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Solid State Battery Market to Record 37.8% CAGR Through 2030

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The solid state battery market is anticipated to garner notable gains, registering a CAGR of 37.8% every year, according to a 2022 study by Precedence Research, the Canada-based market Insight Company.

The solid state battery market is surging, with an overall revenue growth expectation of hundreds of billions of dollars within the next ten years. The market is expected to grow to US$ 1,645.60 million by 2030 from US$ 92.05 million in 2021. The report contains 150+ pages with detailed analysis.

Solid State Battery Market Size and Share, Statistics 2021 to 2030

Instead of the liquid or polymer electrolytes found in traditional lithium-ion or lithium polymer batteries, solid state batteries use solid electrodes and solid electrolytes. The pacemakers, wearable devices, and radio frequency identification all use solid state batteries. Solid state batteries are becoming more widely used in the healthcare, drones, and wearables sectors, which is fueling their growth.

Over the forecast period, rising demand for solid state batteries among end use industries, as well as increased research and development activities aimed at commercializing battery costs, are likely to drive the solid state battery market expansion. The expanding usage of electronic gadgets, the increasing utility of battery energy storage systems, and the rising deployment of electric automobiles are all propelling the sector growth. When compared to traditional batteries, these batteries have a higher energy density, lower flammability, and greater electrochemical stability, increasing their commercial market potential.

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Scope of the Solid State Battery Market Scope
Report Coverage Details
Market Size USD 1,645.60 million by 2030
Growth Rate from 2021 to 2030 37.8%
Largest Market Asia-Pacific
Fastest Growing Market Europe
Base Year 2021
Forecast Period 2021 to 2030
Segments Covered Type, Capacity, Application, Region
Solid State Battery Market Report Highlights
  • Based on the type, the thin film battery segment dominated the global solid state battery market in 2020 with highest market share. This is because solid state and thin film battery technologies are increasingly being employed in purchasing wearable devices, smart cards, and wireless communications.
  • Based on the capacity, the below 20mAh segment dominated the global solid state battery market in 2020 with highest market share. The reason for this is that it’s becoming more common in internet of things gadgets and accessories. These batteries are compact and may be recharged quickly and conveniently.
  • North America is the largest segment for solid state battery market in terms of region.Due to the continued strategic deployment of electric vehicles across these nations, as well as the growing demand for portable electronic gadgets, the regional market is predicted to rise.
  • Asia-Pacific region is the fastest growing region in the solid state battery market. Due to rising demand for solid state battery is important nations, Asia-Pacific is the most prominent region for the growth of the solid state battery market.

Read Also: AI in Pharmaceutical Market to Grow at a 53.4% CAGR through 2030

Solid State Battery Market Dynamics

Drivers

Growing adoption of various strategies by market players

In response to rising demand for solid state batteries, a number of companies around the world are investing in battery manufacturing companies as part of their growth strategies. The research and development of solid state batteries, as well as their production, is aided by such corporate funding. Automobile manufacturers are increasingly investing in and collaborating with solid state battery manufacturers. As a result, the growing adoption of various strategies by market players is driving the growth of the global solid state battery market during the forecast period.

Restraints

High cost of manufacturing

In general, solid state batteries are more costly than traditional batteries. The production of these batteries necessitates the use of sophisticated machinery. The fabrication costs for the cells utilized in these batteries are similarly significant. When choosing these batteries, the cost of the materials used in their development is a significant factor to consider. The high efficiency electrodes at cheap costs are difficult to come by for battery makers. As a result, the high costs of materials utilized in the production of solid state batteries raise the total cost of the batteries. Thus, the high cost of manufacturing of the solid state batteries is the restricting factor for the growth of the solid state battery market.

Opportunities

Increasedresearch and development activities

Solid state batteries provide customers with a number of benefits that traditional batteries do not. They can run for extended periods of time because they are more electrochemically stable. When they do operate, they also produce more energy and are less likely to catch fire. Many market players are realizing that if they advertise and develop the appropriate products, there is a lot of money to be made. That’s why they are putting so much effort into developing the optimal solid state battery. Thus, increasedresearch and development activities are creating lucrative opportunities for the market growth.

Challenges

High cost of solid state battery

The development of solid state batteries necessitates large investments in research and development as well as production facilities. it necessitates the use of complex gear as well as the use of cutting edge technology for the production of solid state batteries. As the technology used to generate solid state batteries differ from those used to develop traditional batteries, manufacturers line setups. Furthermore, the machinery and technologies employed in the production of solid state batteries are expensive and so necessitate large investments. This functions as a barrier to entry, particularly for new arrivals to the solid state battery market. Thus, the high cost of solid state battery is a major challenge for the growth of the solid state battery market.

Some of the prominent players in the global solid state battery market include:
  • BrightVolt Inc.
  • Cymbet Corporation
  • Solid Power Inc.
  • Toyota Motor Corporation
  • Excellatron Solid State LLC
  • Robert Bosch GmbH
  • Altair Nanotechnologies
  • Quantumscape Corporation
  • Apple Inc.
  • Dyson Ltd.

Segments Covered in the Report

By Type

  • Thin Film Battery
  • Portable Battery

By Capacity

  • Below 20mAh
  • 20mAh-500mAh
  • Above 500mAh

By Application

  • Consumer & Portable Electronics
  • Electric Vehicles
  • Energy Harvesting
  • Wearable & Medical Devices
  • Others

By Geography

  • North America
    • U.S.
    • Canada
  • Europe
    • U.K.
    • Germany
    • France
  • Asia-Pacific
    • China
    • India
    • Japan
    • South Korea
  • Rest of the World

Thanks for reading you can also get individual chapter-wise sections or region-wise report versions such as North America, Europe, or the Asia Pacific.

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