Solid-State Battery Market Will Reach USD 775.2 Million by 2030

According to a statement by P&S Intelligence, the solid-state battery market will reach USD 775.2 million, growing at a rate of 32.6%, by 2030.

The main factor driving the growth of the industry is the rising electric vehicle deployment, the increasing battery management utility and energy storage systems, and the increasing electronic gadgets implementation.

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Additionally, the market is expected to be influenced by the growing number of robot shipments all over the world. Furthermore, the increasing research and development activities related to solid-state batteries, the miniaturization of electronic devices, and the increasing implementation of IoT-based systems have arisen as key driving forces in the solid-state battery industry.

In the past few years, the 20-500 mAh battery capacity category generated the highest solid-state battery market revenue share, 68.2%. This is due to the applications of solid-state batteries, for instance, wearable medical devices, domestic appliances, and energy storage systems, necessitating these variants.

Based on application, the EVs category will witness the highest growth rate in the coming years, owing to the increasing use of these energy storage devices in EVs. Moreover, advancements in technology in automotive batteries, along with favorable EVs rule, are encouraging the deployment of these vehicles over diesel, gasoline, CNG, and LPG vehicles.

Whereas, wearable & medical devices dominate the industry, owing to the sudden rise in the demand for pulse oximeters, temperature sensors, and pacemakers, along with advancements in technology in these devices.

Additionally, the category accounted for a share of 80.6% in the past few years and it will lead the industry in the years to come, due to the increasing demand for smart smartphones, wearables, and laptops.

In recent years, the thin-film batteries held the majority of the industry share, and they will reach USD 567.4 million, propelling at a healthy growth rate, by 2030.

Thin-film batteries are commonly employed in smart AI and IoT devices, for instance, fitness bands and smartwatches, because of their smaller size, effective revitalization rate, lower weight, higher average output voltage, higher energy density, lower chances of electrolyte leakage, higher flexibility, longer shelf life, condensed structure, and tighter packing.

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APAC accounted for the largest industry share, approximately 54.4%, in the past few years, and it will maintain its position throughout this decade. This is ascribed to the growth in the utilization of battery management systems, a large base of portable electronics consumer, and developments in the renewable energy sector.

Extensive research and development are resulting in the enhancing capability of these batteries, which will drive the expansion of the industry in the years to come.

Hence, with the increasing adoption of electronic gadgets and the growing utility of energy storage and battery management systems, the solid-state battery industry will continue to grow in the years to come.

About P&S Intelligence

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