IMARC Group, a leading market research company, has recently releases report titled “Solid State Battery Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032,” The study provides a detailed analysis of the industry, including the global solid state battery market size, share, trends, and growth forecast. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Report Highlights:
How big is the solid state battery market?
The global solid state battery market size reached US$ 1,353 Million in 2023. Looking forward, IMARC Group expects the market to reach US$ 18,601 Million by 2032, exhibiting a growth rate (CAGR) of 33.80% during 2024-2032.
Factors Affecting the Growth of the Solid State Battery Industry:
- Rapid Advancements in Battery Technology:
The introduction of solid state batteries that utilize solid electrolytes to offer superior energy density, thereby enhancing the range and performance of electric vehicles (EVs) and portable electronic devices is fueling the market growth. In line with this, the growing need for longer-lasting and faster-charging batteries for the widespread adoption of EVs and the burgeoning market of high-performance consumer electronics is catalyzing the market growth. Furthermore, these batteries promise increased safety by eliminating the flammability risks associated with liquid electrolytes, thereby reducing the incidence of battery-related fires and improving overall reliability.
- Growing Demand for Electric Vehicles:
The surging demand for electric vehicles (EVs) due to the rising awareness and regulatory pressures regarding environmental sustainability is catalyzing the market growth. Along with this, the imposition of stringent emissions regulations and incentives by governments for EV adoption, is bolstering the market growth. Along with this, the increasing utilization of solid state batteries by EV manufacturers due to their higher energy density and safety features, is boosting the market growth. Additionally, the rising fuel prices and advancements in charging infrastructure that contribute to the increased consumer interest in EVs, is propelling the market growth.
- Increasing Strategic Collaborations and Investments:
The increasing focus on strategic collaborations and substantial investments are favoring the market growth. In line with this, the heightened prevalence of partnerships among leading automotive and tech companies with battery manufacturers and research institutions to accelerate the development and commercialization of solid state batteries is strengthening the market growth. These collaborations aim to leverage combined expertise and resources, facilitating breakthroughs in battery technology and expediting their market readiness. For instance, prominent automotive companies are entering into alliances with battery startups to integrate solid state batteries into their next-generation EV models. Simultaneously, significant funding from venture capitalists and government grants is fueling research initiatives, promoting advancements in solid state battery technology.
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Solid State Battery Market Report Segmentation:
Breakup By Type:
- Portable Battery
- Thin Film Battery
Portable battery represented the largest segment due to the increasing demand for compact, lightweight, and high-capacity batteries in mobile devices and wearables.
Breakup By Capacity:
- Less Than 20 mAh
- 20 mAh To 500 mAh
- More Than 500 mAh
20 mAh to 500 mAh accounted for the largest market share as it aligns with the power requirements of most consumer electronics, ensuring optimal performance and longevity.
Breakup By Application:
- Consumer and Portable Electronics
- Electric Vehicle
- Energy Harvesting
- Wearable and Medical Devices
- Others
Consumer and portable electronics represented the largest segment due to the widespread use of these devices in everyday life.
Breakup By Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Asia Pacific’s dominance in the solid state battery market is attributed to the presence of major battery manufacturers, rapid industrialization, and high adoption rates of consumer electronics and electric vehicles (EVs).
Global Solid State Battery Market Trends:
The growing emphasis on clean energy and the need for efficient, reliable storage solutions for intermittent renewable sources such as solar and wind power, creating a robust demand for advanced battery technologies, is fostering the market growth. Additionally, rapid breakthroughs in materials science leading to the development of novel solid electrolytes and electrode materials, which enhance battery performance and durability, are enhancing the market growth. Furthermore, the miniaturization of solid-state batteries, enabling their integration into smaller devices, including medical implants and the Internet of Things (IoT) devices, which require compact and reliable power sources, is fueling the market growth.
Who are the key players operating in the industry?
The report covers the major market players including:
- Blue Solutions S.A.S.
- Brightvolt Inc.
- Factorial Inc.
- Ilika
- ProLogium Technology CO. Ltd.
- QuantumScape Corpoation
- Sakuu Corporation
- Solid Power Inc.
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If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.
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