Global Solid State Battery Market Size 2024, Forecast To 2033
11 Mar, 2024
The solid-state battery market has experienced exponential growth, escalating from $0.51 billion in 2023 to $0.77 billion in 2024, with an outstanding compound annual growth rate (CAGR) of 50.2% during the historic period. This growth is attributed to the expansion of emerging markets, increasing demand for consumer electronics, and the rise in disposable income. Looking ahead to 2028, the market is expected to sustain its exponential growth, reaching $3.37 billion at a CAGR of 44.7%. The projected growth can be linked to government support, global population growth, urbanization, the rising demand for electric vehicles (EVs), and increased research and development (R&D) activities. Major trends in the forecast period include the use of innovative polymer materials to enhance solid electrolytes, growing investments to meet the rising demand for solid-state battery technology, the development of advanced battery packs for aviation, the creation of all-silicon solid-state batteries, and strategic partnerships to improve product portfolios.
Global Solid State Battery Market Key Driver
The solid-state battery market is poised for growth driven by the rising adoption of electric vehicles (EVs) and the global shift toward emissions-free motoring. Despite the economic impact of COVID-19 on traditional fuel-powered cars, demand for EVs is on the rise, influenced by climate concerns and the pursuit of net-zero emissions. According to the International Energy Agency (IEA) in March 2023, electric car sales exceeded 10 million in 2022, constituting 14% of all new car sales, a substantial increase from around 9% in 2021. This surge in EV adoption contributes to economic growth by reducing dependence on imported oil and lowering fuel costs, thereby driving the solid-state battery market in 2023, 2024, and 2028.
Get A Free Sample Of The Global Solid State Battery Market ReportGlobal Solid State Battery Market Segments
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
By Geography:The regions covered in the solid state battery market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.
Asia-Pacific was the largest region in the solid state battery market in 2023. The regions covered in the solid state battery market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Major Solid State Battery Industry Players
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, Contemporary Amperex Technology Co. Limited, 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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Solid State Battery Market Overview
The solid state battery refers to battery technology that uses solid electrodes and a solid electrolyte rather than liquid or polymer gel electrolytes set up in lithium-ion or lithium polymer batteries. The battery is projected to increase safety, battery life, and heat resistance by replacing liquid electrolytes. These batteries provide excellent energy density, outstanding safety efficiency, and a wide range of operating temperatures and are generally more expensive than conventional batteries.
Solid State Battery Global Market Report 2023 provides data on the global solid state battery market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The solid state battery market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.