Solid State Battery Market Set to Grow at the Fastest Rate- Time to Grow your Revenue

According to the new market research report "Solid State Battery Market with COVID-19 impact analysis by type, Rechargeability, Capacity, Application (Consumer Electronics, Electric Vehicles, Energy Harvesting, Medical Devices, Packaging, Wireless Sensors) & Region - Global Forecast to 2028", The global solid state battery market size is estimated to grow from USD 58 million in 2022 to USD 314 million by 2028; it is expected to grow at a CAGR of 32.5% during the forecast period.

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Factors such as the rising requirement of solid state batteries in electric vehicles, the increasing trend toward the miniaturization of consumer electronics, and growing R&D activities by major companies are driving the growth of the solid state battery market. Solid-state batteries could be the game changer for electric vehicles, support advanced consumer electronics such as mobiles and laptops, and are adopted in emerging applications such as energy harvesting and wearable devices.

“Single-cell batteries to hold larger market share in global solid state battery market”

The Single-cell battery segment is expected to lead the solid state battery market during the forecast period. Single-cell batteries—also known as thin-film batteries—have been used for more than a decade. They are preferred for miniature devices. Manufacturers designing portable products with limited internal space prefer micro batteries over conventional batteries to ensure improved safety and battery life. Thin-film batteries are widely used in smart packaging, smart cards, wearable devices, and medical devices. The trend of miniaturization of electronic devices has increased the demand for thin-film solid-state batteries, driving the growth of the single-cell battery market significantly. The increasing demand for smart cards in the telecommunications, banking, and transportation sectors for payment applications boosts the growth of the market for solid-state batteries. Single-cell batteries are increasingly incorporated in medical devices, such as temperature sensors, pacemakers, and smart patches. Recent technological advancements in thin-film solid-state battery technology are also expected to fuel the demand for these batteries.

“Medical devices application accounted largest market size in 2021”

Medical devices held the largest size of the solid-state battery market in 2021. Currently, solid-state batteries have been significantly used in the medical devices industry; several manufacturers are designing and offering solid-state batteries to power medical devices, such as temperature sensors, pacemakers, and smart patches. Technological advancements and the rapid penetration of IoT in the medical field have generated opportunities for high-capacity battery-powered medical devices. Implantable medical devices, such as neural stimulators, pacemakers, and defibrillators, require batteries that can deliver a steady, reliable power source for a long duration; solid-state batteries meet all these requirements owing to their high reliability and performance. New versions of pacemakers, drug delivery systems, medical patches, medical diagnosis sensors, disposable medical devices, and biosensors use a flexible and thin power source; the compact size and high flexibility of solid-state batteries fulfill all such requirements. Thus, the rising adoption of solid-state batteries in medical devices would lead to a significant share of medical devices in the solid-state battery market

“Market in Europe to grow at highest CAGR during 2022-2028”

Europe is expected to grow at the highest CAGR during the forecast period. Major applications of the solid-state battery market in Europe include packaging, consumer electronics, electric vehicles, and medical devices such as Robert Bosch (Germany) and Ilika (UK), and Blue Solutions (France) are developing the next-generation flexible devices. These devices require power sources that are not only small but also have high power density to complement the product design; these requirements are fulfilled by thin-film batteries. According to (International Energy Agency), Europe has overtaken China and become the main market for electric vehicles. The solid-state battery market in Europe includes regions such as the UK, Germany, France, and the Rest of Europe.

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Cymbet (US), Robert Bosch (Germany), Toyota Motor (Japan), Solid Power (US), Excellatron Solid State (US), and BrightVolt (US) are a few of the major companies operating in the solid state battery market.

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This release was published on openPR.