Growing Adoption of Consumer Electronics, and Electric Vehicles to Drive Solid Electrolyte Market
In the coming years, the increased use of electronic devices, and electric vehicles will increase the use of solid-state batteries, and solid electrolytes. Emerging high-end consumer electronics trends, such as digital cameras, cell phones, laptops, gaming consoles, and flashlights, are predicted to further cushion industry expansion. Similarly, the increasing demand for solid-state batteries in electric vehicles propels the industry forward. According to the International Energy Agency (IEA), global electric car sales will more than double to 6.6 million in 2021, accounting for nearly 9% of the global car market, up from 3 million in 2020 and accounting for 4.1% of car sales.
In 2020, Toyota is scheduled to deploy its solid-state battery-based electric vehicle, boosting the future market for rechargeable batteries. To manufacture the batteries, Toyota and Panasonic formed a joint venture. As a result, solid-state battery development for electric vehicles, as well as growing trade and cardiac patients in the region, are expected to expand the solid-state battery and solid electrolyte market soon. The growth of solid electrolyte market is also attributed to the use of solid-state batteries in radio-frequency identification (RFID), cardiac pacemakers, and wearable devices. According to the American Heart Association journal, around 3 million people worldwide have pacemakers, with 600,000 pacemakers implanted each year.
Improving Medical Products to Enhance Thin-film Battery Category in Solid Electrolyte Market Growth
The thin-film battery category expanded significantly over the forecast period. Thin-film batteries are an All-Solid-State Battery (ASSB) that uses ceramic solid electrolytes like lithium phosphorous oxy-nitride (LiPON) to transfer ions between the cathode and anode. Many thin-film battery applications aim to improve existing consumer and medical products. Thin-film batteries are used in thinner electronic devices because they are much thinner than conventional Li-ion batteries. With the increasing use of RFID tags in shipping and inventory control, as well as cardiac pacemakers to treat irregular heart rhythms in patients, solid-state batteries and solid electrolytes are expected to be widely used in the coming years.
Growth in Renewable Energy Sector to Drive North America Solid Electrolyte Market
The global solid electrolyte market is likely to be dominated by North America. Growth in the renewable energy sector, government policies and programs supporting the energy storage system, and advances in the energy storage economy are likely to be important drivers of the energy storage market in this region during the next several years. Big companies like Hyundai and Samsung are heavily investing in the energy sector in North America. In 2021, around USD 1.5 billion was invested in energy storage by Samsung and it recently began the development of the first solid-state battery pilot line. Moreover, the expanding application and acceptance of solid-state batteries in consumer electronics, electric vehicles, and energy harvesting, as well as research and development activities focused on the commercialisation of solid-state batteries, account for a considerable part of the solid electrolyte market. For instance, in December 2021, Mercedes-Benz and Factorial Energy (US) collaborated to develop next-generation battery technology with the goal of testing prototype cells. The two companies collaborated on the development of solid-state batteries and their integration into Mercedes-Benz vehicles. Such automaker initiatives are expected to boost demand for solid-state batteries during the forecast period.
Asia Pacific, on the other hand, will continue to grow lucratively over the forecast period, owing to the increasing demand from various industries such as energy storage, electric vehicles, consumer electronics, and others, as well as rising automotive sales and increased awareness about clean energy generation. Governments also promote EVs by providing subsidies for EV purchases, which is a major factor influencing the growth of the EV market and thus directly influencing the growth of the solid electrolyte market. The Indian government offers a subsidy of Rs 5,000 per kWh of battery capacity up to Rs 30,000 for two-wheelers and four-wheelers, as well as a subsidy of Rs 10,000 per kWh of battery capacity up to Rs 1.5 lakh, as well as registration and road tax exemptions.
The Asia Pacific region is dominated by India and China. China has the most CVD patients of any country, with 106 million. In addition, the EV market in India and China is booming. In China, over 1.1 million new passenger plug-in electric cars were registered, with 21% share in solid electrolyte market. In 2021, total plug-in electric car registrations increased by approximately 153% year on year to over 3.2 million (from 1.27 million in 2020). According to some estimates, the total volume could reach 5-6 million by 2022.
Global Solid Electrolyte Market: Competitive Landscape
The major companies in solid electrolyte market are introducing new products alongside initiation collaborations, alliances, and partnership agreements. For instance, in October 2021, Hyundai (South Korea) and Factorial Energy (USA) collaborated to develop solid-state batteries for EVs. On the other hand, in May 2021, Ford and BMW invested $130 million in Solid Power, a solid-state battery startup, to develop a solid-state battery that can be used to reduce the cost and increase the range of electric vehicles.
A few of the players in solid electrolyte market include Ampcera Corp, Brightvolt, Inc., Cymbet Corporation, Empower Materials, lonic Materials Inc., NEI Corporation, Ohara lnc., StmicroElectronics N.V., Toshima Manufacturing Co. Ltd., and Toyota Motor Corporation.
Global Solid Electrolyte Market is Segmented as Below:
Key Elements Included In The Study: Global Solid Electrolyte Market
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