Solid State Battery Market to Reach $1,407.7 Mn, Globally, by 2025 at 49% CAGR: Allied Market Research
PORTLAND, Oregon, January 9, 2019 /PRNewswire/ --
Growing applications of solid state batteries in the healthcare devices, wearables, and drones and increasing need for solid state batteries in electric vehicles are expected to drive the growth of the global solid state battery market
Allied Market Research published a report, titled, Solid State Battery Market by Type (Thin-film Battery and Portable Battery), Capacity (Less than 20 mAh, Between 20 mAh and 500 mAh, and 500 mAh and above), and Application (Consumer and Portable Electronics, Electric Vehicle, Energy Harvesting, Wearable and Medical Devices, and Others): Global Opportunity Analysis and Industry Forecast, 2018 - 2025. The report provides in-depth analyses of the key winning strategies, drivers & opportunities, market share & estimations, key market segments, and competitive landscape. According to the report, the global market garnered $53 million in 2017 and is expected to reach $1,407.7 million by 2025, registering a CAGR of 49% from 2018 to 2025.
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Increased application areas of solid state batteries such as healthcare, consumer durables, and aviation coupled with aggrandized need for solid state batteries in electric vehicles drives the growth of the market. However, high initial cost of solid state batteries and complex manufacturing process hinder the market growth. On the other hand, increasing inflow of investment for the R&D of solid state batteries would create new pathways for the market players in future.
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Portable solid state battery segment to dominate the global market through 2025
Among product types, the portable segment accounted for 86% of the total market share in 2017 and would continue its dominance through 2025. Need for greater battery back-up in tablets, laptops, smartphones, e-readers and even MP3 players has bolstered the demand for portable battery. Nonetheless, the thin-film battery segment is expected to register the fastest CAGR of 51.5% from 2018 to 2025 owing to increase in the use of thin-film batteries in implantable medical devices such as defibrillators & neural stimulators, smart cards, RFID, wireless sensors, and radio-frequency identification.
20 mAh to 500 mAh segment to garner highest revenue by 2025
The 20 mAh to 500 mAh battery capacity segment accounted for nearly two-thirds of the total market share in 2017 and is expected to maintain its lead throughout the forecast period. This is attributed to its increasing application in mobile phones, smart devices, and several other battery-operated home appliances. However, the 500 mAh & above battery capacity segment is expected to grow at the fastest CAGR of 57.3% from 2018 to 2025, due to its wider applications in IoT and wireless devices. Furthermore, the less than 20 mAh segment would witness steady growth during the forecast period.
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Electric vehicle segment to render the fastest growth by 2025
The consumer and portable electronics segment contributed 42% of the total market share in 2017 and would maintain its lion's share throughout the forecast period. This is due to the growing demand for solid state batteries in portable electronics such as laptops and mobile phones. However, the electric vehicle segment is expected to grow at the fastest CAGR of 58.9% from 2018 to 2025, as many major players such as Toyota, Volkswagen, Hyundai, and BMW have been developing solid state batteries for electric vehicles. The report also analyzes several applications such as energy harvesting, wearable, and medical devices, among others.
North America to remain dominant, Europe to grow the fastest
North America generated the highest revenue of 35% in 2017 and is anticipated to continue its dominance during the forecast period. This is due to the increase in demand for batteries from packaging, smart cards, and electric vehicle sectors in the region. The U.S. is the major revenue contributor to the North American solid state battery market. However, Europe would grow at the fastest CAGR of 54% from 2018 to 2025, owing to surge in adoption of electric vehicles and ongoing R&D activities related to solid state batteries. The other regions analyzed in the study include Asia-Pacific and LAMEA.
Top players of the industry
The key market players analyzed in the report include Cymbet Corporation, Seeo Inc. (Robert Bosch GMBH subsidiary), StmicroElectronics N.V., Toyota Motor Corporation, Sakti3 Inc. (Dyson Ltd subsidiary) and Brightvolt, Inc. The other key players include Excellatron Solid State, LLC, Infinite Power Solution, Inc., Planar Energy Devices, Inc., QuantumEscape, Altairnano, and Solid Power, Inc. These companies have implemented various strategies including expansions, mergers & acquisitions, partnerships, joint ventures, collaborations, and others to gain a stronghold in the industry.
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