Richmond, Dec. 01, 2023 (GLOBE NEWSWIRE) -- According to a research report "Solid-State Batteries Market, by Type (Portable, Thin Film), Capacity (Less than 20 mAh, 20 mAh to 500 mAh, More than 500 mAh), Application (Consumer and Portable Electronics, Electric Vehicle, Energy Harvesting, Wearable and Medical Devices, Others), and Region.
Global Solid-State Batteries Market Report Scope:
| Report | Details |
| Market size value in 2023 | USD 125 Million |
| Market size value in 2030 | USD 739.1 Million |
| CAGR (2023-2030) | 28.9% |
| Forecast Period | 2023–2030 |
| Historic Data | 2019 |
| Forecast Units | Value (USD Million/USD Billion) |
| Segments Covered | Type, Capacity, Application and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and RoW |
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| Sample of Companies Covered |
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TOC Covers in Depth & Breath on Solid-State Batteries Market
170 - Market Data Tables
65 - List of Figures
225 – Pages
The report includes Vendor Assessment (Company Profiles, Market Positioning, Strategies, Recent Developments, Capabilities & Product Offerings / Mapping), Technology Assessment (Developments & Economic Impact), Partner & Customer Ecosystem (Product Services, Proposition & Key Features) Competitive Index & Regional FootPrint by MarketDigits.
Market Overview
The global Solid-State Batteries Market is witnessing a substantial growth trajectory, driven by several key factors shaping the industry. The market is currently experiencing a notable trend towards increased research and development activities, focusing on advancing solid-state battery technologies. With the rising demand for electric vehicles (EVs) and the continuous evolution of consumer electronics, solid-state batteries are gaining prominence as an alternative to traditional lithium-ion batteries. The key market drivers include a growing emphasis on sustainability, as solid-state batteries offer improved safety, higher energy density, and longer cycle life compared to conventional lithium-ion batteries. Additionally, the heightened focus on reducing reliance on fossil fuels and achieving a cleaner, more sustainable energy ecosystem has fueled investments in solid-state battery technology. The automotive sector, particularly electric vehicle manufacturers, is a significant driver of the market, as solid-state batteries promise enhanced performance, faster charging times, and increased safety for electric vehicles. Moreover, the miniaturization trend in electronics and the demand for longer-lasting and safer power sources for wearable devices and portable electronics contribute to the solid-state batteries market's positive outlook. As technological advancements continue to address challenges such as manufacturing costs and scalability, the solid-state batteries market is poised for substantial growth, playing a pivotal role in the ongoing transition towards cleaner and more efficient energy storage solutions.
Major Vendors in the Global Solid-State Batteries Market:
- Cymbet
- Robert Bosch GmbH
- Saft
- Toyota Motor Corporation
- Solid Power
- Excellatron Solid State
- BrightVolt
- Samsung SDI Co. Ltd.
- QuantumScape
- Solid Energy System
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Growing Electric Vehicle Adoption
Rising the growing electric vehicle (EV) Adoption stands as a prominent driver for the global solid-state batteries market. As the automotive industry undergoes a rapid transition towards electrification, solid-state batteries are gaining attention for their potential to address key challenges associated with conventional lithium-ion batteries in EVs. Solid-state batteries offer higher energy density, faster charging capabilities, and increased safety, addressing critical concerns such as range anxiety and battery degradation. With major automotive manufacturers investing in solid-state battery technology, the market is poised to witness substantial growth. The intersection of technological advancements and the burgeoning demand for electric vehicles positions solid-state batteries as a pivotal component in the global shift towards sustainable and high-performance transportation solutions.
Market Dynamics
Drivers:
- Rising demand for miniaturized and compact electronic devices
- Growing electric vehicle adoption
- Advancements in energy storage technologies
Opportunities:
- Increasing investments in research and development of solid-state batteries
- Automotive sector technological advancements and innovation
- Renewable energy integration
Renewable Energy Integration
A notable opportunity in the Global Solid-State Batteries Market is the Integration with Renewable Energy Systems. Solid-state batteries, with their enhanced energy density and safety profiles, present an ideal solution for storing energy generated from renewable sources such as solar and wind. The intermittent nature of renewable energy generation requires efficient and reliable energy storage solutions to ensure a consistent power supply. Solid-state batteries, with their potential for longer cycle life and improved efficiency, offer a compelling opportunity to address the energy storage needs of renewable energy projects. Collaborations between solid-state battery manufacturers and renewable energy developers can lead to the development of integrated energy storage systems that contribute to grid stability, support sustainable energy practices, and capitalize on the growing global emphasis on clean and renewable energy sources.
The market for Solid-State Batteries is dominated by North America.
In 2023, North America is poised to take the lead in the Solid-State Batteries market, with the United States projected to dominate the regional landscape, a trend anticipated to persist through 2030. The growth of the market is driven primarily by the region's robust research and development initiatives, a strong presence of key market players, and the increasing adoption of electric vehicles. The United States, in particular, is a hub for technological innovation and automotive advancements. The region's emphasis on sustainable practices, coupled with supportive government policies, fosters the growth of solid-state battery technology. Partnerships between automotive manufacturers and battery suppliers contribute to advancements in the sector. Additionally, the demand for energy-efficient and high-performance batteries in consumer electronics and renewable energy storage further propels the market in North America.
The Solid-State Batteries market is experiencing robust growth worldwide, with Asia Pacific emerging as the fastest-growing region after the dominant North America. The growth of the market is fueled by the thriving electronics industry and the rapid growth of electric vehicles in countries like China, Japan, and South Korea. China, in particular, is a major player in the electric vehicle market and is actively investing in solid-state battery technology. The region benefits from a robust manufacturing ecosystem and a growing consumer demand for energy-efficient and safer battery solutions. Government incentives and policies supporting the transition to electric mobility further stimulate market growth in Asia-Pacific.
The thin film segment is anticipated to hold the largest market share during the forecast period
Based on type, the market is divided into Portable and Thin Film. In 2022, Thin film segment is gaining prominence due to their efficient recharging rate and compact design, making them particularly suitable for applications in wearable devices and the Internet of Things (IoT), such as smart clothing, fitness bands, and smartwatches. These batteries also contribute to environmental sustainability, as they have minimal environmental impact compared to traditional batteries. This characteristic is expected to drive growth in the solid-state battery market throughout the forecast period.
Moreover, the increasing adoption of thin films in portable devices, due to their higher energy densities and low maintenance requirements, presents significant growth opportunities. The demand for thin film batteries is likely to surge in tandem with the rising consumer electronics market. The research focus on the utilization of sodium-sulfur batteries in consumer electronics and wearable technology has grown considerably. Although the incorporation of these batteries in electronics is still in its early stages, they are already being integrated into a variety of devices, ranging from calculators and vacuum cleaners to digital cameras, torches, laptops, computers, tablets, and flashlights. Given these factors, thin film batteries are poised to experience substantial demand in the long term.
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