Press release
Global Solid State Battery Market Insights, Industry Outlook, Growing Trends And Demands
Global Solid State Battery Market
The Business Research Company offers in-depth market insights through Solid State Battery Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The solid state battery market size has grown exponentially in recent years. It will grow from $0.51 billion in 2023 to $0.77 billion in 2024 at a compound annual growth rate (CAGR) of 50.2%. The growth in the historic period can be attributed to emerging markets growth, increasing demand for consumer electronics and rise in disposable income.
The solid state battery market size is expected to see exponential growth in the next few years. It will grow to $3.37 billion in 2028 at a compound annual growth rate (CAGR) of 44.7%. The growth in the forecast period can be attributed to government support, global population growth and urbanization, growing demand for electric vehicles (evs), growing research and development (r&d) activities . Major trends in the forecast period include innovative polymer materials to improve solid electrolytes, growing investments to meet rising solid-state battery technology demand, advanced battery packs for aviation app development of all-silicon solid-state batteries and strategic partnerships to improve product portfolio.
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Market Segmentation:
The solid state battery market covered in this report 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, Bulk Batteries
4) By Application: Consumer And Portable Electronics, Electric Vehicle, Wearable And Medical Devices, Other Applications
Major Driver - Surging Adoption Of Electric Vehicles Fuels Growth In The Solid-State Battery Market
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 shift toward EVs helps with economic growth by shifting consumption away from imported oil and lowering fuel costs moving towards more locally produced power. For instance, in March 2023, according to the International Energy Agency, a France-based intergovernmental organization, the electric car market experienced exponential growth as sales surpassed 10 million in 2022. A total of 14% of all new cars sold were electric in 2022, reflecting a substantial increase from approximately 9% in 2021. Therefore, the rising adoption of electric vehicles will drive the solid-state battery market.
Competitive Landscape:
Major companies operating in the solid state battery market report are TDK Corporation, Murata Manufacturing Co. Ltd., Ganfeng Lithium Group Co. Ltd, Qingdao Energy Development, ProLogium Technology Co. Ltd., Cymbet Corporation, STMicroelectronics, Brightvolt Inc., Solid Power Inc., Ilika, QpiVolta, NGK Insulators Ltd, Toyota, Panasonic, SK Innovation, HiNa Battery Technology Co. Ltd, Great Wall Motors, Tianjin Lishen Battery Joint-Stock Co. Ltd., Basquevolt, BlueSolutions, Nawa Technologies, Rosen battery, AKOM, InoBat Auto, Samsung SDI, LG Chem, Quantumscope, Factorial energy, Electrovaya, Sakuu, Cuberg, Brightvolt, SEEO, YPF Tecnologia (Y-TEC), Acumuladores Moura S.A., Clarios Energy Solutions Brasil Ltda, Heidron Energy Solutions, Zoxcell, Saudi Aramco, Abdullah Al-Barrak & Sons Co.
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Top Trend - Advancing Technologies Propel Growth In The Solid-State Battery Market
Technological advancement 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 make 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 Table Of Content For The Market Report Include:
1. Executive Summary
2. Solid State Battery Market Characteristics
3. Solid State Battery Market Trends And Strategies
4. Solid State Battery Market - Macro Economic Scenario
5. Solid State Battery Market Size And Growth
…..
27. Solid State Battery Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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The Business Research Company (www.thebusinessresearchcompany.com) is a market intelligence firm that pioneers in company, market, and consumer research. Located globally, TBRC's consultants specialize in various industries including manufacturing, healthcare, financial services, chemicals, and technology. The firm has offices located in the UK, the US, and India, along with a network of proficient researchers in 28 countries.
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