Global Solid State Battery Market Projected to Showcase a CAGR of 72% Through 2021: Technavio
Technavio
analysts forecast the global
solid state battery market to grow to USD 1,689.5 million
by 2021, at a CAGR of more than 72% over the forecast period, according
to their latest report.
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Technavio has published a new report on the global solid state battery market from 2017-2021. (Graphic: Business Wire)
The research study by Technavio on the global
solid state battery market for 2017-2021 provides a detailed
industry analysis based on the application (transportation, grid
storage, and consumer electronics) and geography (the Americas, EMEA,
and APAC).
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Solid state batteries contain a solid electrolyte which makes
them very compact. These batteries have a longer lifespan, making
them suitable for use in consumer electronics such as smartphones
and other gadgets. These batteries can meet any abrupt rise in
energy demand as well as the need for renewable energy storage,
power conversion, and remote power systems.
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Technavio analysts highlight the following three factors that are
contributing to the growth of the global solid state battery market:
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Improved consumer spending
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Increased shipment of smart wearables
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Increased government support for electric vehicles
Improved consumer spending
“Consumer spending is a significant economic factor since it
usually matches with the overall consumer confidence in a nation’s
economy. High consumer confidence indicators typically translate to
increased sales of high-drain electronics, boosting the demand for solid
state batteries,” says Thanikachalam Chandrasekaran, a lead
analyst at Technavio for energy
storage research.
The growth in global consumer expenditure is expected to accelerate
during the forecast period mostly on account of the recovery of the cost
involved in key emerging markets. Further, rising incomes are
contributing to a higher consumption rate in Asia. Developing economies,
such as China and India, offer a lucrative market for solid state
battery vendors.
Increased shipment of smart wearables
Smart wearables, such as smartwatches, smart bands, and smart glasses
have been revamped and introduced with added functionalities pertaining
to health and wellness, security, and payment portals. Startups such as
Pebble are launching products catering to the interest of technology
enthusiasts, which are creating impressive revenues to the wearable
devices market. Further, the decline in manufacturing costs has led to
increased sales. The rising demand for wearables has established a
stable revenue generation channel for solid state batteries.
Increased government support for electric vehicles
Existing technologies are being pushed to the limits of their
functionality to improve their energy condition across the globe. The
limitations in existing technologies are driving the development of
newer technologies, which can perform tasks more efficiently by using
alternate sources and other breakthrough technologies.
“The technological innovations have drawn R&D investments. This
trend is witnessed in the transportation sector, where the rising fuel
prices and limited oil reserves have led to an increased focus on
alternate fuel vehicles, and improvement in battery technology and
electric vehicles,” says Thanikachalam.
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About Technavio
Technavio
is a leading global technology research and advisory company. The
company develops over 2000 pieces of research every year, covering more
than 500 technologies across 80 countries. Technavio has about 300
analysts globally who specialize in customized consulting and business
research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research
techniques to ascertain the size and vendor landscape in a range of
markets. Analysts obtain information using a combination of bottom-up
and top-down approaches, besides using in-house market modeling tools
and proprietary databases. They corroborate this data with the data
obtained from various market participants and stakeholders across the
value chain, including vendors, service providers, distributors,
resellers, and end-users.
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at media@technavio.com.
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