Growth of Solid-state Battery Industry is Forecast to be Driven by Growth in Electric Vehicles During 2022-2028 – ResearchAndMarkets.com
DUBLIN–(BUSINESS WIRE)–The “Global Solid State Battery Market by Type (Single-Cell and Multi-Cell Battery), Rechargeability, Capacity, Application (Consumer Electronics, Electric Vehicles, Energy Harvesting, Medical Devices, Packaging, Wireless Sensors), Region – Forecast to 2028” report has been added to ResearchAndMarkets.com’s offering.
The global solid-state battery market size is estimated to grow from USD 58 million in 2022 to USD 314 million by 2028; it is expected to grow at a CAGR of 32.5% from 2022 to 2028.
The growth of this market is driven by the rising requirement of solid-state batteries in electric vehicles, the increasing trend toward the miniaturization of consumer electronics, and growing R&D activities by major companies. Solid-state batteries could be the game-changer for electric vehicles, support advanced consumer electronics such as mobiles and laptops, and are adopted in emerging applications such as energy harvesting and wearable devices.
The global solid-state battery market for electric vehicles is expected to grow at a significant rate during the forecast period. The electric vehicle (EV) is anticipated to be one of the major segments for the adoption of solid-state batteries. Cost, safety, and driving range are a few of the major concerns associated with electric vehicles. Over the past few years, manufacturers have had to work with the restraints of the conventional battery composed of liquid- or gel-based electrolytes that overheat and cause explosions. Moreover, the liquid electrolyte in a battery requires many layers of packaging, which adds to the size and weight of the battery. Anticipating the tremendous growth of electric vehicles in the coming years, several major companies are developing solid-state batteries to address the current problems of the market.
Solid-state battery market in Europe to grow at highest CAGR during 2022-2028
Europe is expected to grow at the highest CAGR during the forecast period. Major applications of the solid-state battery market in Europe include packaging, consumer electronics, electric vehicles, and medical devices such as Robert Bosch (Germany) and Ilika (UK), and Blue Solutions (France) are developing the next-generation flexible devices. These devices require power sources that are not only small but also have high power density to complement the product design; these requirements are fulfilled by thin-film batteries. According to (International Energy Agency), Europe has overtaken China and become the main market for electric vehicles. The solid-state battery market in Europe includes regions such as the UK, Germany, France, and the Rest of Europe.
Market Dynamics
Drivers
- Surging Research and Development Activities Related to Solid-State Batteries, to Overcome Their Limitations
- Growing Prevalence of Solid-State Batteries in Electric Vehicles
- Longer Shelf Life Offered by Solid-State Batteries Than Traditional Batteries
- Ongoing Miniaturization of Electronic Devices
Restraints
- High Manufacturing Costs of Solid-State Batteries
- Complex Manufacturing Processes of Solid-State Batteries
Opportunities
- Increasing Investments and Partnerships by Solid-State Battery Companies and Automobile Manufacturers
- Growing Global Demand for Electric Vehicles
- Expanding Applications of Body Implanted/Wearable Devices with Flexible and Lightweight Batteries
Challenges
- Manufacturing Cost-Efficient Solid-State Batteries
Case Study Analysis
- C2C Delivered Solid-State Battery Production Cleanroom for Ilika
- IAAPS Ltd. Analyzed Commercial Viability of Solid-State Batteries in Automotive Technology
- Cymbet Provided the Solution of Power Storage Design Requirements for the Intraocular Pressure Sensor
- Gatech Study Shows Way to Solve Solid-State Battery-Related Issues: Cost
- Samsung Presents Groundbreaking All-Solid-State Battery Technology
Company Profiles
- Blue Solutions
- Brightvolt
- CATL (Contemporary Amperex Technology Co. Limited)
- Cymbet
- Dyson Ltd.
- Excellatron Solid State
- Factorial Energy
- Gangfeng Lithium
- Ilika
- Ioniq Materials
- LG Chem
- Lionvolt
- Ngk Spark Plug
- Northvolt
- Prieto Battery
- Prologium Technology
- Qing Tao Energy Development
- Quantumscape
- Robert Bosch
- Sakuu Corporation
- Samsung
- SK Innovation
- Solid Power
- Storedot Ltd.
- Toyota Motor
For more information about this report visit https://www.researchandmarkets.com/r/w2soze
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