Solid State Batteries Market To Expand With Growing Need For Alternative Energy Vehicles By CAGR Of 45.0% Throughout 2019-2027

Research Nester has released a report titled “Solid State Batteries Market – Global Demand Analysis & Opportunity Outlook 2027” which also includes some of the prominent market analyzing parameters such as industry growth drivers, restraints, supply and demand risk, market attractiveness, year-on-year (Y-O-Y) growth comparisons, market share comparisons, BPS analysis, SWOT analysis and Porter’s five force model.

A typical passenger vehicle emits about 4.6 metric tons of carbon dioxide (CO2) per year according to the United States Environment Protection Agency (EPA).

The government of various economies around the globe are shifting their demand to commercial electric vehicles owing to growing concerns for global greenhouse gas (GHG) emissions. Governmental regulatory bodies are building up stringent norms to curb such pollution levels, which is inducing OEMs to shift their focus towards the increasing production of electric and hybrid vehicles.

Solid state batteries is a type of battery technology which has a solid electrode and solid electrolyte, unlike other batteries with liquids or gels. The market of solid state batteries is observing vibrant growth owing to increasing application of solid state batteries in healthcare sector, in wearable devices, drones, consumer electronics and primarily in vehicles. Rising demand for longer durability batteries amongst OEMs of vehicle, combined with the demand for efficient batteries and increasing adoption of consumer electronic goods, all of these factors are anticipated to support the growth of the solid state batteries market.

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The solid state batteries market is anticipated to record a CAGR of around 45.0% over the forecast period, i.e. 2019-2027. The market is segmented by application into consumer and portable electronics, vehicles, energy harvesting, wearable devices, medical devices and others. Among these segments, the vehicles segment is anticipated to hold largest market share on account of growing demand for electric vehicles and hybrid vehicles around the globe. In the statistics by European Commission, the European Union (EU) Member States observed registration of 262 million cars in total during the year 2017, of which, 2 million cars were classified as either electric cars or hybrid cars.

Geographically, the solid state batteries market is segmented by five major regions into North America, Europe, Asia-Pacific, Latin America and Middle East & Africa region, out of which, North America is expected to hold largest market share on the back of increasing demand of batteries for utilization in packaging, smart cards, and for powering electric and hybrid vehicles, combined with paradigm shift towards deployment of sustainable energy technologies.

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Moreover, Europe is expected to gain significant market share on the back of regulatory policies of the government, which is raising the demand for the adoption of electric vehicles, coupled with growing research and developments for technical advancements in battery technology.

However, growing concerns for increasing costs of production and manufacturing of solid state batteries owing to the cost of raw materials used to make the electrode and electrolyte, is estimated to act as a barrier to the growth of the market during the forecast period.

This report also studies existing competitive scenario of some of the key players of the zero waste packaging market, which includes profiling of Cymbet, STMicroelectronics, BrightVolt, Excellatron, Planar Energy, QuantumScape Corportion, Solid Power, Ilika (LON: IKA), Prieto Battery Inc., Front Edge Technology, Inc.

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The profiling enfolds key information of the companies which comprises of business overview, products and services, key financials and recent news and developments. Conclusively, the report titled “Solid State Batteries Market – Global Demand Analysis & Opportunity Outlook 2027”, analyses the overall solid state batteries industry to help new entrants to understand the details of the market. In addition to that, this report also guides existing players looking for expansion and major investors looking for investment in the solid state batteries market in the near future.

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