Solid State Battery Market: Advancements in IoT and AI Technologies Driving Growth


With a predicted CAGR of 32.5%, the Solid State Battery Market is anticipated to expand significantly between 2022 and 2028. In 2022, the market is projected to be worth USD 58 million, and by 2028, it is expected to be worth USD 314 million. In comparison to conventional lithium-ion batteries, solid state batteries have the potential to provide greater energy density, quicker charging, longer life, and increased safety. The rising demand for electric vehicles and portable devices, as well as developments in materials science and manufacturing technology, are all factors contributing to the solid state battery market's expansion. The market is also being fueled by rising government and corporate spending in solid state battery-related research and development.

The solid-state battery market is expanding quickly as a result of a number of causes, including increased R&D efforts, continued electronic device miniaturisation, and the longer shelf life provided by solid-state batteries. In comparison to conventional lithium-ion batteries, solid-state batteries have the potential to provide greater energy density, quicker charging, longer life, and increased safety. They are thus a good solution for portable gadgets, electric cars, and other uses. The market for solid-state batteries is expanding as a result of the rising demand for portable gadgets and electric cars. 

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Solid state battery market for electric vehicles to register highest CAGR during the forecast period

The electric vehicle (EV) market is anticipated to develop at its highest rate in the solid-state battery market throughout the anticipated timeframe. Concerns about cost, safety, and driving range are driving factors in the introduction of solid-state batteries in EVs. Conventional batteries with liquid or gel-based electrolytes are heavy and large, prone to overheating and explosions, and call for multiple layers of packaging. Several large corporations are creating solid-state batteries for electric vehicles in order to solve these problems. The market for solid-state batteries is also fueled by rising research and development efforts, growing electronic device miniaturisation, and the longer shelf life that solid-state batteries provide. 

Single-cell batteries to hold larger market share in global solid state battery market

Due to its use in small devices, the single-cell battery category is anticipated to rule the solid state battery market over the forecast period. In order to allay safety worries and extend battery life, single-cell thin-film batteries are favoured for usage in portable goods with constrained internal space. These batteries are frequently found in wearable technology, smart cards, smart packaging, and medical equipment. The rise of electronic device miniaturisation has raised the need for thin-film solid state batteries, which has greatly fueled the market for single-cell batteries.

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Medical devices application to account for largest market size

The medical devices application is predicted to have the biggest market size for solid state batteries. New battery-powered medical gadgets have gained popularity as a result of technology improvements and the growing adoption of IoT in the medical industry. Solid state batteries are being developed and made available by manufacturers to power medical equipment including temperature sensors, pacemakers, and smart patches. Solid state batteries, which are dependable and effective, can provide a consistent power source for a long time, which is a prerequisite for implantable medical devices. As a result, it is anticipated that the market for solid state batteries in medical devices would expand dramatically during the next few years.

Market in APAC to grow at highest CAGR during 2020-2027

The consumer electronics and wearable technology industries are expected to experience the fastest CAGR growth in the solid-state battery market during the projected period. The next generation of flexible electronics is being developed by leading regional manufacturers like Samsung, LG Electronics, and Panasonic. These devices need compact, high-power density power sources to compliment product design. Thin-film batteries, which are widely utilised in smart cards, wearable technology, medical equipment, and other portable products, satisfy this demand. The market expansion in APAC is anticipated to be further fueled by the rising demand for small-sized devices and the expanding adoption of IoT in the healthcare industry.

Cymbet (US), Robert Bosch (Germany), Toyota Motor (Japan), Solid Power (US), Excellatron Solid State (US), and BrightVolt (US) are a few of the major companies operating in the solid state battery market.

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https://www.prnewswire.com/news-releases/solid-state-battery-market-worth-314-million-by-2028--exclusive-report-by-marketsandmarkets-301475529.html 

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