Based on MarketsandMarketsTM research, the Solid State Battery Market is expected to develop at a stunning compound yearly growth rate (CAGR) of 41.5% from 2023 to 2028, or from USD 85 million in 2023 to USD 963 million by 2030. This strong growth is ascribed to the rising need for cutting-edge energy storage solutions, which is being fueled by the expanding popularity of electric vehicles, the growing focus on renewable energy storage, and the ongoing search for safer and more effective battery technology. The solid-state battery business is exhibiting a positive trend, signifying a significant transformation in the energy storage industry.

Compared to conventional lithium-ion batteries, solid-state batteries have better features such increased energy density, improved structural stability, and increased safety. They do, however, have to contend with difficulties like poor ionic conductivity, reactive problems, and increased production costs. The creation of novel solid-state electrolytes (SSEs) made of a variety of materials holds the key to overcoming these constraints. It is expected that ongoing research and development initiatives will be crucial in resolving these issues and supporting the expansion and growth of the solid-state battery industry.

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Report Coverage

Details

Estimated Value in 2030

$963 million

Market Revenue by 2023

$85 million

Growth Rate

Poised to grow at a CAGR of 41.5%

Market Size Available for

2019–2030

Forecast Period

2023–2030

Forecast Units

Value (USD Million)

Report Coverage

Revenue Forecast, Competitive Landscape, Growth Factors, and Trends

Segments Covered

Component, Type, Battery Type, Capacity, and Application

Geographies Covered

North America, Europe, Asia Pacific, and Rest of World

Key Market Challenge

High cost of solid-state batteries

Key Market Opportunity

Increasing investments in research and development of solid-state batteries

Key Market Drivers

Rising demand for miniaturized and compact electronic devices

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The market for the multi-cell battery segment is expected to gain a significant market share during the forecast period.

Multi-cell batteries are designed to be used in electric vehicles, energy harvesting, and portable devices. A multi-cell battery pack is a group of solid-state batteries industry. Battery packs, which connect individual batteries in parallel, series, or a combination of both, are essential for providing the necessary voltage, capacity, and power density for a variety of applications. Conventional batteries have problems, particularly in hot climates, necessitating costly safety precautions and presenting hazards to public safety. Solid-state batteries, on the other hand, provide increased safety because they don't include liquid electrolytes, which lowers flammability and guarantees dependability. Solid-state batteries are the better option due to their high energy density, extended shelf life, and tolerance to high temperatures. In addition, the lack of liquid electrolytes permits a lighter and more compact construction, reducing the possibility of overheating.

Below 20 mAh capacity batteries are expected to hold a substantial market share during the forecast period.

When it comes to its higher-capacity counterparts, solid-state batteries with capacities less than 20 mAh are distinguished by their limited voltage range, lightweight design, and shorter shelf life. These batteries can be used in wearables, wireless sensor nodes, Internet of Things devices, and other applications with moderate power requirements because they are designed for such uses. These batteries' dimensions and design are in line with the power requirements of gadgets that value portability, economy, and compactness over high power density.

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Consumer Electronics applications grow at an impressive CAGR during the forecast period.

Even though they are small, solid-state batteries have a wide range of uses and will soon be used to power a variety of consumer products. Solid-state battery integration is anticipated to be advantageous for devices such as digital cameras, tablets, laptops, and mobile phones. The use of these batteries not only helps products become lighter and more efficient overall, but it also makes it easier to develop thin and light devices that follow changing consumer preferences. Furthermore, solid-state batteries' ability to be recharged makes them more compatible with electrical gadgets. Because they use solid electrolytes rather than liquid or gel electrolytes, their safety profile is noteworthy because it reduces the possibility of overheating.

North America is expected to hold a significant market share of the solid-state battery market during the forecast period.

The North American solid-state battery business is significantly influenced by the United States, where major companies like as Excellatron, QuantumScape, Solid Power, and BrightVolt have their headquarters. The United States has witnessed a notable increase in the adoption of electric vehicles (EVs), which is ascribed to many factors such as the availability of battery-powered car models, the transition of mass-premium customers from traditional petrol vehicles to EVs, and government regulations that are favourable of EVs. An increase in solid-state battery demand is predicted to coincide with the growth in EV demand, highlighting the critical role that North America plays in determining the direction of the market.

The key players in this solid-state battery companies include Blue Solutions (France), Ilika (UK), Solid Power (US), QuantumScape (US), ProLogium Technology Co., Ltd. (Taiwan), BrightVolt (US), Excellatron (US), Sakuu Corporation (US), and Hitachi Zosen Corporation (Japan) and others.

News Covered:

https://www.prnewswire.com/news-releases/solid-state-battery-market-worth-963-million-by-2030---exclusive-report-by-marketsandmarkets-301949345.html

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