Solid State Battery Market to be Dominate by Asia-Pacific Until 2028
Increasing demand for electric vehicles and a rise in
investments are expected to drive the global Solid State Battery market during
the forecast period.
According to the TechSci
Research report, “Solid State Battery
Market – Global Industry Size,
Share, Trends, Opportunity, and Forecast, 2028,” the solid state battery
market across the world is anticipated to register robust growth during the forecast
period, 2024-2028 because solid state battery has caught the attention of
consumers in the last decade. solid state battery shows great potential for
high energy storage capacity with its large surface area and higher ionic
conductivity compared to that of liquid electrolyte counterpart. Some of the
major factors that are driving this market are the rise in demand for electric
vehicles (EVs), the growing use of renewable energy storage, and the need for better-performing
batteries. Factors, such as lengthy charging time and lack of enough charging
stations have been hindering the growth of the consumer electronic devices
industry, which hinders the global solid state battery market.
Impact of COVID-19 on
Global Solid State Battery Market
When the COVID-19
pandemic broke out, many nations implemented strict lockdowns to contain the
infection. This caused a significant shift towards online and remote working,
which in turn increased demand for consumer electronics, such as laptops, PCs,
smartphones, and other smart devices. As a result, in 2020, demand for consumer
electronics increased significantly. Additionally, the increase in COVID-19
infections caused a surge in cardiovascular problems among COVID-19-infected
individuals, which helped the pacemaker business. As a result, during the
COVID-19 epidemic, there is a rise in demand for solid state batteries
worldwide.
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The global solid state battery market is segmented by type, capacity,
application, and region. Based on type, the market is segmented into thin film, portable, and bulk. Based on capacity, the
market is segmented into less than 20mAh,
Between 20-500mAh, and 500mAh & above. Based on application, the market is
segmented into consumer & portable electronics, electric vehicles, energy
harvesting, wearable & medical devices, and others. Based on region, the
market is segmented into North America, Asia-Pacific, Europe, South America, and
the Middle East & Africa.
Based
on region, Asia-Pacific led the global market for solid state batteries in 2022
and is anticipated to remain on the top over the forecast period. Factors
behind this rise are the expanding consumer and portable electronics markets,
the growth of the renewable energy industry, and the rise in the usage of
battery energy storage devices. Additionally, the presence of nations, such as
China, Japan, India, South Korea, and Australia, helps the solid-state battery
market in Asia-Pacific.
Based
on application, the consumer & portable electronics segment dominated the
global solid state battery market in 2022 due to the significant demand for
portable electronic devices across a range of end-use markets. There will
likely be an increase in the purchase of electronic gadgets including cell phones,
laptops, media players, game consoles, and other items over the next few years as
a result of rapid urbanization and rising discretionary spending. Over the forecast
period, it is predicted that this tendency would encourage segment expansion.
The
market for electric cars is predicted to hold the top spot in terms of revenue
share by 2028 as a result of the growing adoption of clean energy-powered
vehicles throughout the world's main economies. The growth of the category is
anticipated to be boosted by technological developments in batteries and the
existence of favorable regulatory regulations supporting the use of electric
cars.
Based
on capacity, the less than 20mAh segment dominated the global solid state
battery market in 2022 because the majority of the batteries in this category
are thin-film batteries, they are well suited for a variety of uses, such as
packaging, wireless sensors, cosmetics, and medical patches, and other
applications. One of the main drivers boosting demand for batteries under 20
mAh in capacity is the lack of internal space, small size, and use across low-drain
devices that do not require huge battery capacity.
Various
companies are focusing on organic growth strategies, such as product launches,
product approvals, and others, including patents and events. Inorganic growth
strategies activities witnessed in the market were acquisitions, partnerships,
and collaborations. These activities paved the way for the expansion of
business and customer base of market players. The market players from solid
state batteries are anticipated to have lucrative growth opportunities in the
future with the rising demand for solid state batteries in the global market.
Major
market players operating in the global solid state battery market are:
- Cymbet Corporation
- Seeo Inc.
- Toyota Motor Corporation
- Sakti3 Inc.
- BrightVolt Inc.
- Excellatron Solid State
LLC
- Infinite Power
Solutions, Inc.
- Planar Energy Devices
Inc.
- Altair Nanotechnologies
Inc.
- Solid Power Inc.
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“The market for solid state
batteries has numerous chances to grow as a result of the expanding demand for
electric vehicles, and increased investments and collaborations between
automakers and battery suppliers. Even though there are many significant drivers,
there aren't many obstacles that might prevent the growth of the global solid
state battery market. During the forecast period, the worldwide solid state
battery market's expansion may be constrained by the high cost of solid state
batteries and their challenging production process,” said Mr. Karan Chechi,
Research Director at TechSci Research, a research-based global management
consulting firm.
Solid State Battery Market - Global Industry Size,
Share, Trends, Opportunities, and Forecast 2018-2028 Segmented By Type (Thin Film, Portable, Bulk), Capacity (Less
than 20mAh, Between 20-500mAh, 500mAh & Above), Application (Consumer &
Portable Electronics, Electric Vehicle, Energy Harvesting, Wearable &
Medical Devices, Others), Region,
and Competition has evaluated the future growth
potential of the global solid state battery market and provides statistics
& information on market size, structure, and future market growth. The
report intends to provide cutting-edge market intelligence and help decision
makers take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities in the global solid state battery market.
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