Solid State Battery Market - Types, Capacity, Application, Demand and Growth Opportunity

[Albert Morris]

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Solid state batteries are the batteries which are particularly lightweight and long-lasting, owing to their being designed with electrode and electrolyte materials. The bulky, flammable, liquid-core rechargeable lithium-ion (Li-Ion) batteries of today will be made obsolete by solid-state batteries. Solid Batteries are becoming increasingly relevant with the adoption of electric vehicles (EVs) and the unending growth in usage of portable electronic devices. The key reasons driving the growth of the All-Solid-State Battery market includes the rising demand for the electric vehicles, increasing trend of electronic devices. Potential growth in electric vehicles is one of the key growth opportunity drivers for this market. Solid state batteries are safer than liquid state batteries and have a higher performance efficiency. However high cost associated with solid state batteries as compared to traditional batteries and inefficient performance in low temperatures are some of the restraints in the market. Major manufacturing companies are working towards large scale commercialization of solid state batteries, which will further boost the market in the coming years.