Batteries are considered amongst the most remarkable man-made inventions in history and have been the focus of intense investigation by both scientists and engineers across the globe. Evolving from the primitive Voltaic Pile (the first electrical battery created in 1799), which used zinc and copper electrodes and brine-soaked paper as an electrolyte, a wide range of batteries are now available in the market. Amongst these, lithium-ion (Li-ion) batteries have long been considered a breakthrough in the battery landscape, resulting in revolutionary growth in the chargeable consumer electronics industry.
It is estimated that, at present, more than one billion rechargeable Li-ion cells are produced each year to cater to the demands of the portable electronics market alone. However, despite their successful market deployment, excellent energy density and cost-effectiveness, certain limitations, such as concerns related to the use of liquid electrolytes (risk of leakage and flammability), have also been associated with Li-ion batteries. A case-in-point being Samsung’s massive global recall of its Galaxy Note 7 series of mobile phones in September 2016, due to the safety issues associated with the Li-ion batteries used in them.
It is also worth highlighting that a wide variety of niche and disparate application areas, such as miniature medical devices, smart wearables, wireless sensors/IoT devices, radio frequency identification (RFID) tags, powered smart cards, cosmetic patches, smart labels/packaging, electric/hybrid vehicles, and energy storage systems have surfaced in the past few years. Most of these advanced technology-enabled applications require new form factors and designs that conventional Li-ion batteries are unable to provide, pertaining to their size and safety limitations. These drawbacks have opened the door to immense innovation opportunities and added a new dimension to the competition amongst global battery developers, resulting in the establishment of next-generation battery technologies.
In contrast to the conventional Li-ion batteries, next-generation product chemistries, which include lithium polymer, printed, solid-state, thin film and ultra-thin films batteries, have been proven to be safe under abusive conditions, demonstrated significant improvements in terms of overall performance, and are environmental-friendly. Moreover, owing to their flexible form factor, it is believed that these batteries can offer virtually limitless flexibility in term of design, materials and construction. At about 1/10th of the thickness of the thinnest prismatic liquid Li-ion cells, next-generation batteries have demonstrated significant potential to serve various upcoming markets. As a result, these batteries have captured the interest of several stakeholders in this industry; in fact, since 2010, over 7,000 patents have been published on next-generation battery technologies. It is anticipated that as the market becomes more mature, it is likely to benefit from economies of scale, resulting in further performance improvements and cost reductions.
The ‘Next-Generation Batteries Market, 2018-2030’ report features an extensive study of the current landscape and future outlook of the growing opportunities for next-generation batteries (beyond Li-ion). The focus of this study is on advanced battery chemistries that are currently being developed/have already been developed, such as lithium polymer (LiPo) batteries, solid-state batteries, thin film batteries, printed batteries and other advanced variation of Li-ion batteries, and the likely evolution of these novel concepts in the mid to long term. Backed by funding from several venture capital firms and strategic investors, this evolving market has its hopes pinned on the efforts of a significant number of start-ups, small-and mid-sized companies.
Amongst other elements, the report features:
- A detailed assessment of the current market landscape, providing information on various types of next-generation batteries, their respective specifications (such as thickness, capacity, voltage, operating temperature, cycle life/shelf life and chargeability), and targeted application areas.
- Elaborate profiles of some of the leading players in the industry, highlighting the current focus of various companies, financial information, proprietary battery technologies and specific products. Each profile also has a section on recent developments, highlighting the achievements, partnerships/collaborations, and the likely strategies that may be adopted by these players to fuel growth in the foreseen future.
- An in-depth patent analysis to provide an overview of how the industry is evolving from the R&D perspective. For this analysis, we looked at the patents that have been published by various industry players since 2010, across different types of next generation batteries. The analysis also highlights the key trends associated with these patents, including patent type, regional distribution, CPC classification, IP litigations, emerging areas and leading industry players.
- A comprehensive benchmark analysis, highlighting the key focus areas of small, mid- and large-sized companies; primarily, it provides a means to compare the existing capabilities of companies within and beyond their peer groups, and help them identify ways to achieve a competitive edge over contemporary players.
- An analysis of investments made at various stages of product development; these include seed financing, venture capital financing, debt financing and grants/awards received by the companies that are operating in this area.
One of the key objectives of the report was to understand the primary growth drivers and estimate the future size of the market. We have provided an informed estimate on the likely evolution of the market for the period of 2018-2030 across several potential application areas of next-generation batteries, such as consumer electronics, electric vehicles, medical devices, powered smart cards/smart labels, RFID tags, smart wearables and wireless sensors/IoT devices. In addition, on the basis of the likely usability of different next-generation battery types across aforementioned applications, we have provided the distribution of the market across various types of batteries, such as lithium polymer, printed, solid-state, thin film, ultra-thin and other types of advanced Li-ion batteries. The forecast also includes distribution of the market opportunity across major regions of the globe, namely North America, Europe and Asia-Pacific. Considering the uncertainties related to investments and large-scale production of next generation batteries across different geographies, and to add robustness to our model, we have provided three forecast scenarios, representing the conservative, base and optimistic tracks of the market’s evolution.
The opinions and insights presented in this study were influenced by discussions conducted with several stakeholders in this domain.
The report features detailed transcripts of interviews held with the following individuals:
- David A. Ainsworth (CEO, OXIS Energy)
- Graeme Purdy (CEO, Ilika)
- Jeff Sather (VP, Technology and Customer Solutions, Cymbet)
- Lisa Hsu (Spokesperson and Deputy Marketing Manager, ProLogium Technology)
- Pritesh Hiralal (CEO, Zinergy UK)
- Xiachang Zhang (Chairman, Enfucell)
- Yuan Yang (Assistant Professor, Columbia University, New York)
All actual figures have been sourced and analyzed from publicly available information forums and primary research discussions. Financial figures mentioned in this report are in USD, unless otherwise specified.
Example Highlights
- Over 100 industry players are developing/have developed different types of next-generation batteries. About 42% of the companies that we identified are developing lithium polymer batteries. These are followed by companies that are involved in the development of solid-state batteries (14%), ultra-thin batteries (11%), printed batteries (9%) and thin film batteries (5%).
- Owing to their relatively flexible form factor, a diverse variety of target applications exist for these next-generation batteries. It has been observed that majority of the lithium polymer battery developers are currently focused on developing their proprietary products for use in the consumer electronics, electric vehicles and medical devices industries. Similarly, solid-state batteries are being primarily designed for applications in consumer electronics and electric vehicles. Some of the niche applications, such as wireless sensors, RFID tags and smart cards/smart labels, are being targeted by thin film, printed and ultra-thin battery developers.
- Evolving from Li-ion chemistry, lithium polymer batteries offer distinct advantages over their conventional counterparts in terms of cost, utility, durability and flexibility. Due to the use of polymer electrolytes, these batteries can be molded into a varied range of shapes and sizes. Examples of companies developing these batteries include (in alphabetical order, no selection criteria) BrightVolt, Huizhou Markyn New Energy, Jenax, LG Chem, Padre Electronics, Prieto Battery, Renata Batteries, Routejade, Samsung SDI and YOKU Energy.
- In case of solid-state batteries, owing to the use of a solid electrolyte and their intrinsically safe architecture, these batteries are inherently robust, have higher energy densities, and are more tolerant towards extreme temperatures. Examples of companies developing these batteries include (in alphabetical order, no selection criteria) Cymbet, Ilika, ProLogium Technology, Sakti3, Seeo, SmartEnergi and Solid Power. As a result of the advantages, solid-state batteries have garnered a lot of attention in a wide variety of industries. Specifically, in the automobile industry, some of the big manufacturers are licensing/acquiring these technologies or partnering with affiliated battery developers in order to design and develop efficient batteries for their future electric vehicles.
- Industry stakeholders have undertaken several development initiatives in order to overcome existing limitations, improve overall performance, expand intellectual capital, and sustain long term growth in this domain. These efforts have resulted in the publication of over 7,000 patents since 2010. Based on the number of patents approved/filed in a specific region, the US (with 34% patents) has emerged as a major research/innovation hub, closely followed by China (with 28% patents).
- Given the opportunities in this domain, several small companies/start-ups across the globe have received significant financial backing from a large number of investors. We identified close to 160 instances of funding across 40 companies between 2000 and 2018. The total amount invested in this domain so far has been around USD 2.1 billion; some of the high value investments since 2014 include StoreDot (USD 60 million in 2017 and USD 42 million in 2014), Aquion Energy (USD 92 million in 2014), Phinergy (USD 50 million in 2016) and Nexeon (USD 44 million in 2016). Examples of prominent VCs that have actively invested in this area include (in decreasing order of the number of instances) Khosla Ventures, OPG Ventures, Braemar Energy Ventures, Applied Ventures, Bill Gates, Draper Fisher Jurvetson, Imperial Innovations, and Kleiner Perkins Caufield & Byers.
- Over the course of next decade, we expect the next-generation batteries market (in terms of value) to grow at over 10% annual growth rate, till 2030. It is worth mentioning that once these technologies become more mature and achieve economies of scale, a rapid surge could be witnessed in their long-term adoption. Specific regions, such as Asia-Pacific, are likely to contribute significantly towards this growth.
Table of Contents
Executive Summary
Research Methodology
The data presented in this report has been gathered via secondary and primary research. For all our projects, we conduct interviews with experts in the area (academia, industry and other associations) to solicit their opinions on emerging trends in the market. This is primarily useful for us to draw out our own opinion on how the market will evolve across different regions and technology segments. Where possible, the available data has been checked for accuracy from multiple sources of information.
The secondary sources of information include:
- Annual reports
- Investor presentations
- SEC filings
- Industry databases
- News releases from company websites
- Government policy documents
- Industry analysts’ views
While the focus has been on forecasting the market till 2030, the report also provides our independent view on various non-commercial trends emerging in the industry. This opinion is solely based on our knowledge, research and understanding of the relevant market gathered from various secondary and primary sources of information.
Chapter Outlines
- Chapter 2 is an executive summary of the insights captured in our research. The summary offers a high-level view on the likely evolution of the next-generation batteries market in the mid to long term.
- Chapter 3 is an introductory chapter that presents an overview of batteries, their historical development, basic components and principle of operation, along with information on the limitations of conventional Li-ion batteries. It also outlines some of the key types of next-generation batteries (including LiPo batteries, solid-state batteries, thin film batteries, printed batteries and advanced Li-ion batteries), and provides details on their construction, design, and the advantages and challenges associated with them. In addition, the chapter provides information on the potential applications of these next-generation batteries, and the key growth drivers and road blocks to their deployment across different use cases.
- Chapter 4 includes information on more than 100 key stakeholders that are developing / have developed different types of next-generation batteries, along with their specifications in terms of thickness, capacity, voltage, operating temperature, cycle life / shelf life and chargeability. In addition, the chapter provides information on the companies’ year of establishment, geographical location, size of employee base, and targeted application areas. Furthermore, we have identified various prevalent and upcoming trends in the industry that are likely to govern the future of next-generation batteries across different application areas.
- Chapter 5 features detailed profiles of some of the leading stakeholders that are developing / have developed different types of next-generation batteries. Each profile includes an overview of the company, financial information, details on their technology and product portfolio, and a list of recent developments.
- Chapter 6 provides an in-depth patent analysis to identify how the industry is evolving from the R&D perspective. For this analysis, we looked at the patents that have been published by various industry players since 2010, across different types of next generation batteries. The analysis highlights the key trends that are likely to unfold in the future. In addition, it includes two case studies on IP litigations associated with next-generation batteries.
- Chapter 7 presents a benchmark analysis of all the industry players engaged in this domain. It highlights the capabilities of these companies in terms of their expertise across novel battery concepts that can be integrated into a wide variety of niche and disparate applications. The analysis allows companies to compare their existing capabilities within and beyond their peer groups, and identify opportunities to become more competitive in the industry.
- Chapter 8 provides information on the funding instances and investments that have been made in this industry. The chapter includes details on various types of investments (such as seed financing, venture funding, debt financing and grants) received by companies between 2000 and early 2018, highlighting the growing interest of the venture capital community and other strategic investors in this domain.
- Chapter 9 presents a comprehensive market forecast, highlighting the future potential of the market till 2030. The forecast, which provides estimates on the market opportunity (both in terms of value and volume) across the major application areas of next-generation batteries (medical devices, smart wearables, RFID tags, powered smart cards / smart labels, wireless sensors / IoT devices, consumer electronics and electric vehicles), is backed by robust secondary research and inputs from senior stakeholders via primary research. The analysis also highlights the relative growth opportunity across different geographical regions (North America, Europe and Asia-Pacific), type of next-generation batteries and chargeability (rechargeable and non-rechargeable). To account for the uncertainties associated with the adoption of these technologies, we have provided optimistic and conservative forecast scenarios, in addition to the base forecast scenario.
- Chapter 10 summarizes the overall report. In this chapter, we have provided a list of key takeaways from the report, and expressed our independent opinion related to the research and analysis described in the previous chapters.
- Chapter 11 is a collection of executive insights from various key stakeholders in this market. The chapter provides a brief overview of the companies and interview transcripts of the discussions that were held with eminent individuals associated with these companies. The chapter provides details of interviews held with David A. Ainsworth (CEO, OXIS Energy), Graeme Purdy (CEO, Ilika), Jeff Sather (VP, Technology and Customer Solutions, Cymbet), Lisa Hsu (Spokesperson and Deputy Marketing Manager, ProLogium Technology), Pritesh Hiralal (CEO, Zinergy UK), Xiachang Zhang (Chairman, Enfucell), and Yuan Yang (Assistant Professor, Columbia University, New York).
- Chapter 12 is an appendix, which provides tabulated data and numbers for all the figures provided in the report.
- Chapter 13 is an appendix, which provides the list of companies and organizations mentioned in the report.
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- 24M Technologies
- A123 Systems
- Advanced Energy Technologies
- Advanced Technology Ventures
- Advantage Capital
- AeroTEC
- Air Products and Chemicals
- Alcoa
- Alevo
- Alium Batteries
- Alliance Capital
- AltEnergy
- Ambri
- AME Cloud Ventures
- Amita Technologies
- AMOGREENTECH
- Amprius
- Ams
- Apollo Investment
- Apple
- Applied Ventures
- Aquion Energy
- ArcticConnect
- Arkema
- Arm Holdings
- Asahi Glass
- Asahi Kasei
- Axiss Technology
- BASF New Business
- Bathium Canada
- Battelle Ventures
- Bay Partners
- Bayer MaterialScience
- Bekaert
- Beringea
- Blue Solutions
- Blue Spark Technologies
- Bluecrest Capital Finance
- BMW
- Bosch
- Braemar Energy Ventures
- Bright Capital
- BrightVolt
- Building Insurance Bern
- Caleb Technology
- CapX Partners
- Cedar Point Capital
- Central Midori International
- Central South University
- Changzhou Printed Electronics
- Charles River Ventures
- Chint Group
- Cisco
- CITC
- Communications Partners
- Constellation Technology Ventures
- Continental
- Core Capital Partners
- Coremax Technology
- Cymbet
- D. E. Shaw Group
- Daimler
- Demeter Partners
- DNK Power
- DNS Capital
- Draper Fisher Jurvetson
- Duracell
- Dyson
- Early Stage Partners
- EEMB Battery
- Energy Diagnostics
- Enertech International
- Enevate
- Enfucell
- Engineering and Physical Sciences Research Council
- Envia Systems
- EoCell
- Eos Energy Storage
- Excellatron
- Exelon Corporation
- Exxon Mobil
- FA Technology Ventures
- Firelake Capital Management
- Fisher Brothers
- Fisker
- FlashCharge Batteries
- FlexEl
- Flextronics Lab IX
- Florida High Tech Corridor Council
- Fluxus Ventures
- Foshan Lipower Battery
- Foundation Capital
- Fraunhofer ENAS
- French Alternative Energies and Atomic Energy Commission
- Front Edge Technology
- Fudan University
- Fujifilm
- Fuzhou University
- Galvani Bioelectronics
- GE Commercial Finance
- Generation Investment Management
- Genesis Angels
- Gentry Venture Partners
- GM Ventures
- Google
- GP Batteries
- Grabat Energy
- Grepow
- GS Energy
- GS Nanotech
- GSR Ventures
- Guangzhou Fullriver Battery New Technology
- Helmet Business Mentors
- Helsinki University of Technology
- Hewlett-Packard
- Hitachi Maxell
- Honcell Energy
- Honda Motor
- Huawei
- Huizhou City Sai Battery
- Huizhou Markyn New Energy
- Hydro-Quebec CapiTech
- Hyper Power Group
- Hyundai Motor
- IBM
- Identiv
- Ignite Group
- Ilika
- Imec
- Imperial Innovations
- Imprint Energy
- Infinite Potential Technologies
- Infinite Power Solutions
- Innovacom
- Innovate UK
- Innovation Valley Partners
- In-Q-Tel
- Intel
- Interlaken Capital
- Invesco
- IPV Capital
- Island Shore Investments
- I-TEN
- ITOCHU Technology Ventures
- Jenax
- JHY Technology
- Jifu New Energy Technology
- Johnson Battery Technologies
- K2 Energy
- KalpTree Energy
- Kaneka
- Kaunialan Sairaala
- KAYO Battery
- Key Capital
- Khosla Ventures
- Kleiner Perkins Caufield & Byers
- KLP Enterprises
- Kokam
- Korea Advanced Institute of Science & Technology
- Korea Institute of Science and Technology
- Kreaxi
- LG Chem
- Lico Technology
- LiPol Battery
- Litarion
- Lithio Storage
- LiTHIUM BALANCE
- LPD Power
- Madison Parker Capital
- Massachusetts Institute of Technology
- Maxpower Industrial
- McLaren Applied Technologies
- Medical Research Council
- Microsoft
- MidCap Financial
- Millhouse Capital
- Minamoto Battery
- Mission Ventures
- Mitsubishi Electric
- Molex
- Morgan Keegan Ventures
- Motorola Solutions
- MSubs
- Murata Manufacturing
- Nagase ChemteX
- Nanchang University
- Nanjing University of Aeronautics and Astronautics
- Nankai University
- NanoDimension
- National Aeronautics and Space Administration
- National Institute of Standards and Technology
- National Oceanography Centre
- Nation-E
- Natron Energy
- NAVYA
- NEC
- New Science Ventures
- Nexeon
- NGK Insulators
- NGK Spark Plugs
- Ningbo Gouhua Huida Investment Management Partnership
- Nintendo
- Nissan Motor
- Nokia
- Nordic Semiconductor
- Norma Investments
- North Bridge Venture Partners
- NRG Energy
- NXP Semiconductors
- Oak Ridge Global Energy Solutions
- Oak Ridge National Laboratory
- OCI Ventures
- OnPoint Community Credit Union
- OPG Power Ventures
- ORIX Capital
- OXIS Energy
- PA Consulting
- Padre Electronics
- Panagea Ventures
- Panasonic
- Pellion Technologies
- Perseus
- Phinergy
- Phoenix Venture Partners
- Planar Energy
- Polaris Partners
- PolyPlus
- Power Paper
- PowerStream Technology
- PragmatIC
- Prelonic Technologies
- Prelude Ventures
- Presidio Ventures
- Prieto Battery
- Printed Electronics
- Printed Energy
- Procter & Gamble
- ProLogium Technology
- Quad Industries
- Qualcomm Ventures
- QuantumScape
- R&D Vehicle Systems
- Redpoint Ventures
- Renata
- Rho Capital Partners
- Rhône-Alpes Création
- Rocket Electric
- Rogers Corporation
- Rolls-Royce
- Routejade
- RR Donnelley
- SAIC Capital
- SAIF Partners
- Sakti3
- Samsung SDI
- Samsung Ventures
- Seagate
- Seagate Technology
- Seeo
- SEKISUI CHEMICAL
- Semiconductor Energy Laboratory
- Sequoia Capital
- Shanghai Jiao Tong University
- Shanghai Qianyang Investment Management
- Sharp Laboratories
- Shell Technology Ventures
- SHENZHEN PKNERGY ENERGY
- Shenzhen Ultrable New Energy
- Shenzhen YKXbattery Energy
- Shida Battery Technology
- Shigenori Hama
- Showa Denko Packaging
- Singulariteam
- SKC Powertech
- SmartEnergi
- Softbank China Venture Capital
- Solid Power
- SolidEnergy Systems
- Sony
- Springworks
- Stanford University
- Stanley Ventures
- Steatite
- STMicroelectronics
- StoreDot
- SunBridge Partners
- Syntel
- Tao Capital Partners
- TDK
- Teledyne Technologies
- Tesla
- The Dow Chemical Company
- The Jauch Group
- The Swiss Insurance Association Texas Instruments
- The University of Texas
- Titan Wind Energy
- Toes Opto-Mechatronics
- Total Energy Ventures
- Toyota
- Trident Capital
- Trinity Capital Investment
- TriplePoint Capital
- True Blue Power
- Tsing Capital
- UFO Energy
- Ultralife
- ULVAC Technologies
- United States Department of Energy
- United States Trade and Development Agency
- University of Cambridge
- University of Chester
- University of Maryland
- University of Southampton
- VantagePoint Capital Partners
- Vcell Power Group
- VDL Groep
- VersaVolt Electronics
- Vertex Ventures
- Volkswagen
- VTT Technical Research Centre of Finland Xymox Technologies
- Weltmeister
- Western Digital
- Wuhan Fanso Technology
- X-FAB
- YOK Energy
- YOKU Energy
- Yung’s Enterprise
- ZeniPower (Zhuhai Zhi Li) Battery
- ZEUS Battery Products
- Zhejiang University
- Zhuhai Yinlong Energy
- Zinergy UK
- ZPower
Methodology
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