LONDON--(BUSINESS WIRE)--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.
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).
|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:
- Improved consumer spending
- Increased shipment of smart wearables
- 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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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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