The global Solid State Battery Market is anticipated to reach USD 177,420 million by the end of the analysis timeline, having grown from USD 47,200 million in 2022 at a compound annual growth rate (CAGR) of 18% from 2023 to 2033.
During and just after the pandemic, the solid state battery market for solid-state batteries had certain setbacks. As it happened, COVID-19 was more than just a bothersome infection. It was exceedingly risky and caused severe illness in a number of people. In fact, the infection claimed many lives. Governments quickly realized that they could not afford to ignore this pandemic. In response, they implemented lockdowns and quarantines. These were ephemeral in nature since their impact was restricted.
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When there were lockdowns and quarantines, people were less mobile. They were therefore not using their cars nearly as frequently. The solid state battery market showed a decrease in demand. As a result, some businesses were compelled to reduce their output or temporarily close.
Worldwide solid state battery market: Segmentation Overview
Solid state battery market : based on type
- Multi-Cell Battery
- Single-Cell Battery
Solid state battery market : based on rechargeability
- Secondary Battery
- Primary Battery
Solid state battery market : Based on Capacity
- Below 20 mAh
- Between 20 mAh and 500 mAh
- Above 500 mAh
Solid state battery market : Based on Application
- Consumers Electronics
- Electric Vehicles
- Energy Harvesting
- Medical Devices
- Wireless Sensors
- Others
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Solid electrodes and a solid electrolyte are used in solid-state batteries as opposed to liquid or polymer gel electrolytes in lithium-ion batteries. Comparing a Li-ion battery built on a liquid electrolyte solution to a solid-state battery, the latter has a lower energy density. Due to the lack of fire or explosion risk, safety components are not required, conserving space. Because only a few batteries are needed, a solid-state battery can increase energy density per unit area. In order to build a high-capacity EV battery system with a module and a pack, a solid-state battery is the best option.
Technological developments in batteries
There are drawbacks to conventional lithium-ion batteries in terms of longevity, safety, and energy density. However, when solid components are used in place of liquid or gel electrolytes, solid-state batteries provide a good substitute. This results in a higher energy density, increased safety, and a longer cycle life. Additionally, the solid state battery market is expanding as a result of the growing need across a range of industries for more potent and effective energy storage technologies. Aside from this, major players are concentrating on improving the manufacturing procedures, refining the materials, and resolving the issues with the scalability of solid state battery production. Additionally, improvements in battery technology help to lower the cost and increase the economic viability of these batteries.
Increasing attention to renewable energy sources
The solid state battery market : is expanding as a result of the growing need for solid state batteries brought on by the global increase in renewable energy initiatives. In addition, the industry is expanding because renewable energy sources like wind and solar electricity are being incorporated into the grid. Depending on the weather, renewable energy sources occasionally produce electricity. Solid state batteries store extra energy produced in favorable environmental circumstances, ensuring a steady and dependable energy supply. Accordingly, these batteries contribute to grid balancing and lessen the need for backup power from fossil fuels or other non-renewable energy sources, which is improving the market picture.
Key Companies of solid state battery market
- Robert Bosch
- Toyota Motor
- Solid Power
- Excellatron Solid State LLC
- Brightvolt
- Blue Solutions
- Quantumscape
- Prologium Technology
- Sakuu Corporation
- Ilika
- Samsung SDI Co Ltd
- Lionvolt
- Factorial Energy
- NGK spark plug
- Jiangxi Ganfeng Lithium Co. Ltd
- Qing Tao Energy Development
- Dyson Ltd
- Prieto Battery
- Storedot Ltd.
- Northvolt
- LG Chem
- Ioniq Materials
- Catl (Contemporary Amperex Technology Co. Limited)
- SK Innovation
- Cymbet
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