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BANGALORE , India , Aug. 30, 2022 /PRNewswire/ -- Solid State Battery Market is segmented By Type (Portable, Thin Film), By Application (Consumer and Portable Electronics, Electric Vehicle, Energy Harvesting, Wearable and Medical Devices, Others), By Capacity (Less than 20 mAh, 20 mAh to 500 mAh, More than 500 mAh) : Global Opportunity Analysis and Industry Forecast, 2022 - 2028. It is published in Valuates Reports under the Electronics & Electrical Category.
The global Solid State Battery Market size was valued at USD 0.5 Billion in 2020, and is projected to reach USD 3.4 Billion by 2030, growing at a CAGR of 18% from 2021 to 2030.
Major Factors Driving The Growth Of The Solid State Battery Market
The increasing R&D initiatives related to solid-state batteries, miniaturization of electronic devices, and longer shelf life offered by the batteries will drive the growth of the market.
The rising investments for use in medical wearable devices and EVs will fuel the market's growth in the coming years.
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TRENDS INFLUENCING THE GROWTH OF THE GLOBAL SOLID-STATE BATTERY MARKET
Consumer electronic items are getting smaller and lighter making them easier to use. Different devices have different requirements for operating at high temperatures and humid conditions. The solid electrolytes inside the batteries include materials such as polymers, ceramics, sulfides, phosphates, and oxides. They are intrinsically safer and ideal to use in portable electronics. The electrolytes are less flammable, stable, and less prone to thermal runaway which causes battery explosions. This will push the solid-state battery market forward in the coming years. The battery charges quickly and lasts longer.
Medtech devices are passive implants and wearables. However, the devices are getting internet and communication enabled, requiring the need for more mobile power. Implants are being developed that have miniature batteries for powering the devices. Solid state batteries are suitable as they do not pose any risk of leakage and are small enough to be used in implantable devices. Customization for specific capacity and design is possible along with longer shelf life. This will surge the growth of the solid-state battery market in the forthcoming years. A safe solid electrolyte is used and the thin stainless steel substrate enhances the Volumetric Energy Density. The mechanical strength is high with efficient conductance and moisture barrier capacity. These batteries are way more reliable and robust than their lithium-ion coin cell counterparts.
Solid state batteries have a higher energy density than lithium-ion batteries that use liquid electrolyte solutions. The risk of explosion or fire is negligible thereby requiring no safety components and having more space. The batteries are compact and last up to 10000 cycles for EVs in comparison to lithium-ion which ranges between 2000 to 3000 cycles before gradual degradation. The energy storage density is higher, with increased reliability and wear resistance. The fast charging capacity improves the operational safety of the vehicle and provides high thermal stability. This will bolster the growth of the solid-state battery market. Several automotive companies are actively making investments in enhancing solid-state battery performance.
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SOLID STATE BATTERY MARKET SHARE ANALYSIS
Based on type, the portable segment will dominate the solid-state battery market share due to the increasing adoption of solid-state rechargeable batteries in portable devices, and the continuous demand for tablets, laptops, and smartphones will also boost the growth.
Based on application, the consumer and portable electronics segment will witness considerable growth due to rapid urbanization, huge consumer spending on electronic items, and safety concerns regarding the use of liquid-based electrolytes.
Based on capacity, the 20 mAH- 500 mAH segment will grow the highest owing to the huge demand for solid-state batteries from applications including energy storage, electronics items, and wearables.
Based on region, Asia-Pacific will maintain the lead in the solid state battery market share due to the presence of a huge consumer base, the rapid development of renewable energy, and the growing use of battery energy storage systems.
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