Solid State Battery Market Is Estimated To Witness High Growth Owing To Growing Usage Of Internet Of Things (Iot) Devices
Solid State Battery Market
The Solid
State Battery Market is estimated to be valued at US$ 730.51 Million in 2022 and is expected to exhibit a CAGR Of 39.2% over the forecast period 2023-2030, as highlighted in a new
report published by Coherent Market Insights.
Market Overview:
Solid state batteries utilize solid electrode and solid electrolytes instead of
conventional liquid or polymer gel electrolytes. They have several advantages
over traditional lithium-ion batteries such as higher safety, longer battery
life, lighter weight, and wider temperature ranges for operational efficiency.
These batteries are considered suitable for electric vehicles and electronics.
Market key trends:
The solid state batteries market is witnessing high growth owing to growing
usage of internet of things (IoT) devices. Solid state batteries have many
advantages over traditional lithium-ion batteries such as longer shelf life,
faster charging capabilities, and no risk of fire. They are safer, lighter
weight, and can operate in wider temperature ranges. Additionally, solid state
batteries deliver higher energy densities than lithium-ion batteries, which
make them ideal for electric vehicles. Increasing demand for EVs and
investments in R&D of solid state batteries by major players is fueling
growth of the solid state batteries market.
Porter’s Analysis
Threat of new entrants: New companies can enter the solid state battery market
with high capital requirements for R&D. Established players have significant
economies of scale and brand recognition.
Bargaining power of buyers: Individual buyers have low bargaining power due to
presence of numerous players. However, large automotive companies have
significant bargaining power due to high volume orders.
Bargaining power of suppliers: Suppliers of raw materials have moderate
bargaining power due to availability of substitute materials and supplier
switching being possible.
Threat of new substitutes: Threat from new substitutes like lithium-ion batteries
is high due to continuous technological advancements.
Competitive rivalry: Intense due to presence of major global players investing
heavily in R&D.
SWOT Analysis
Strengths: High energy density, better safety than lithium-ion batteries.
Increasing R&D investments.
Weaknesses: High manufacturing costs. Commercialization challenges due to
technological complexities.
Opportunities: Growing demand from EVs and portable electronics. Support from
governments worldwide for clean energy initiatives.
Threats: Uncertainty over performance in real-world applications. Potential
delay in mass commercialization. Dependence on cost and availability of raw
materials.
Key Takeaways
The global Solid State Battery Market is expected
to witness high growth, exhibiting CAGR of 39.2% over the forecast period, due
to increasing demand for electric vehicles. Solid state batteries deliver
higher energy density and are safer to use. Their adoption is expected to pick
up pace as issues around manufacturing processes and costs are addressed.
The Asia Pacific region is currently the fastest growing as well as the largest
market for solid state batteries, led by countries like China, Japan and South
Korea. This is attributed to the presence of leading battery manufacturers and
growing EV markets in these countries. Government initiatives to promote clean
energy are also driving growth.
Key players operating in the solid state battery market are Solvay, Samsung SDI
Co., Ltd., Cymbet Corporation, Panasonic Corporation, Saft, BrightVolt Inc.,
and Solid Power. Major players are investing heavily in scaling up production
and enhancing technologies to address challenges around costs and
manufacturing. Partnerships across the supply chain are also being formed to
accelerate the commercialization of solid state batteries.
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