SAN FRANCISCO, Sept. 1, 2020
SAN FRANCISCO, Sept. 1, 2020 /PRNewswire/ -- 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:
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:
List of Key Players of Solid State Battery Market
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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.