The Global Solid State Battery Market size is expected to reach $294.1 million by 2027, rising at a market growth of 35.0% CAGR during the forecast period.
Due to their increased energy density, lithium-ion batteries (LIBs) are regarded as one of the most promising energy storage technology. LIBs are used in a wide range of applications, including mobile electronics, electric and hybrid cars, and fixed energy storage systems, among others.
Because of their inexpensive cost and abundant sodium supplies, sodium-ion batteries have lately got a lot of interest as a substitute to LIBs for electric energy storage applications. Aluminum ion batteries are a potential option because of their inexpensive cost, benign nature, and availability on the planet, and the three electron redox couples which enable a competitive storage capacity when compared to single-electron lithium-ion storage.
Traditional LIBs using organic liquid electrolytes have a number of disadvantages, including safety concerns and a poor energy density. Owing to the need for non-flammable solid electrolytes, allowing permit a large improvement in energy density, solid-state Li batteries are projected to utilise metallic Li anodes. Solid-state batteries (SSBs) are becoming more attractive as next-generation high-energy density batteries thanks to the addition of metal anodes. Lithium metal, in particular, has a high theoretical specific capacity, low density, and the lowest electrochemical potential of all the metals.
SSBs are thought to be safe and secure, offering longer life cycles, better energy density, and need less packaging than Li-ion batteries with a liquid electrolyte. As a result, SSBs have gotten a lot of attention in recent decades.
Market Growth Factors:
Global demand for electric vehicles is increasing
One of the biggest development prospects for the solid-state battery industry is the employment of these batteries in electric cars. Due to the introduction of favourable legislation in countries such as the United States, the United Kingdom, China, Germany, and Japan, worldwide demand for electric cars is steadily expanding.
Market Restraining Factors
Solid-State battery manufacturing costs are quite high
The development of solid-state batteries necessitates large capital expenditures for research and development as well as the establishment of production facilities. It necessitates the use of complex gear as well as the inclusion of cutting-edge solid-state battery production technology.
It’s difficult to develop a solid electrolyte that’s stable, chemically inert, and nevertheless a good conductor of ions between both the electrodes of a solid-state battery. When compared to lithium-ion batteries, they are more expensive to manufacture and are more prone to breaking due to the brittleness of the electrolytes when they expand and compress during usage. A solid-state cell now costs around eight times as much to manufacture as a liquid Li-ion battery.