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The demand for continuous energy has been increasing in all the sectors over the years. The batteries are looked up to as a source of backup power in case of a power outage and peak loads. The solid-state batteries use a solid electrolyte which enables more extensive energy storage as compared to conventional lithium-ion batteries.
The solid-state batteries provide high efficiency, have a longer life and are safer in operations as there is no threat of any liquid electrolyte leakage which could lead to fire as the electrolyte used is inflammable. The recent technological developments have covered up all the factors in which the solid-state batteries lacked, making them a bigger asset to be used for energy storage in the coming years.
The wide-ranging applications in which the lithium solid-state batteries can be utilized such as, portable electronics, electric vehicles, home appliances, and others will further see more deployment of the solid states batteries in coming years. The increasing large energy backup requirement and the advantages provided by the solid-state batteries will complement the growth of the global lithium solid-state battery market in the given forecast period.
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On the basis of their types, global lithium solid-state battery market can be segmented into Polyethylene-oxide (PEO), Lithium Phosphorus Oxy-Nitride (LiPON), and Sulfide Glass. As the sulfide glass has the highest lithium-ion conductivity among the three available solid electrolytes, the sulfide glass segment will grow at a reasonable rate in the given forecast period.
On the basis of its applications, the global lithium solid-state battery market can be segmented into portable electronics, automotive, residential and others. The increasing number of laptops, phones, and other portable electronics are factors which will see the portable electronics segment hold a larger market share in the global lithium solid-state battery market in the given forecast period.
The key market driver for the global lithium solid-state battery market is the higher efficiency offered by the solid-state batteries. The operational safety due to the absence of liquid electrolyte also is the factor driving the growth. The wide-ranging applications of the batteries will see solid-state batteries being increasingly used in all sectors and helping the market to grow.
Key market restraint for the global lithium solid-state battery market is the high cost of the batteries as compared to the other available counterparts. Also developing batteries for wide-ranging applications stands as a market restraint for the global lithium solid-state battery market.
Key players operating in the global lithium solid-state battery market are Solid Power Inc., Ilika Plc., Excellatron Solid State, PolyPlus Battery Company, Prieto Battery, Ionic Materials Inc., Dyson, BrightVolt, SOLBAT, A123 Systems, QuantumScape, and Sakti3, Inc.
The global lithium solid-state battery market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. In the North America region, the USA holds the largest market owing to the ongoing technological advancements, research studies, and experiments to increase the energy density for storage. Asia Pacific region has enormous potential for the lithium solid-state battery market as the need for energy storage is growing with the increase in energy demand. The energy backup requirement in the region is also increasing. China, Japan, India are the major players contributing to the growth of the region. In Europe and Latin America, the increased adoption of the renewable sources of energy has opened the doors for energy storage systems, and with the high energy density, safe operation being its characteristics the solid-state lithium batteries will have good growth in both regions. Countries like Germany, UK, France who derive most of their energy from solar have been the main contributors for the growth of lithium solid-state battery market in the Europe region. Recent steps taken by countries in Latin America to use renewable sources has helped the battery storage market to grow slowly in this region.
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