VANCOUVER, B.C., Jan. 2, 2023 /PRNewswire/ -- The solid-state battery market size reached USD 630.5 Million in 2021 and is expected to register a CAGR of 36.3% during the forecast period, according to latest analysis by Emergen Research. An increase in global demand for Electric Vehicles (EVs) is some of the key factors driving market revenue growth.
Road transportation, which is responsible for 16% of all emissions worldwide, can be decarbonized using electric vehicles as the primary technology. Electric passenger vehicles are becoming more and more popular. With longer ranges, more model options, and improved performance, the sale of electric vehicles has expanded exponentially in recent years. The world's biggest and fastest-growing EV market is in China. Despite supply chain bottlenecks, electric car sales set a record in 2021. In 2021, the sales proportion of electric vehicles climbed by 4%. An attractive possible Li-on battery substitute is solid-state batteries which use solid electrolytes in contrast to the liquid or gel electrolytes used in li-on batteries. Compared to the lithium-ion batteries currently utilized in EVs, solid-state batteries have a number of benefits. Because they are more compact and lighter, they contribute less weight and space to the vehicle. Additionally, they can store more energy in a given space due to their increased energy density.
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The government of India has been investing significantly in order to promote faster adoption of Electric Vehicles (EVs). For instance, numerous initiatives taken by the Government of India to promote electric vehicles include the reduction of Goods and Services Tax (GST) on chargers and charging stations to 5% and green license plates will be issued to battery-powered vehicles, and they will not need permits. Similarly, the Government of Japan has recently set a target to sell environmentally friendly by 2035. The government further awarded CEV subsidies per vehicle in 2021 is around USD 7,200. These factors are expected to increase the demand for solid-state batteries which are increasingly used in Electric Vehicles (EVs) as they are smaller, lighter, and denser than lithium-ion batteries and therefore drive the revenue growth of the market.
Solid state batteries are significantly cost higher than solid-state batteries over conventional batteries which are hampering the revenue growth of the market. The relatively high cost could seriously impede the development and use of solid-state batteries. Additionally, mass manufacturing of solid-state batteries is quite complex, and therefore scaling up a business is a big challenge for manufacturers. These factors are major restraints in the revenue growth of the market.
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The Solid-State Battery market is expected to register a CAGR of 36.3% over the forecast period and revenue is projected to increase from USD 630.5 Million in 2021 to USD 10,160.4 Million in 2030. An increase in global demand for Electric Vehicles (EVs) is expected to support revenue growth in the market.
Current Trends and Innovations:
Lithium batteries are subject to thermal runaways, which can lead them to explode and ignite fires, and are also sensitive to high temperatures. Additionally, if the software that controls the battery is not properly developed, they have either been improperly built or damaged. Solid-state batteries are less likely to catch fire since the solid electrolyte they use is non-flammable, making them more resilient and secure overall. This has led to the growing demand for solid-state batteries and therefore drive the revenue growth of the market.
Major companies included in the market report are Samsung SDI Co. Ltd., Solvay, Cymbet Corporation, Pathion Inc., Saft, Johnson Energy Storage, Inc., Toyota Motor Corporation, BrightVolt Solid State Batteries., Solid Power, and Contemporary Amperex Technology Co., Ltd.
On September 16, 2022, Solvay has opened a new pilot research unit at its plant in La Rochelle, France. Solvay will be able to increase production of cutting-edge inorganic materials for solid electrolytes thanks to the plant. The new unit will evaluate the viability of the materials used in the generation 4 batteries, or so-called solid-state batteries, production process.
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Scope of Research
Market Size in 2021
USD 630.5 Million
Size Forecast to 2030
USD 10,160.4 Million
Base Year for Estimation
Revenue in USD Million, and CAGR in % from 2022 to 2030
Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Application, battery type, capacity and region
North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
U.S., Canada, Mexico, Germany, UK, France, Spain, BENELUX, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, Israel, and Rest of Middle East & Africa
Key Companies Profiled
Samsung SDI Co. Ltd., Solvay, Cymbet Corporation, Pathion Inc., Saft, Johnson Energy Storage, Inc., Toyota Motor Corporation, BrightVolt Solid State Batteries., Solid Power, and Contemporary Amperex Technology Co., Ltd.
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SOURCE Emergen Research