USD 39.14 million
Report ID: SQMIG20D2082 | Region: Global | Published Date: June, 2023 | Pages: 250 | Tables: 63 | Figures: 75
Solid-state Battery Market size was valued at USD 39.14 million in 2021 and is poised to grow from USD 58 million in 2022 to USD 551.27 million by 2030, growing at a CAGR of 32.5% in the forecast period (2023-2030).
The adoption of solid state batteries in portable devices is expected to grow at a significant rate owing to low maintenance and higher energy densities offered by them. High demand for consumer electronics is expected to propel the segment's growth. The market is driven by the rising deployment of Electric Vehicles (EVs), increasing utility of battery energy storage systems, and the growing adoption of electronic gadgets. Solid-state batteries offer higher electrochemical stability, higher energy density, and low flammability as compared to conventional batteries.
The medical devices and wearable electronic devices segment accounted for a significant market share and is anticipated to witness prominent growth over the forecast period. Rising demand for small energy storage sources and wearable electronics is projected to favour the segment growth. Moreover, innovations in medical technology are likely to maximize the penetration rate of wearable batteries.
The device which is connected with internet and communication enabled, requiring the need for more mobile power. Implants are being developed that have miniature batteries for powering the devices. Solid state batteries are suitable as they do not pose any risk of leakage and are small enough to be used in implantable devices. Customization for specific capacity and design is possible along with longer shelf life. This will surge the growth of the solid-state battery market in the forthcoming years. A safe solid electrolyte is used and the thin stainless steel substrate enhances the Volumetric Energy Density. The mechanical strength is high with efficient conductance and moisture barrier capacity. These batteries are way more reliable and robust than their lithium-ion coin cell counterparts.
US Solid-state Battery Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 39.14 million
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Global Solid-state Battery Market is segmented on the basis of product type, end user, and region. By Product, the market is sub-segmented into tablets, laptops, and smartphones and Others. By End user, the Solid-state Battery Market is categorized into gaming consoles, laptops, media players and others. By region, the Solid-state Battery Market is segmented into North America, Latin America, Europe, Asia Pacific, and MEA.
Solid-state Battery Market Analysis by Product Type
By product type, the portable segment will dominate the solid-state battery market share due to the increasing adoption of solid-state rechargeable batteries in portable devices, and the continuous demand for tablets, laptops, and smartphones will also boost the growth. This trend is anticipated to stimulate segment growth over the forecast period.
Solid-state Battery Market Analysis by End User
By Application, Consumer & portable electronics segment occupied the largest market share of over 33.6% in 2021 owing to the high demand for portable electronic devices in various end-use segments. Rapid urbanization along with rising discretionary expenditures are expected to result in higher purchasing of electronic devices including smartphones, laptops, media players, gaming consoles, and others.
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Globally, Asia Pacific emerged as the largest market, accounting for a 53.7% share of the global solid state battery market. The significant growth of the automotive industry in China, India, Japan, and South Korea is expected to promote the demand for solid state batteries. Furthermore, increasing population in China and India coupled with favourable government regulations aimed at lowering carbon emissions from vehicles and promoting the use of electric vehicles are expected to enhance the product demand in the region over the forecast period.
Europe occupied the second-largest market share and is anticipated to retain its market position over the forecast period. The growth can be attributed to the strict implementation of favourable regulatory policies regarding the deployment of battery energy storage systems and electric vehicles across the region. In addition, the European Commission funding aimed at battery-specific R&D projects is expected to further boost the regional market growth.
North America, led by the U.S., Mexico, and Canada, accounted for nearly 20.69% of the global solid-state battery market share. The presence of prominent battery manufacturers and growing demand for end-use industries are the primary driving factors for the North America solid-state battery market.
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Solid-state Battery Market Drivers
Rise in R&D Investment to Bolster Market Growth
Solid-state Battery Market Restraints
Available Substitutes to Hinder Market Growth
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The Global Solid-state Battery Market is highly fragmented with the presence of several small and large market players operating all over the world. Major companies of the market are implementing several business strategies such as new product launches, acquisition & mergers, collaboration, and partnerships for the expansion of their geographical presence and their product portfolio.
Solid-state Battery Market Top Players Company Profiles
Solid-state Battery Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our Global Solid-state Battery Market analysis, the rising demand for electric vehicles, as well as higher investments and partnerships between automobile companies and battery manufacturers, are offering ample opportunities for the solid state battery market to flourish. The fact is that there are numerous major drivers and there are few restraints that could stifle the solid state battery market’s expansion. The high cost of solid state batteries and the difficult manufacturing process may limit the growth of the global solid state battery market share during the forecast period.
|Market size value in 2021||USD 39.14 million|
|Market size value in 2030||USD 58 million|
|Forecast Unit (Value)||USD Million|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
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For the Global Solid-state Battery Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Solid-state Battery Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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