Diversified Uses to Boost the Global Solid State Battery Market
The Worldwide Solid State Battery Market is set to reach and flourish from USD 84.26.02 Million in 2021 to USD 721.35 Million by 2028 growing at a 35.9%. A Solid-State Battery is a battery, which uses both solid electrodes and solid electrolytes, instead of liquid or polymer electrolytes found in common lithium-ion batteries or lithium polymer. Compared to conventional batteries the solid-state battery has a high capacity, low flame, and high electrochemical stability that increases the value of the commercial market. This battery is relatively small and cheap compared to lithium-ion batteries based on liquid current. Solid state batteries derive their use from radio-frequency identification (RFID), cardiac suppliers, and portable devices.
The high adoption of solid-state batteries in electric vehicles, mass production of electric vehicles, increasing the use of solid regional batteries in the healthcare sector, electric vehicles, and drones, and increased distribution to promote the adoption of solid-state batteries, as well as installation of flexible and light batteries on portable devices, all fueling the growth of the solid-state battery market. In addition, increased costs and the relationship between car companies and provincial battery manufacturers, as well as the growing demand for electric vehicles, provide many opportunities for the solid-state battery market to thrive. The construction of durable batteries requires significant investment in research and development activities, as well as the establishment of production facilities. It requires the introduction of sophisticated equipment, as well as the installation of state-of-the-art technology to produce sturdy batteries. The equipment and technology used for the development of sturdy batteries are costly and, as a result, require significant investment. This serves as a barrier, especially for newcomers to the solid-state battery market. Though, the solid battery market for secondary batteries is expected to grow at a very high CAGR during the forecast period.
Solid state batteries can be either thin-film or portable, based on their battery type. Less than 20 mAh dominated the market by 2021 over the batteries of capacity 20 mAh-500 mAh, and above 500 mAh. Batteries that fall below a distance of less than 20 mAh are thin-film and are widely used in applications such as packaging, wireless sensors, medical, cosmetics, and other low-water products. Compact in size and has limited internal space, these small suction devices do not require large batteries to operate. Some major applications of Solid-State Batteries are consumer & portable electronics, electric vehicles, energy harvesting, wearable & medical devices, and others.
On the basis of regional analysis, the global Solid State Battery Market is categorized in North America, Europe, Asia Pacific, and worldwide. Asia Pacific with the highest geographical battery market region and holds the largest market share due to the growing demand for strong regional batteries in all key countries. The regional market is expected to grow due to the continued distribution of electric vehicles in these countries, as well as the growing demand for portable electric vehicles.
Companies such as Robert Bosch (Germany), Planar Energy Devices (US), Quantum cape (US), and Toyota Motor (Japan) are working to develop durable batteries with enhanced features. The efforts taken by these players to introduce advanced solid-state batteries are expected to lead to their increased acquisition in various consumer industries. For example, Toyota Motor (Japan) is currently conducting extensive research and development activities to integrate solid batteries with lithium-air batteries to power electric vehicles.
Key participants operating in solid-state batteries are - Robert Bosch (Germany), Cymbet (US), Solid Power (US), Toyota Motor (Japan), BrightVolt (US), and Excellatron Solid State (US).
Browse the full Report - Solid State Battery Market by Type (Single-cell, Multi-cell Battery), by Application (Consumer Electronics, Electric Vehicles, Energy Harvesting, Medical Devices), by Region (North America, Europe, Asia Pacific, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)