-state batteries’ acceptance as they are considered far safer than traditional lithium batteries as the former batteries don’t contain flammable liquid electrolyte solution. Additionally, solid-state batteries contain more energy units than traditional batteries. Furthermore, the increasing production of electric vehicles is likely to escalate the growth of the solid-state battery market globally in the years ahead. However, the high costs of solid-state batteries may hamper the market growth in the future.
Browse through 29 Tables & 16 Figures spread over 110 Pages and in-depth TOC on “Global Solid State Battery Market Size, Share & Trends, Forecast, 2018–2025”.
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The global solid state battery market is segmented based on type and application. Based on product, the global solid state battery market is segmented into the thin film and portable. The thin film segment is expected to hold the largest market share in the upcoming years, owing to the growing adoption of thin-film solid state batteries in applications like packaging, smart cards, medical devices, wearable devices, wireless communication. By application, the solid state battery market is categorized into wearable devices, consumer electronics, electric vehicles, and others. Electric vehicles are likely to dominate the global market due to the rising adoption of solid state batteries in electric vehicles.
North America held an extensive share of the global solid state battery market and is expected to continue with its regional authority in the upcoming years as well. This regional growth can be attributed to the high product demand from packaging and smart card sectors across this region. Moreover, the rising production of electric vehicles owing to stringent government rules and regulations for maintaining eco-friendly environment is likely to provide potential growth opportunities for this regional market.
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The European solid state battery market is projected to be the second dominant region after North America over the forecast timeframe. This regional growth can be attributed to the increasing acceptance rate of solid state batteries in consumer electronics and the ongoing investments made toward the production of solid state battery that is being fuelled by the increasing production of electric vehicles across the region.
The Asia Pacific region is expected to provide significant opportunities to the global solid state battery market in the future, owing to the increasing investments made by the key players toward solid-state battery up-gradation and development and the growing adoption of solid-state batteries in the wearable devices in China and Japan.
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Some key industry players operating in the global solid state battery market include Dyson, Imec, Brightvolt Incorporation, Front Edge Technology Inc., Excellatron Solid State LLC, Hitachi Zosen Corporation, Solid Power, Inc., Ilika, Cymbet Corporation, and Prieto Battery Inc.
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This report segments the global solid state battery market as follows:
Global Solid State Battery Market: Type Analysis
- Thin Film
- Portable
Global Solid State Battery Market: Application Analysis
- Consumer Electronics
- Electric Vehicles
- Wearable Devices
- Others
Global Solid State Battery Market: Regional Analysis
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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