The global Solid State Battery Market is estimated to be valued at US$ 730.51 Million in 2022 and is expected to exhibit a CAGR Of 39.2% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Solid state batteries have advantages like high energy density, safety, and long cycling life compared to conventional lithium-ion batteries. These batteries use solid electrolytes instead of liquid electrolytes found in lithium-ion batteries. This provides improved safety against fire hazards. Furthermore, solid state batteries can last for thousands of charge/recharge cycles without losing capacity.
Market key trends:
One of the key trends in the solid state battery market is the rising demand for longer battery life in portable devices. Devices like smartphones, tablets, laptops and wearables require batteries that can support prolonged usage on a single charge. Conventional lithium-ion batteries have limitations in terms of charge/discharge cycles and storage capacity. Solid state batteries address this issue by offering higher energy density and improved cycling stability compared to lithium-ion batteries. This makes them well-suited for applications needing long-lasting portable power sources.
Segment Analysis
The solid state battery market is segmented by type into thin film solid state battery and portable solid state battery. Among the segments, the portable solid state battery segment dominated the market with a share of over 55% in 2022. Portable solid state battery segment is projected to maintain its dominance over the forecast period due to growing demand for compact and lightweight batteries, especially for consumer electronics and electric vehicles. Portable solid state batteries have high energy density which makes them ideal for applications that require small and lightweight batteries like smartphones, wearable devices and power tools.
Key Takeaways
The global Solid State Battery Market is expected to witness high growth, exhibiting CAGR of 39.2% over the forecast period 2023-2030, due to increasing demand for high performing, durable and safe batteries from various end use industries like consumer electronics and electric vehicles.
The market size for solid state batteries was valued at US$ 730.51 million in 2022. Asia Pacific dominated the regional segment in 2022 with a share of over 35% and is expected to maintain its dominance during the forecast period. Countries like China, Japan and South Korea are major contributors to the growth of solid state battery market in Asia Pacific due to presence of leading players and growing adoption of electric vehicles in the region.
Key players operating in the solid state battery market are Solvay, Samsung SDI Co., Ltd., Cymbet Corporation, Panasonic Corporation, Saft, BrightVolt Inc., and Solid Power. These players are focusing on research and development activities to develop advanced solid state batteries with higher energy density for electric vehicles and consumer electronics applications. For instance, in 2022, Samsung launched its first prototypes of SDI Flake® solid state battery which is projected to power electric vehicles from 2025 onwards.
Read More : https://www.newsstatix.com/8413-2/
Moreover, this market report also covers regional and country markets in detail.The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide.
This section consists of a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.Get more information on "Global Solid State Battery Market Research Report" by requesting FREE Sample Copy at https://www.valuemarketresearch.com/contact/solid-state-battery-market/download-sampleMarket DynamicsExpanding wearable device penetration, growing cardio surgeries, and thriving retail industry using radio-frequency identification drive the solid-state battery market.
The global solid-state battery market is forecasted to grow exponentially in the coming years due to its increased use for electric vehicles.
Solid-state batteries are predicted to phase out lithium-ion batteries from EVs and portable electronics.
Solid-state batteries are an emerging for next-generation batteries promising low cost, high performance, and high safety.
However, the high cost of solid-state batteries and complicated manufacturing process is limiting the market growth.The research report covers Porter’s Five Forces Model, Market Attractiveness Analysis, and Value Chain analysis.
