Global Solid State Battery Market to Exhibit Tremendous Growth Potential Over the Forecast Period of 2018-2026 Due to Possible Applications in the Military and Defence Industry
“According to a new market research report published by Inkwood Research, the Global Solid State Battery Market growth is predicted to progress over the forecast period of 2018-2026 by exhibiting a CAGR of 66.68%. The market worth is expected to catapult from $257.74 million in 2017, and reach $25696 million by the end of this projected period.”
“Browse 33 market data Tables and 39 Figures spread over 210 Pages along with an in-depth TOC for the Global Solid State Battery Market Forecast 2018-2026.”
In the forthcoming years, the Global Solid State Battery Market growth is expected to witness a tremendous rise, in terms of both, the revenue and CAGR. Factors like benefits offered by solid-state batteries over liquid cell batteries, the ongoing market trend of product miniaturizing and the emergence of start-ups that are engaged in this technology are factors which are expected to drive the market growth over the forecasted years. For a detailed understanding, Inkwood Research has segmented the Global Solid State Battery Market on the basis of battery capacity, battery type, applications and geography.
Increasing demand in Military and Defense applications
According to the U.S. Department of Defense, rechargeable lithium-ion batteries are widely adopted in unmanned aerial vehicles (UAVs), aircraft, and in other air force platforms. However, they often lead to low energy density due to limited charge storage capacity of anodes and cathodes. Solid State batteries, on the other hand, provide improved safety tolerance, advanced temperature capabilities and high energy density. As a result, the U.S. Department of Defense awarded about $149,960 in 2015 for the SBIR program to utilize solid-state rechargeable battery technology in order to meet the U.S. Air Forces requirements for high energy and long cycle life energy storage systems for future satellite missions. Solid- state batteries also possess huge growth potential in the UAV drones due to their small size, lightweight, flexibility and high energy density.
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High growth rate expected from the European market due to efforts made by various research groups
In 2017, Europe accounted for the second-highest revenue share in the global solid-state battery market. However, by the end of the projected years, a comparatively high growth rate is expected from the European market owing to the government support and on-going research made by various research institutes and universities in the region. A significant contributor is the UK solid-state battery market. The United Kingdom government has recently set- up an institution named ‘The Faraday Institution’ to help make advancements in battery technology, and its main aim is to continue the researches on solid-state batteries. Apart from Europe, Inkwood Research has also provided a detailed analysis of geographies like North America, Asia-Pacific and rest of Europe in its Global Solid State Battery Market Report.
Easy availability of conventional rechargeable batteries to pose a threat to the market?
Conventional rechargeable batteries like lead acid batteries, nickel cadmium batteries, lithium ion batteries, silver-zinc batteries, sodium sulphur batteries and others have electrolytes in liquid form. They all act as a feasible alternative to the solid-state batteries. All these conventional batteries’ market growth has seen a rise in recent years due to booming automobiles industry and increasing smartphone adoption. However, solid-state batteries provide several advantages over them in terms of higher energy density, higher voltage, longer life cycle, and compact size.
Inkwood Research has analyzed the market scenario of the Global Solid State Battery Market by considering the market revenue of key players, product portfolio extensiveness, research and development spending, geographical presence, investments by companies and strategies adopted in past 2 years. Some of the prominent market companies engaged in this market include STMicroelectronics N.V, Panasonic Corporation, Brightvolt Incorporation, Infinite Power Solutions Inc. (Acquired By Apple Inc.), Cymbet Corporation, Toyota Industries Corporation, Hitachi Zosen Corporation, Robert Bosch, Front Edge Technology Inc, Dyson, and Planar Energy Devices Inc.
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Inkwood Research specializes in syndicated & customized research reports and consulting services. Market intelligence studies with relevant fact-based research are customized across industry verticals such as technology, automotive, chemicals, materials, healthcare, and energy; with an objective comprehension acknowledging the business environments. Our geographical analysis comprises of North & South America, CEE, CIS, Middle East, Europe, Asia, and Africa.