Next-gen batteries will be worth $10bn in 2030

“Next-gen battery developers are pursuing technology improvements and mass-production scale-up, though incumbent Li-ion is still improving quickly, thanks to massive investments,” said Cosmin Laslau, Senior Analyst, Lux Research, and lead author of The Next-Generation Battery Roadmap: Quantifying How Solid-State, Lithium-Sulfur, and Other Batteries Will Emerge After 2020.

“Companies with an important stake in the battery market should invest in next-gen batteries as well as advances in Li-ion, to make sure they maintain a strong position as the technology mix shifts,” he added.

Lux Research analysts created an adoption roadmap for next-gen batteries, quantifying the market for each technology and ranking emerging battery developers on the proprietary Lux Innovation Grid. Among their findings:

• Transportation market is hotbed for new battery tech. Next-gen batteries will see explosive growth after 2030: Lithium-sulfur will jump from $6bn in 2030 to $29bn in 2035, while solid-state batteries will climb from $3bn to $42bn over the same period.

• Solid-state will win in electronics. Solid-state batteries will earn $12bn from electronics in 2035, enjoying a 39% market share. Lithium-sulfur, meanwhile, will see no significant adoption in electronics, due to energy density issues, ceding ground to advanced Li-ion.

• Lux Innovation Grid calls out leaders. Imprint Energy, which makes thin-film batteries for electronics, and rapid materials developer Ilika are the dominant solid-state companies on the Lux Innovation Grid. The lithium-sulfur landscape is sparser, with Oxis Energy and Boulder Ionics earning positive takes from Lux.