July 14, 2022 13:10 ET | Source: Straits Research Straits Research
New York, United States, July 14, 2022 (GLOBE NEWSWIRE) -- Solid-state batteries utilize solid electrodes and a solid electrolyte instead of liquid or polymer gel electrolytes in lithium-ion batteries. A solid-state battery has a larger energy density than a Li-ion battery based on a liquid electrolyte solution. There is no need for safety components because there is no danger of explosion or fire, saving space. Because only a few batteries are needed, a solid-state battery can increase energy density per unit area. As a result, a solid-state battery is ideal for building a high-capacity E.V. battery system comprising a module and a pack.
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Burgeoning Research and Development in Solid-State Battery to Bolster the Market Growth
Solid-state batteries have a higher energy density, a solid structure, and better stability and are safer than lithium-ion batteries; however, they have some limitations, including low ionic conductivity, being highly reactive, and being more expensive. These limitations can be resolved using different solid-state electrolytes (SSEs) made of other materials.
Although solid polymer and inorganic electrolytes are excellent for all-solid-state batteries, they have limitations such as poor mechanical properties and low ionic conductivity. The development of Composite Solid Electrolytes (CSEs) containing active or passive inorganic fillers and polymer matrices has overcome these limitations.
In addition, today's lithium-ion batteries are insufficient. Furthermore, they are too heavy. Expensive, and charging takes a long time. As a result, solid-state batteries were developed, providing long-life, high energy density, and fast charging, potentially making E.V.s more affordable and practical.
Solid-state batteries are safer, less expensive, and more durable. Sodium-ion chemistries are especially promising because sodium is inexpensive and abundant, unlike lithium, which is mined at a high environmental cost. The ultimate goal is to create batteries for large-scale grid energy storage applications, specifically power storage from renewable energy sources to reduce peak demand.
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Rising Adoption of Electric Vehicles to Create Lucrative Opportunities for the Global Solid-State Battery Market
One of the significant growth opportunities for the solid-state battery market is using these batteries in electric vehicles. Adopting supportive policies in countries such as the United States, the United Kingdom, Germany, China, and Japan is driving global demand for electric vehicles.
In recent years, electric vehicles have become more common in mobility in the automotive industry. With concerns about oil depletion and the consequences of climate change caused by greenhouse gas emissions from tailpipes, the world is increasingly looking for alternatives. E.V.s can be a viable alternative to petroleum-powered vehicles due to features such as zero tailpipe emissions, higher power efficiencies, and lower costs than gasoline counterparts.
Furthermore, the government and cities have implemented regulations and incentives to hasten the transition to sustainable mobility. CO2 emissions protocols in the European Union played a significant role in encouraging the sale of electric vehicles. To support the net-zero emission initiative, the European Union intends to sell 100 percent emission-free cars by 2035. As a result, electric mobility using brushless D.C. motors is rising.
Asia-pacific is predicted to account for the largest market share over the forecast period, growing at a CAGR of 37.9%. The rapid growth of the automotive industry in India, China, Japan, and South Korea is expected to boost demand for solid-state batteries. In addition, the growing population in India and China, coupled with favorable government regulations, pointed to demand in the region over the forecast period. In addition, the growth of the solid-state batter is attributed to the growing presence of consumer and portable electronics consumer base, the evolution of the renewable energy sector, and the rising adoption of battery energy storage systems.
Europe is the second-largest region. It is estimated to reach a value of USD 2,075 million by 2030 at a CAGR of 33.9%. Growing E.U. funding and supportive measures taken by governments, including subsidies, tax breaks, and incentives, are expected to augment the production of electric vehicles in the region. Increasing investments in eco-friendly solutions, including electric bikes, cranes, and forklifts, will aid industry expansion.
North America, led by Mexico, the US, and Canada, accounted for nearly 20.69% of the global solid-state battery market share in 2021. The presence of prominent battery manufacturers and growing demand for end-use industries are the primary driving factors for the North American solid-state battery market. The US accounted for the largest share of the North American solid-state battery market in 2021 and is anticipated to progress at the fastest rate over the forecast period.
Growing demand for e-bikes and solar power systems in the UK, Germany, and the Netherlands will also likely stimulate industry growth. The E.U. has funded the ASTRABAT project to develop optimal solid-state lithium-ion battery solutions to meet the increasing E.V. demand. This project comprises 14 partners from eight countries, including universities, research centers, and private companies in energy storage. Such initiatives are anticipated to drive the commercialization of solid-state batteries in electric vehicles in the region.
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Key Players in the global solid-state battery market include
Global Solid-State Battery Market: Segmentation
Table of Content and Figure @ https://straitsresearch.com/report/solid-state-battery-market/toc
Graphene Batteries Introduction and Industry Analysis
Solid-State Battery —Replacement for Conventional Liquid Lithium-ion Batteries
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