Solid State Battery Market: Current Analysis and Forecast (2022-2028)
Solid-state batteries (SSBs) are distinguishable from other batteries by their lack of a liquid electrolyte, their potential to store significantly more energy for any specific volume, and their improvements in safety given that the solid-state electrolyte used is non-flammable. Further, solid state battery substantially surpasses the performance, safety, and processing limitations of lithium-ion batteries. In contrast to research into lithium-ion batteries, which will provide incremental gains in performance toward theoretical limits, research into solid-state batteries is long-term and high-risk but also has the potential to be high-reward.
Besides, solid state battery key players across the globe are investing in research and development and filling patent SSBs for mass production of batteries. For instance: Toyota has planned for mass production of SSB EVs from the mid-2020s and a joint venture with Panasonic researching SSBs. However, it got delayed due to some technical issues. In 2022, Toyota confirms the production of solid-state battery cars by 2025 which inturn would accelerate the growth of solid state battery.
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