Solid State Battery Market To Grow At 41.5% Cagr During 2024 To 2032

The global solid state battery market size to grow from USD 624.75 million in 2023 to USD 16.88 billion by 2032, at over 41.5% CAGR during 2024 to 2032, according to a research report by FBI & Consulting.

The solid-state battery market is a rapidly emerging and appealing subsector within the wider energy storage and electric vehicle (EV) business. Solid electrolytes are used in solid-state batteries, as opposed to liquid or gel-like electrolytes used in typical lithium-ion batteries. Furthermore, consumer gadgets such as smartphones, laptops, and wearables make use of solid-state batteries. These batteries are tempting for a wide range of portable electronic devices since they can provide greater power for a longer amount of time while also lowering the risk of overheating.

The rise of the renewable energy industry has a substantial impact on the solid-state battery business. Solid-state batteries have the potential for higher energy density, improved safety, and a longer lifespan than conventional lithium-ion batteries, making them a viable energy storage technology. Solid-state batteries are considered safer than traditional lithium-ion batteries since they do not use flammable liquid electrolytes. As a result, they are less likely to overheat, catch fire, or explode, all of which are big issues with consumer electronics. Solid-state batteries may have higher energy density, or the ability to store more energy in a more compact and lightweight form factor.

Solid electrolytes, which can be more expensive than liquid electrolytes in typical batteries, are widely utilized in solid-state batteries. It can be difficult to keep a continuous supply of these minerals. Solid-state battery technology must be developed and improved, which will be costly. These expenses are frequently borne by early users, raising the initial cost of solid-state battery-powered products.

The portable battery segment accounted for the largest market share over through 2032. Solid-state batteries are recognized as a next-generation technology when compared to ordinary lithium-ion batteries, which offer several benefits such as better energy density, improved safety, and longer lifespan. Due to these benefits, solid-state batteries are appealing for a wide range of applications, including electric vehicles (EVs), consumer electronics, and renewable energy storage.

The consumer electronics application is expected the dominate the market over the forecast period. As solid-state batteries are more compact and allow for more flexible form factors, producers may be able to build thinner and smaller devices. This is especially appealing for portable gadgets. Solid-state batteries could enable rapid charging of consumer electronics, which is a crucial selling point for many buyers.

Insights by Region

North America is anticipated to dominate the solid-state battery market from 2017 to 2032. Both the public and private sectors have made significant efforts to aid in the development and widespread usage of solid-state batteries. Governments and venture capitalists have recognized the potential of this technology and donated funding to further its development.

Asia Pacific is witnessing the fastest market growth through 2032. The Asia Pacific region has been at the forefront of solid-state battery research and development, particularly in China, South Korea, and Japan. The industry was expected to grow significantly due to increased demand for electric cars (EVs), portable electronics, and renewable energy storage solutions.

Major players in the market

• Panasonic Corporation (Japan)
• SAMSUNG SDI CO., LTD. (South Korea)
• LG Chem. (South Korea)
• NEXEON LTD. (United Kingdom)
• Los Angeles Cleantech Incubator (U.S.)
• Enevate Corporation (U.S.)
• Zeptor Corporation (U.S.)
• CONNEXX SYSTEMS Corp. (Japan)
• XGSciences (U.S.)
• California Lithium Battery (U.S.)
• City of Irvine (U.S.)
• Amprius Technologies (U.S.)
• Solid Energy A/S (Denmark)
• ActaCell, Inc. (U.S.)
• OneD Material, Inc. (U.S.)
• Hitachi Chemical Co., Ltd. (Japan)
• Huawei Technologies Co., Ltd. (China).

Source report link - https://www.fundamentalbusinessinsights.com/industry-report/solid-state-battery-market-1628

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