Solid-State Battery Market to Surpass 551.27 Million by 2030 Drives Due to Expanding Usage of Electronic Gadgets
SkyQuest projects that the solid-state battery market will attain a USD 551.27 million value by 2030, with a CAGR of 32.5% over the forecast period (2023-2030). The solid-state battery market is experiencing significant growth due to several key factors. Firstly, the expanding usage of electronic gadgets across various industries, including consumer electronics, medical devices, and wearables, drives the demand for reliable and efficient energy storage solutions.
Westford, USA, June 26, 2023 (GLOBE NEWSWIRE) — According to SkyQuest, the solid-state battery market is experiencing significant growth, driven by several key factors. The rising demand for solid-state batteries in electric vehicles (EVs) is an important driver. Solid-state batteries offer higher energy density, faster charging capabilities, and improved safety compared to traditional lithium-ion batteries with the global energy for cleaner and more sustainable transportation solutions.
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Browse in-depth TOC on “Solid-state Battery Market”
- Pages – 250
- Tables – 63
- Figures – 75
Solid-state batteries have gained considerable attention and are increasingly being adopted in various applications due to their numerous advantages over conventional lithium-ion batteries with liquid electrolytes. Solid-state batteries eliminate the risk of electrolyte leakage, a common concern with liquid electrolyte batteries. This makes them more reliable and reduces the chances of fire or explosion.
Prominent Players in Solid-state Battery Market
- Samsung SDI Co. Ltd.
- Robert Bosch GmbH
- Toyota Motor Corporation
- Hitachi Zosen Corporation
- BMW AG
- Honda Motor Co. Ltd.
- LG Chem Ltd.
- Panasonic Corporation
- Mitsubishi Electric Corporation
- Cymbet Corporation
- Planar Energy Devices, Inc.
- Infinite Power Solutions, Inc.
- STMicroelectronics N.V.
- Solid Power, Inc.
- CEA-Liten
- ProLogium Technology Co., Ltd.
- Excellatron Solid State, LLC
- Front Edge Technology, Inc.
- Prieto Battery, Inc.
- Seeo, Inc.
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Portable Segment is Expected to Grow the Market Due to the Rising Adoption of Solid-State Rechargeable Batteries
The portable segment is expected to hold the dominant market share in the solid-state battery market. This can be attributed to the rising adoption of solid-state rechargeable batteries in portable devices. As consumers increasingly rely on devices such as tablets, laptops, and smartphones, the demand for advanced and efficient energy storage solutions continues to grow.
The market in North America holds the largest market segment for the solid-state battery market in terms of region. This can be attributed to several factors driving the growth in this region. Firstly, the strategic deployment of electric vehicles (EVs) in countries like the United States and Canada has significantly increased demand for solid-state batteries.
Consumer and Portable Electronics Segment is Expected to Dominate the Market Due to Rising Demand for Portable Electronic Devices
The consumer and portable electronics segment emerged as the largest market share holder, accounting for over 33.6% of the solid-state battery market. This significant share can be attributed to the robust demand for portable electronic devices across various end-use sectors. A growing consumer base is seeking electronic devices such as smartphones, laptops, media players, gaming consoles, and more with rapid urbanization and an increase in discretionary spending.
Regional markets in the Asia-Pacific region are experiencing rapid growth and are emerging as the fastest-growing region in the solid-state battery market. Several factors contribute to this growing trend. Firstly, there is a rising demand for solid-state batteries in vital regional countries. Countries such as China, Japan, South Korea, and India have witnessed significant advancements in technology and electronics sectors, leading to increased adoption of solid-state batteries in various applications.
A comprehensive analysis of the major players in the solid-state battery market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavours to develop innovative solutions to cater to the growing demand.
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Key Developments in the Solid-state Battery Market
- BrightVolt Solid State Batteries recently secured USD 16 million through a Series B financing round. The funding round was backed by notable investors, including New Science Ventures (NSV) and Caterpillar Venture Capital Inc. The capital injection will enable BrightVolt to expand its operations and focus on developing more comprehensive form-factor solutions.
Key Questions Answered in Solid-state Battery Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- List the top companies in the market and explain how they have achieved their positions of influence.
- In what ways do regional trends and patterns differ within the global market, and how these differences shape the market’s future growth?
Related Reports in SkyQuest’s Library:
Global Silent Generator Market
Global Industrial Batteries Market
Global Electric Insulator Market
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