3 disruptive trends reshaping solid state battery market outlook
Selbyville, Delaware, United States, September 28 2020 (Wiredrelease) Global Market Insights, Inc –:Solid state batteries are rapidly gaining prominence as a more efficient and reliable energy storage solution that delivers high performance and safety at low cost. Automakers worldwide have started to recognize the immense potential of solid state batteries in the electric vehicles space. Auto giants are focusing on building deeper relationships with battery makers to manage supply, either by signing long-term contracts or by investing in these companies.
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For instance, In June 2020, German carmaker Volkswagen invested US$200 million into solid state battery startup QuantumScape. Volkswagen had initially invested US$100 million into QuantumScape in 2018, when the companies formed a joint venture to accelerate the development of solid state batteries and produce them at commercial scale.
One of the fastest-growing verticals within the energy storage industry, global solid state battery market size is estimated to be worth more than US$2 billion by 2025. Let’s take a look at some of the top trends fostering the adoption of these batteries in the near future.
Pressing need for sustainable battery solutions
Cost factor is perhaps the most prominent aspect driving the adoption of solid state batteries across automotive, consumer electronics, and healthcare applications. With growing focus over environmental sustainability, energy storage trends have gradually shifted towards the adoption of sustainable solutions, propelling the need for energy-efficient battery technologies.
To keep pace with rapidly-evolving energy storage trends, manufacturers are investing in research and development to introduce innovative product designs. Constant technological innovations and a surging demand for energy-efficient battery technologies across myriad industries will certainly boost the demand for solid state batteries.
Positive application outlook in consumer electronics
Although solid state batteries have gained wide popularity within the automaking business in recent years, consumer electronics is expected to remain the most lucrative application segment, growing at a substantial CAGR of 30% through 2025. This growth can be largely associated with growing attraction of consumers towards smart portable devices.
Solid state battery technology is ideal for consumer electronics applications owing to properties such as enhanced storage capacity, faster charging time, and longer life. Moreover, the presence of a solid electrolyte makes these batteries safe for use. Solid state battery manufacturers are poised to witness ample opportunities in the upcoming years, with a strong demand for smart cards, wearables, and RFID tags.
Favorable government norms in Germany
From a regional frame of reference, Germany solid state battery industry size was estimated to be worth more than US$8 million in 2018. The regional growth can be largely attributed to the presence of stringent carbon emission norms as well as favorable policies promoting the adoption of electric vehicles. With constant technological developments in the automotive industry, electric vehicles are becoming more and more affordable.
To meet the surging demand for electric cars over the next few years, regional automakers are expected to ramp up their EV production. invest in energy-efficient battery technologies. In addition, favorable initiatives from the government to promote the adoption of sustainable energy solutions will offer lucrative opportunities to local manufacturers and suppliers.
Solid state batteries, the next-generation energy storage technology, could unlick faster charging times and longer ranges in electric vehicles. These batteries, being a popular choice for many consumer electronic products today, are set to witness robust demand in the forthcoming years, with increased consumer spending on smart wearables and portable electronics.
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