Solid State Battery Market Size Worth $87.5 Billion By 2027 | CAGR: 13%: Grand View Research, Inc.

SAN FRANCISCO, Sept. 1, 2020 -- The global solid state battery market size is expected to reach USD 87.5 billion by 2027, escalating at a CAGR of 13% over the forecast period, according to a new report by Grand View Research, Inc. Growing demand for solid-state batteries across end-use markets along with rising R&D focused on developing advanced batteries is likely to drive the market growth over the forecast period.

The market is also driven by the rising deployment of Electric Vehicles (EVs), increasing utility of battery energy storage systems, and the growing adoption of electronic gadgets. Solid-state batteries offer higher electrochemical stability, higher energy density, and low flammability as compared to conventional batteries. These characteristics have widened the application base, thereby enhancing the commercial value of solid-state batteries.

Key suggestions from the report:

Consumer & portable electronics segment occupied the largest market share in 2019 owing to the high demand for portable electronic devices in various end-use segments
The EVs segment occupied the second-largest market share in 2019 owing to the increased deployment of clean energy-powered vehicles across major economies
Below 20 mAh capacity segment is anticipated to register the fastest CAGR over the forecast period owing to the wide scope of application in low drain devices that do not require a high battery capacity
The thin-film type segment is expected to record the fastest CAGR from 2020 to 2027 owing to the compact design and efficient recharging rate of these products
Asia Pacific led the global market in 2019 and will retain the dominant position over the forecast years due to rising deployment of EVs across economies, such as China & India

Read 100 page research report with ToC on "Solid State Battery Market Size, Share & Trends Analysis Report By Application (Energy Harvesting, EVs), By Battery Type (Thin Film, Portable Batteries), By Capacity (Below 20 mAh, Above 500 mAh), And Segment Forecasts, 2020 - 2027" at: https://www.grandviewresearch.com/industry-analysis/solid-state-battery-market

Industry participants are following several strategic initiatives, such as partnerships, joint ventures, and mergers and acquisitions, to enhance their foothold in the market. For instance, in April 2019, Ford Motor Company entered into a partnership with Solid Power to design and develop a product for EVs segment of the automotive sector.

High costs associated with the initial-stage product development are anticipated to hamper the market growth over the forecast period. Moreover, the outbreak of the COVID-19 pandemic has severely impacted the market supply chain that includes electrode material producers, raw material suppliers, battery pack manufacturers, and others.

Grand View Research has segmented the global solid state battery market based on application, capacity, battery type, and region:

Solid-state Battery Application Outlook (Revenue, USD Billion, 2016 - 2027)

Consumer & Portable Electronics
Electric Vehicles
Energy Harvesting
Wearable & Medical Devices
Others

Solid-state Battery Capacity Outlook (Revenue, USD Billion, 2016 - 2027)

Below 20mAh
20mAh - 500mAh
Above 500mAh

Solid-state Battery Type Outlook (Revenue, USD Billion, 2016 - 2027)

Thin Film
Portable

Solid-state Battery Regional Outlook (Revenue, USD Billion, 2016 - 2027)

North America

The U.S.
Canada
Mexico

Europe

Germany
Russia
The U.K.
Spain
Italy
France

Asia Pacific

China
Japan
South Korea
India
Australia

Central & South America

Brazil
Colombia
Paraguay

Middle East & Africa

Saudi Arabia
UAE
South Africa
Egypt

List of Key Players of Solid State Battery Market

Samsung SDI Co. Ltd.
Solvay
Cymbet
Robert Bosch GmbH
Saft

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About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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