Dublin, Jan. 21, 2024 (GLOBE NEWSWIRE) -- The "North America Solid State Battery Market, Competition, Forecast & Opportunities, 2018-2028" report has been added to ResearchAndMarkets.com's offering.
The North America Solid State Battery Market is witnessing an era of robust growth, with projections indicating a formidable CAGR of 14.37% through 2028. Valued at USD 716.03 million in 2022, the market's expansion is fueled by an increasing demand in versatile industries and intensive efforts in research and development paving the way for cost-effective battery innovations.
Key Market Drivers
- With a significant upsurge in the demand for electric vehicles (EVs) and energy storage solutions, the market for solid state batteries—a safer and more energy-dense alternative to traditional lithium-ion counterparts—is experiencing substantial growth.
- Developments in the transportation sector and ambitious North American climate targets are boosting the utilization of solid state batteries, particularly within the EV market, which benefits from longer driving ranges and faster charging times provided by these advanced batteries.
- Another prominent driver is the surge in energy storage deployments, particularly in areas susceptible to extreme weather, where efficient and resilient energy storage is crucial.
Technological Advancements Propel Market Forward
Continuous advancements in the field of solid state batteries underscore the North American market's significant growth trajectory. With a focus on superior energy density, safety, and durability, the investments and collaborative efforts among corporations, government bodies, and academic institutions are serving as catalysts for innovation and market expansion.
Market Trends and Segment Insights
One of the overriding trends in the market is the accelerated adoption of solid state batteries in EVs. Additionally, there is an uptick in the integration of these high-energy-density batteries into consumer electronics, driven by consumer preferences for devices with extended battery life and rapid charging capacities.
When exploring the capacity insights, the 20 Mah to 500 Mah capacity segment commands a notable share due to its widespread use in portable electronics and medical devices. With the emergence of IoT and advanced wearable technologies, this segment displays substantial growth potential.
On the application front, the burgeoning Consumer & Portable Electronics segment is set to experience swift expansion within the forecast period, as the integration of solid state batteries revolutionizes the consumer electronics landscape, with smartphones and tablets leading the charge.
Country Insights
The United States holds a dominant position within the North America Solid State Battery Market, largely propelled by the boom in its electric vehicle sector and considerable investments in energy storage innovations. The coherent ecosystem of research and strategic defense interests further emphasizes the country's leading status in this market.
Competitive Landscape and Customizations
In terms of the competitive landscape, the market is witnessing a dynamic interplay of established players and start-ups, all of which are making significant strides in the technological advancements of solid state batteries. Detailed analysis of the industry giants and emerging contenders provides insights into strategies propelling the North American Solid State Battery Market towards a sustainable and progressive future.
The market continues to evolve with promising opportunities across the United States, Canada, and Mexico, paving the way for a transformative phase in energy storage and portable electronic devices. The growth trajectory engaged in by this market promises a greener, safer, and more efficient energy future for the continent.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 120 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value (USD) in 2022 | $716.03 Million |
| Forecasted Market Value (USD) by 2028 | $1616.94 Million |
| Compound Annual Growth Rate | 14.3% |
| Regions Covered | North America |
A selection of companies mentioned in this report includes
- QuantumScape Corporation
- Wildcat Discovery Technologies
- Sila Nanotechnologies
- Ion Storage Systems
- 24M Technologies
- Seeo, Inc.
- Amprius Technologies
- Enevate Corporation
- Excellatron Solid State, LLC
- SolidEnergy Systems
For more information about this report visit https://www.researchandmarkets.com/r/b7k4ae
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