Market Insights and Analysis: Global Solid-state Battery Market Overview and Projections (2023-2028)
The Global Solid-state Battery Market Share is anticipated to grow at a CAGR of around 37.10% during the forecast period 2023-28. The market growth imputes to the increasing requirement for electronic vehicles globally, boosting the demand for these batteries. The electronic vehicle industry is booming globally due to expanded environmental awareness, government support to achieve net zero emissions, and rising public charging stations.
Top leading companies in the Global Solid-state Battery Market includes:
Cymbet Corporation, Samsung SDI, Hitachi Zosen Corporation, Ionic Material, QuantumScape, Ilika Plc., Blue Solutions, Brightvolt, Prieto Battery, Ganfeng Lithium Group Co., Ltd., Storedot, Solid Power, ProLogium Technology, Natrion, Sakuu, Others.
Global Solid-state Battery Market Key Driver:
Increasing Miniaturization of Implantable Medical Devices – The implantable medical device industry has a growing need for miniaturized, long-life power sources to enable wireless data transfer from increasingly sophisticated devices that improves patients’ lives. Due to this, the medical device industry is actively adopting these batteries to supply a self-sustaining power source that does not need to be changed regularly or use inconvenient cabling. Solid-state batteries also offer longer life spans of up to 10 years (up to 5x longer) & lower leakage currents (10x smaller), making them suitable for low-power wireless charging.
In addition, they can be seamlessly integrated with other electronic components, enabling the final medical device to maintain a compact form. However, the Implantable Medical Device industry is witnessing a rising demand for these batteries to provide miniature, long-lasting power sources, facilitating wireless data transfer from advanced devices. Therefore, due to the rising demand in medical devices, battery manufacturers are focused on producing these batteries for medical devices. For instance, in 2019, the battery maker Ilika introduced mm-scale solid-state batteries designed for use in medical devices. Hence, the growing need for miniaturized, long-life power sources in the implantable medical devices industry would escalate the demand for these batteries in the upcoming years.
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Report Segmentation:
The market is categorized into the following segments in the report:
By Type
-Thin-Film Solid State Battery
-Portable Solid State Battery
By Application
-Consumer Electronics
-Electronic Vehicles
-Medical Devices
-Wearables
-Energy Harvest
-Others(Aerospace, RFIDs, etc.)
By Storage Capacity
-Up to 20mAh
-20.1mAh-500mAh
-Above 500mAh.
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Global Solid-state Battery Market Geographic Reach:
The Geographic Reach of the Global Solid-state Battery Market evaluates the spread and significance of Global Solid-state Battery market consumption across different regions/country, emphasizing areas with the largest market size and the most promising growth potential.
- North America: US, Canada, Mexico
- Europe Middle East and Africa: Germany, The UK, France, Spain,The Netherlands, Rest of EMEA
- Asia-Pacific: China, India, Japan, South Korea, Rest of Asia-Pacific
- South America: Brazil, Rest of South America.
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