The future is literally and figuratively solid for batteries. Research firm Wintergreen Research predicts that solid-state batteries will take multiple industries by storm, which bodes incredibly well for frontrunners such as QuantumScape (NYSE:QS) stock.
The research report expects the solid-state battery market to grow at a whopping 147.8% from 2021 to 2028. These batteries represent the next frontier of electricity storage, a market set for massive growth down the line. Moreover, rising research and development efforts on multiple fronts are accelerating commercialization timelines.
Furthermore, EVs represent a core market. Amidst increasing focus on battery technology, leading EV makers are looking to position themselves for the arrival of solid-state batteries. Also, with nations across the globe implementing tighter carbon emission regulations, solid-state battery makers can generate colossal revenues ahead.
Wintergreen’s solid-state battery report is not the only one released recently. In March, Meticulous Research released a report that estimated the solid-state battery market to grow at 58% from 2022 through 2029. Another report from ReportLinker, predicts that the market could reach a mind-boggling $294.1 million, rising at 35% by 2027.
Undoubtedly, the best bet on the burgeoning solid-state market is QuantumScape. The company has been on a roll in the past couple of years, nailing all its development milestones. It has the backing of automotive giant Volkswagen and recently signed a deal with Fluence Energy, which will utilize the company’s batteries in its energy storage products.
QuantumScape expects to produce cells for car testing next year and could enter full-scale commercialization by 2024. QS stock has had a rough 12 months, shedding over 61% of its value. The stock seems significantly less frothy than in the past and is far more attractive considering the risks involved.
On the date of publication, Muslim Farooque did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.