Product ID: SQMIG20D2082
Global Solid-state Battery Market Size, Share, Growth Analysis, By Product(tablets, laptops), By end user(gaming consoles, laptops) - Industry Forecast 2024-2031
Report ID:
SQMIG20D2082 |
Region:
Global |
Published Date: March, 2024
Pages:
202
|
Tables:
63 |
Figures:
78
Global Solid-state Battery Market Insights
Global Solid-State Battery Market size was valued at USD 58 billion in 2022 and is poised to grow from USD 76.85 billion in 2023 to USD 730.08 billion in 2031, at a CAGR of 32.50% during the forecast period (2024-2031).
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 Solid-state Battery Market Report Snapshots
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