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Solid State Battery Global Market Report 2023
Major players in the solid state battery market are Cymbet, Robert Bosch GmbH, SolidEnergy System, Toyota Motor Corporation, Solid Power, Excellatron Solid State, BrightVolt, Samsung SDI Co. Ltd., QuantumScape, Stmicroelectronics N.
New York, March 07, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Solid State Battery Global Market Report 2023" - https://www.reportlinker.com/p06320100/?utm_source=GNW
V, Planar Energy Devices Inc., Solvay, Pathion Inc., Infinite Power Solution Inc., Saft, Sakti3 Inc., Bollore, Prologium and Ilika.
The global solid state battery market grew from $0.34 billion in 2022 to $0.49 billion in 2023 at a compound annual growth rate (CAGR) of 44.5%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The solid state battery market is expected to grow to $2.41 billion in 2027 at a CAGR of 48.8%.
The solid-state battery market consists of sales of bulk solid-state batteries and thin-flim solid batteries.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
The solid state battery refer 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.
Asia-Pacific was the largest region in the solid state battery market in 2022. The regions covered in the solid state battery market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of solid state batteries are single-cell battery and multi-cell battery.The single-cell battery of solid state battery are made up of one cell.
Single cell battery is used in small electronic equipment such as toys, clocks, watches and others.These solid state batteries are classifies on the basis of rechargeability into primary battery and secondary battery and by material into thin film batteries and portable batteries.
The solid state batteries have application in consumer and portable electronics, electric vehicle, energy harvesting, wearable and medical devices and other application.
The rising adoption of electric vehicles is expected to drive the growth of the solid-state battery market.While the economic effect of COVID-19 has dampened demand for petrol and diesel cars, demand for EVs has increased.
Climate warming and aspirations to achieve net-zero emissions are driving the global shift to emissions-free motoring.This shifts toward EVs help with the economic growth by shifting consumption away from imported oil and lowering fuel costs moving towards more locally produced power.
For instance, according to the International Energy Agency’s Global EV Outlook report published in April 2021, in 2020, consumers spent USD 120 billion on electric vehicle purchases, a 50% increase over 2019, which equates to a 41% increase in sales and a 6% increase in average prices. Therefore, the rising adoption of electric vehicles will drive the solid-state battery market.
Technological Advancements is a key trend gaining popularity in the solid-state battery market.Major companies operating in the solid-state battery market are focused on providing technologically advanced solutions to strengthen their market position.
These companies are implementing next-generation solid-state battery technologies into their products, such as electrochemical, electrolytes, Li-ion batteries, cathode, anode, and others, to bring the solid-state battery cheaper and lighter.For instance, in September 2021, LG Energy Solution and the University of California, San Diego researchers created a new type of battery that combines two technology techniques.
The battery is an all-silicon solid-state battery because it contains a solid-state electrolyte and an all-silicon anode.
In November 2021, Hyundai, a South Korea-based automotive manufacturer, announced a partnership with Factorial.In this partnership, Hyundai will integrate factorial technology at the cell, module, and system levels, undertake vehicle-level integration, and co-develop specifications for Factorial’s batteries.
Factorial Batteries is a US-based solid-state Battery Technology company.
The countries covered in the solid state battery market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The solid state battery market research report is one of a series of new reports that provides solid state battery market statistics, including solid state battery industry global market size, regional shares, competitors with a solid state battery market share, detailed solid state battery market segments, market trends and opportunities, and any further data you may need to thrive in the solid state battery industry. This solid-state battery market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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