According to a new report published by UnivDatos Markets Insights, the Solid State Battery Market was valued at USD 800 million in 2028 and grow at a CAGR of around 35% from 2022-2028. The analysis has been segmented into Type (Thin Film Battery and Portable Battery); Capacity (Below 20mAh, 20mAh-500mAh, and Above 500mAh); Application (Consumer Portable Electronics, Electric Vehicles, Energy Harvesting, Wearable Medical Devices, and Others); Region/Country.The Solid State Battery market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the Solid State Battery market. The Solid State Battery market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the Solid State Battery market at the global and regional levels.
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Market Overview
Solid-state batteries (SSBs) are distinguishable from other batteries by their lack of a liquid electrolyte, their potential to store significantly more energy for any specific volume, and their improvements in safety given that the solid-state electrolyte used is non-flammable. Further, solid state battery substantially surpasses the performance, safety, and processing limitations of lithium-ion batteries. In contrast to research into lithium-ion batteries, which will provide incremental gains in performance toward theoretical limits, research into solid-state batteries is long-term and high-risk but also has the potential to be high-reward.
Besides, solid state battery key players across the globe are investing in research and development and filling patent SSBs for mass production of batteries. For instance: Toyota has planned for mass production of SSB EVs from the mid-2020s and a joint venture with Panasonic researching SSBs. However, it got delayed due to some technical issues. In 2022, Toyota confirms the production of solid-state battery cars by 2025 which inturn would accelerate the growth of solid state battery.
BrightVolt Inc., Cymbet Corporation, Solid Power Inc., Toyota Motor Corporation, Johnson Energy Storage, Inc., Robert Bosch GmbH, Altair Nanotechnologies, Quantumscape Corporation, Apple Inc., Dyson Ltd.
COVID-19 Impact
The sudden outbreak of coronavirus has caused a health emergency across the globe that has significantly affected various industrial verticals. The pandemic has halted activities in various industries due to the surge in active virus cases that led to the urgent shutdown of ongoing work. Further, the disruption in the supply chain has affected the research and development in solid state battery coupled with delays in the launch of solid state battery-powered electric vehicles which in turn affected the growth of solid state battery market.
The global Solid State Battery market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
· Based on capacity, the solid state battery market is categorized into below 20mAh, 20mAh-500mAh, and above 500mAh. The 20mAh capacity segment caters to a significant market share in 2020. It is mainly owing to the mainly thin-film batteries that cater to a wide application range including cosmetic and medical patches, wireless sensors, packaging, and others. In addition, limited internal space, compact size, and usage across low-drain devices that do not require large battery capacity are among the key factors bolstering the demand for batteries below 20 mAh of capacity.
· Based on application, the solid state battery market is classified into consumer portable electronics, electric vehicles, energy harvesting, wearable medical devices, and others. The consumer portable electronics segment acquired the highest share in the solid state battery market in 2020. The soaring demand for small energy storage sources and wearable electronics is creating demand for solid state battery market. In addition, solid-state Batteries are widely preferred for consumer electronics as they are safer and more stable than liquid li-ion batteries in which the electrolyte is volatile and flammable at high temperatures.
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Solid State Battery Market Geographical Segmentation Includes:
· North America (United States, Canada, and the Rest of North America)
· Europe (Germany, United Kingdom, Spain, Italy, France, and the Rest of Europe)
· Asia-Pacific (China, Japan, India, and the Rest of Asia-Pacific)
· Rest of the World
Asia Pacific is anticipated to grow at a substantial CAGR during the forecast period. This is mainly attributed to the favorable government regulations aimed at reducing carbon emissions from automobiles and encouraging the usage of electric vehicles, which is likely to boost the growth of the solid state battery market. In addition, the significant presence of huge consumer and portable electronics coupled with development in the renewable power sector and growth in the use of battery energy storage systems.
The major players targeting the market include
· BrightVolt Inc.
· Cymbet Corporation
· Solid Power Inc.
· Toyota Motor Corporation
· Johnson Energy Storage, Inc.
· Robert Bosch GmbH
· Altair Nanotechnologies
· Quantumscape Corporation
· Apple Inc.
· Dyson Ltd
Competitive Landscape
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the Solid State Battery market. The major players have been analyzed by using research methodologies for getting insight views on global competition.
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Key questions resolved through this analytical market research report include:
• What are the latest trends, new patterns, and technological advancements in the solid state battery market?
• Which factors are influencing the solid state battery market over the forecast period?
• What are the global challenges, threats, and risks in the solid state battery market?
• Which factors are propelling and restraining the solid state battery market?
• What are the demanding global regions of the solid state battery market?
• What will be the global market size in the upcoming years?
• What are the crucial market acquisition strategies and policies applied by global companies?
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