Market Size of Solid Electrolyte Industry
| Study Period | 2021 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 15.00 % |
| Fastest Growing Market | North America |
| Largest Market | Asia Pacific |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Solid Electrolyte Market Analysis
The solid electrolyte market is expected to witness a CAGR of around 15% during the forecast period.
The market was negatively impacted by COVID-19 in 2020. Presently, the market has reached pre-pandemic levels.
- Over the long term, factors such as the increasing demand for an energy storage system with high energy density and longer cycle life are likely to drive the market. Increasing uses of electronic devices and electric vehicles are expected to increase the use of solid-state batteries and solid electrolytes in the coming years.
- On another note, the high cost of a solid-state battery is likely to hinder the solid electrolyte market during the forecast period.
- Electric vehicles (EVs) are expected to account for nearly 10-12% of total vehicle sales by 2030. Multiple factors, such as government regulations in various regions of the world and technological developments in batteries, are likely to boost the EV market. Moreover, as per industry experts, existing lithium-ion battery technology used in electric vehicles is expected to maintain a high price in the upcoming years. Additionally, drawbacks such as lower energy density and limited safety features of a lithium-ion battery are likely to create an opportunity for the markets like solid-state batteries and solid electrolytes in the near future.
- Asia-Pacific is expected to dominate the market, with most of the solid electrolyte demand coming from countries like China and India.
