The solid-state battery market is expected to grow from USD 58 million in 2022 to USD 314 million by 2028; it is expected to grow at a CAGR of 32.5% during the forecast period. A solid-state battery uses a solid electrolyte instead of a conventional liquid or gel electrolyte to act as a separator between the cathode and anode. Solid electrolytes used in this battery are usually made of ceramic or polymer. The solid-state battery provides high power density, high-speed charging, enhanced safety, and long shelf life.
Solid-state batteries could be the game changer for electric vehicles, support advanced consumer electronics such as mobiles and laptops, and are adopted in emerging applications such as energy harvesting and wearable devices. A variety of materials are used to improve the features and performance of the solid-state battery, including battery life. Moreover, solid-state battery manufacturers constantly focus on improving shelf life and minimizing charging time.
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Major players in the solid state battery market have primarily adopted agreement, acquisition and partnership strategies to strengthen their position in the market.
Cymbet (US), Robert Bosch (Germany), Toyota Motor (Japan), Solid Power (US), Excellatron Solid State (US), and BrightVolt (US) are a few of the major companies operating in the solid state battery market. These players have been relying on their strong R&D capabilities and a balanced product portfolio to increase their customer base in the solid state battery market.
Cymbet offers solid state energy storage technology. The company provides its products under its brand name, EnerChip. The main products of Cymbet are solid state thin-film rechargeable batteries with integrated power management solutions. These batteries can be configured with integrated circuits (ICs), sensors, industrial control systems, telecommunications, networking systems and military-aerospace-transportation, RFID tags, medical devices, and portable electronic devices.
Robert Bosch, along with its subsidiaries, offers products and services for automotive, industrial, consumer goods, and energy & building applications worldwide. In August 2015, Robert Bosch acquired Seeo, which is an expert in innovative solid-cells for lithium-ion batteries, to strengthen its footprint in the electric vehicle market, and since then, Seeo operates as a subsidiary of Robert Bosch.
Toyota Motor is involved in the designing, manufacturing, and sales of passenger and commercial vehicles, minivans, and related accessories and parts globally. In 2010, Toyota, along with Advanced Industrial Science and Technology (AIST) (Japan), started conducting research on developing the next-generation secondary batteries to address the anticipated growth of electric vehicles. The company is intensively working toward developing two types of batteries, namely all-solid-state battery and lithium–air battery for electric and hybrid vehicles.
Solid State Battery Market with COVID-19 impact analysis by type, Rechargeability, Capacity, Application (Consumer Electronics, Electric Vehicles, Energy Harvesting, Medical Devices, Packaging, Wireless Sensors) & Region - Global Forecast to 2028
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