Solid State Battery Market size is set to surpass USD 14.5 billion by 2032, according to a new research report by Global Market Insights Inc.
A positive outlook toward electric vehicles is shaping the industry scenario as a result of the ambitious goals established by various countries to reduce car emissions, switching to electric vehicles recently. Moreover, supportive policies and investments in electric automobiles have positively influenced the product landscape. For instance, in June 2022, the UK government refocused its plug-in grants of nearly USD 360 million towards plug-in vehicles and USD 1.9 billion for public charge point networks.
Wide usage in electronic devices to aid thin-film solid state batteries gain traction
Thin-film solid state battery market is speculated to progress at a significant rate between 2023 and 2032. Due to their high-power density, long lifecycle, and safety, these batteries are extensively utilized in radio frequency identification tags, renewable energy storage systems, smart cards, portable electronics, neural stimulators, pacemakers, and defibrillators, which has supported recent developments in thin-film batteries. In a 2022 research paper, the team produced a rechargeable magnetron sputter-deposited thin-film all-solid-state Li-metal battery consisting of high voltage cathode, ceramic electrolyte, and thermally evaporated metallic lithium.
Effective R&D results in 20-500 mAh solid state batteries to foster industry growth
The 20-500 mAh capacity segment is estimated to grow at more than 35% CAGR from 2023 to 2032. 20-500 mAh batteries are driven by intensifying R&D and continuing deployment across military applications, including base stations, military ammunition, and small-scale manufacturing. A 2022 solid-state EV battery research study discovered a new electrode material that could complete 400 charge and discharge cycles with a capacity of 300 mAh/g with impressive electric power for EVs.
Rising utilization of EVs to impel product adoption in automotive applications
The automotive application segment is slated to account for over 20% share of the solid state battery market by 2032. Automotive solid-state batteries are gaining traction as a result of the expanding potential and uptake of advanced electric vehicles that aim to minimize greenhouse gas emissions across the transportation industry. Recently, in February 2023, Nissan, a Japanese automotive company, announced its plans to launch an all-solid-state battery-equipped electric car with double energy density, reduced cost, and three charging speeds while entering in low-GHS car market.
Browse key industry insights spread across 200 pages with 352 market data tables & 26 figures & charts from the report, “Solid State Battery Market Size By Product (Portable Battery, Thin-Film Battery), By Application (Industrial, Automotive, Consumer Electronics, Energy Storage), By Capacity, Market Forecast, 2023 – 2032”, in detail along with the table of contents:
romising investment by budding EV manufacturers across APAC
Asia Pacific solid state battery market is anticipated to reach USD 6.5 billion by 2032, attributable to ongoing government initiatives to produce safe, dependable, & effective battery technology and soaring investments by industry participants. In November 2021, Beijing Weilan New Energy Technology Co., Ltd., a developer of all-solid-state batteries, received funding of nearly USD 10 billion from Xiomi, a consumer electronic firm, and Huawei, an IT firm, to establish its own EV manufacturing business through 2024.
Production capacity extension to shape the strategic landscape
Major companies profiled in the solid state battery market are Hitachi Zosen Corporation, Johnson Energy Storage, Inc, Cymbet, Samsung SDI Co., and BrightVolt Solid State Batteries, among others. These firms are adopting portfolio and production capacity expansion tactics to attain a competitive edge. For instance, in March 2022, Samsung SDI, a battery and electronic material manufacturing firm, announced the commencement of the construction of its pilot creation of next-generation solid-state batteries in South Korea. These batteries have higher energy density compared to lithium-ion batteries, which can enhance EV mileage.