Global Solid-State Battery Market Poised for a 37.10% CAGR Surge in the 2023-2028

As per MarkNtel Advisors’ recent report, the forecast for the Global Solid-State Battery Market indicates an anticipated Compound Annual Growth Rate (CAGR) of approximately 37.10% from 2023 to 2028. The surge is driven by the growing global demand for electric vehicles, fueled by heightened environmental awareness, government initiatives for net zero emissions, and an expanding network of public charging stations. These batteries stand out as the preferred choice for most electric vehicles, surpassing lithium-ion batteries in stability, thanks to their reliance on solid electrolytes. With superior energy density, they promise extended mileage for electric vehicles, reducing the frequency of recharging.

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Market Segments

  • By Type (Thin-Film Solid State Battery, Portable Solid State Battery)
  • By Application (Consumer Electronics, Electronic Vehicles, Medical Devices, Wearables, Energy Harvest, Others (Aerospace, RFIDs, etc.))
  • By Storage Capacity (Up to 20mAh, 20.1mAh-500mAh, Above 500mAh)
  • By Region (North America, South America, Europe Middle East and Africa, Asia-Pacific)
  • By Company (Cymbet Corporation, Samsung SDI, Hitachi Zosen Corporation, Ionic Material, QuantumScape, Ilika Plc., Blue Solutions, Brightvolt, Prieto Battery, Ganfeng Lithium Group Co., Ltd., Storedot, Solid Power, ProLogium Technology, Natrion, Sakuu, Others)

Consumer Electronic application, expected to surge in the upcoming year. This growth is driven by the increasing demand for wearable electronics and compact energy storage solutions. Factors such as heightened awareness of health and fitness, technological advancements, and more contribute to the rising demand for wearables like fitness trackers and smartwatches. Solid-state batteries are perceived as superior to traditional ones for these devices, given their extended runtime and compact storage features. Consequently, manufacturers of wearable electronics are projected to embrace solid-state batteries in their devices, aiming to deliver innovative products with prolonged runtime and lightweight design.

The Asia-Pacific region is poised to dominate the Solid-state Battery market from 2023 to 2028, driven by increasing government initiatives such as investments, special economic zones, and incentive schemes. These efforts primarily target the advancement of solid-state batteries in electric vehicles (EVs), contributing to the achievement of future carbon emission targets. Notably, South Korea has committed to investing USD 15 billion by 2030 in solid-state batteries for EVs, marking a significant step in the region.

This investment plan involves collaboration between the public and private sectors, creating momentum for heightened demand in the area. Additionally, ongoing research and development activities focused on these batteries in China, Japan, and South Korea are anticipated to further stimulate product demand. Japan currently leads global advancements in battery development, with nearly six companies from the country ranking among the top 10 patent holders for this technology.

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QuantumScape and Solid Power Achieve Milestones in Advancing Solid-State Battery Technology for Electric Vehicles

In 2022, QuantumScape, a prominent solid-state battery manufacturer, achieved a significant milestone by dispatching its inaugural shipment of 24-layer lithium-ion cells to various electric vehicle manufacturers for internal assessments. This move marks a pivotal step in the company’s strategic objective and represents a crucial advancement towards the commercialization of their cutting-edge technology. Concurrently, Solid Power, a battery startup based in the United States, marked a noteworthy development with the successful installation of its electric vehicle cell pilot line. This installation is specifically designed for the production of solid-state cells at the scale required for electric vehicles, enabling the commencement of the formal automotive qualification process.

The thin-film solid-state battery sector is poised to dominate the market in the coming years. This surge is expected to be driven by its diverse applications across various end-user industries, encompassing consumer electronics, wireless sensors, smart cards, medical devices, memory backup power, and energy storage for solar cells, among others. The technology promises enhanced performance owing to its higher average output voltage, lighter weight, increased energy density, and extended cycling life. Additionally, it exhibits the capability to function across a broader range of temperatures. The extensive features of thin film batteries have led to a heightened demand, particularly in the realm of small, portable consumer electronics, during the period from 2023 to 2028.

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