Global Solid State Battery Market Growth Prospects, Future Industry Landscape 2032 | Cymbet, Robert Bosch GmbH, SolidEnergy System, Toyota Motor Corporation, Solid Power, Excellatron Solid State

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The Solid State Battery Global Market Report 2023 by The Business Research Company, provides solid state battery market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.

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https://www.thebusinessresearchcompany.com/report/solid-state-battery-global-market-report

According to The Business Research Company’s Solid State Battery Global Market Report 2023, the market size is expected to grow from $0.34 billion in 2022 to $0.49 billion in 2023 at a compound annual growth rate (CAGR) of 44.5%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The market size of solid state battery is expected to grow to $2.41 billion in 2027 at a CAGR of 48.8%.

The rising adoption of electric vehicles is expected to drive the growth of the solid-state battery market. While the economic effect of COVID-19 has dampened demand for petrol and diesel cars, demand for EVs has increased. Climate warming and aspirations to achieve net-zero emissions are driving the global shift to emissions-free motoring. This shifts toward EVs help with the economic growth by shifting consumption away from imported oil and lowering fuel costs moving towards more locally produced power.

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The solid state battery market is segmented:

1) By Type: Single-Cell Battery, Multi-Cell Battery

2) By Rechargeability: Primary Battery, Secondary Battery

3) By Material Type: Thin Film Batteries, Portable Batteries

4) By Application: Consumer And Portable Electronics, Electric Vehicle, Energy Harvesting, Wearable And Medical Devices, Other Applications

Technological Advancements is a key trend gaining popularity in the solid state battery market. Major companies operating in the solid-state battery market are focused on providing technologically advanced solutions to strengthen their market position. These companies are implementing next-generation solid-state battery technologies into their products, such as electrochemical, electrolytes, Li-ion batteries, cathode, anode, and others, to bring the solid-state battery cheaper and lighter. For instance, in September 2021, LG Energy Solution and the University of California, San Diego researchers created a new type of battery that combines two technology techniques. The battery is an all-silicon solid-state battery because it contains a solid-state electrolyte and an all-silicon anode.

The solid state battery market report table of contents includes: