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

The global solid state battery market is estimated to grow from USD 58 million in 2022 to USD 314 million by 2028, at a CAGR of 32.5% during the forecast period. Longer shelf life offered by solid-state batteries than traditional batteries, and surge in demand for solid-state batteries in electric vehicles are some of the major factors driving the market growth. Moreover, increasing global demand for electric vehicles, and growing applications of implants and wearable devices with lightweight and flexible batteries are expected to provide growth opportunities for market players.

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"Secondary batteries to register higher CAGR during the forecast period"

The most used batteries such asthin-film and solid-state chip batteries are secondary batteries. With advancements in the technologies used in wearables and medical devices, manufacturers are constantly trying to create innovative designs suitable for such devices, such as bendable, flexible, and high-capacity rechargeable batteries that can last long, thereby, creating an increase in demand for secondary micro-batteries.

"Below 20 mAh segment is expected to lead solid state battery market, by capacity, during forecast period"

The below 20 mAh segment accounted for the largest share of the market in 2021. Batteries that fall under the capacity range of below 20 mAh are mostly thin-film batteries and are widely used in applications such as packaging, wireless sensors, medical & cosmetic patches, and other low drain devices. Being compact and having limited internal space, these low drain devices do not require high-capacity batteries for operation. Increasing demand for solid-state batteries from various applications is expected to drive the market in the near future.

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

Europe is expected to register the highest CAGR during the forecast period. Packaging, consumer electronics, electric vehicles, and medical devices are the major applications for solid-state batteries in Europe. Devices that are suitable for such applications need 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. Mass digitization of major industries and the presence of major automotive manufacturers that support research activities related to solid-state batteries are some of the major factors driving the market growth in 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.