Latest News- Solid State Battery Market: Transportation is expected to lead the Application segment during 2024-2028

The Solid State Battery Market is being driven by Growing requirement for long-range EVs

The Solid State Battery Market is expected to grow at a CAGR of 44.97% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 554.8 million. In the global solid state batteries market, an increasing number of vendors are entering the fray, driven by the burgeoning automotive sector. Notable battery manufacturers are securing substantial investments from high-profile backers and forging strategic partnerships to advance solid state battery technology. This cutting-edge technology poses a significant challenge to conventional battery solutions. The rising adoption of start-stop systems has compelled vendors to devise business models aimed at enhancing efficiency and enhancing reliability. Among the key players in the solid state battery landscape are Ilika, a pioneer in this field, who is spearheading a USD10 million, 24-month collaboration project under the Faraday Battery Challenge. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Application
  • Transportation
  • Grid storage
  • Others
• Type
  • Portable
  • Thin film
• Geography
  • APAC
    • China
    • Japan
  • Europe
    • Germany
    • Norway
  • North America
    • US
  • South America
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Growing requirement for long-range EVs
• Increased government support for adoption of EVs
• Rising stringent laws against lead pollution

However, the market also witnesses some limitations, which are as follows:

• Declining Li-ion battery prices
• Lack of EV charging infrastructure
• Rising competition from alternative battery chemistries

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Market Scope in Solid State Battery Market Research Report

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Research Analysis Overview

The solid-state battery market is experiencing significant growth due to its application in various sectors, including wearable devices, consumer electronics, and mobile healthcare devices. Solid-state batteries, featuring solid electrolytes instead of liquid or polymer electrolytes, offer advantages such as higher energy density, improved safety, and longer cycle life. Companies like Solid Power and Solid Energy are leading the charge in this field. Solid-state batteries are also gaining traction in the electric vehicle (EV) industry and renewable energy storage, providing high-performance energy storage with thin-film batteries, single-cell batteries, and multi-cell batteries. Wood-derived batteries and charging stations are also exploring solid-state technology for lightweight, high power output batteries. The automotive sector is another potential market for solid-state batteries, which can offer improved charging efficiency and longer range for EVs. However, challenges such as performance degradation and the selection of suitable electrolyte materials remain to be addressed.

Market Research Overview

In the realm of energy storage, the solid state battery market is a significant segment, particularly for powering wearable devices, consumer electronics, and mobile healthcare devices. Key players in this market produce electronic components, including solid-state batteries, which offer enhanced energy density compared to traditional lithium-ion batteries. The solid electrolyte used in these batteries mitigates performance degradation issues associated with lithium-ion batteries, making them a preferred choice for various applications. The solid state battery industry's growth is driven by the increasing demand for compact, high-performance energy storage solutions, as well as the ongoing advancements in electrolyte material technology.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/