The Solid State Battery market is anticipated to grow even more throughout the projected period due to the rising need for robust regional batteries between the end-of-life industries and the rise in R&D efforts aimed at lowering battery costs. Increasing use of battery-saving devices, growing exports of electric vehicles, and rising acceptance of electronic devices are some of the major industry drivers. Comparing these batteries to traditional batteries, they provide higher power density, reduced combustion, and higher electrochemical stability, which raises their commercial market worth.
Solid State Battery Market size was valued at USD 78.47 million in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 33% from 2023 to 2030 and it will reach USD 768.27 Million in 2030.
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The components of a lithium-ion battery are an electrolyte, separator, anode, and cathode. A liquid electrolyte solution is used in lithium-ion batteries, which are found in EVs, power tools, and smartphones. However, a solid battery employs a solid electrolyte rather than a liquid. As can be seen in the image above, a liquid electrolyte solution and a separator keep the cathode and anode apart in a commercial Li-ion battery. The electrolyte of a solid state battery, on the other hand, functions as a separator and is made of solid material rather than a liquid electrolyte solution.
Users are particularly concerned about the safety of lithium-ion batteries. Because the existing Li-ion battery uses a liquid electrolyte solution, it is susceptible to battery degradation from things like inflammation brought on by temperature changes or leaking brought on by outside influences. We so require instruments or parts that can enhance security.
KEY PLAYERS:
The major key players of global solid state battery market are Dyson, Imec, Brightvolt Incorporation, Front Edge Technology Inc, Excellatron Solid State LLC, Hitachi Zosen Corporation, Solid Power Inc, Ilika, Cymbet, Robert Bosch, Toyota, Motor , Solid Power, Cymbet Corporation, Prieto Battery Inc, and other players.
Market Segmentation:
By Type
Thin Film
Portable
Single-cell Battery
Multi-cell Battery
By Application
Consumer Electronics
Electric Vehicles
Wearable Devices
Energy Harvesting
Medical Devices
Packaging
Wireless Sensors
Others
By Rechargeability
Primary Battery
Secondary Battery
By Capacity
< 20 mAh,
Between 20 mAh and 500 mAh
> 500 mAh
REGIONAL ANALYSIS
Asia Pacific has emerged as the largest market, accounting for 51.2% of the world’s strongest battery market by 2020. . In addition, population growth in China and India in line with approved government policies aimed at reducing carbon emissions in cars and promoting the use of electric vehicles is expected to increase production in the region in the forecast period.
Europe has taken its second largest market share by 2020 and is expected to maintain its market position during the forecast period. The growth may be due to the strong implementation of favorable regulatory policies regarding the distribution of battery-powered systems and electric vehicles throughout the region. In addition, European Commission funding aimed at battery-based R&D projects is expected to further boost regional market growth.
North America, led by the U.S., Mexico, and Canada, accounted for about 20.69% of the world’s strongest battery market by 2020. North American solid state battery market.
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