The Solid State Battery Market Size is projected to increase from USD 58 million in 2022 to USD 314 million by 2028; over the forecast period, it is anticipated to rise at a CAGR of 32.5%.
The market for solid state batteries is expanding as a result of factors such the expanding demand for these batteries in electric cars, the trend toward smaller consumer devices, and the expansion of big corporations' R&D efforts. In addition to supporting cutting-edge consumer electronics like mobile phones and laptops, solid-state batteries are being used in cutting-edge applications like energy harvesting and wearable technology.
In the worldwide solid state battery industry, single-cell batteries will hold a bigger market share.
During the anticipated period, the single-cell battery category is anticipated to dominate the solid state battery market. Since more than a decade ago, single-cell batteries, often referred to as thin-film batteries, have been in use. They are chosen above others for small gadgets. To ensure increased safety and battery life, manufacturers who are building portable goods with limited internal space prefer micro batteries over traditional batteries. Wearable technology, smart cards, smart packaging, and medical equipment all frequently use thin-film batteries. The tendency toward smaller electronic devices has raised the need for thin-film solid-state batteries, greatly boosting the market for single-cell batteries. The market for solid-state batteries is expanding as a result of the rising demand for smart cards in the telecommunications, banking, and transportation industries for use in payment applications. More and more medical gadgets, including temperature sensors, pacemakers, and smart patches, use single-cell batteries. It is also anticipated that recent developments in thin-film solid-state battery technology would increase demand for these batteries.
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The market size for medical devices was the largest in 2021.
The solid-state battery market was dominated by medical devices in 2021. A lot of businesses are inventing and providing solid-state batteries to power medical equipment including temperature sensors, pacemakers, and smart patches. Solid-state batteries are currently used extensively in the medical devices market. High-capacity battery-powered medical devices are now possible because to technological improvements and the quick uptake of IoT in the medical industry. Solid-state batteries satisfy all these requirements because of their excellent reliability and performance, making them ideal for use in implantable medical devices including pacemakers, defibrillators, and neurological stimulators. A flexible and thin power source is needed for modern pacemakers, medication delivery systems, medical patches, medical diagnosis sensors, disposable medical devices, and biosensors; solid-state batteries' small size and great flexibility meet all of these needs. As a result, a sizable portion of the solid-state battery market would belong to medical devices given the growing acceptance of solid-state batteries in those devices.
Europe's market will expand at the highest CAGR between 2022 and 2028.
During the forecast period, Europe is anticipated to increase at the greatest CAGR. Packaging, consumer electronics, electric vehicles, and medical devices are among the major markets for solid-state batteries in Europe. Companies like Robert Bosch (Germany), Ilika (UK), and Blue Solutions (France) are developing the next generation of flexible devices. To complement the product design, these gadgets need power sources that are not only compact but also have a high power density; thin-film batteries meet these requirements. (International Energy Agency) claims that Europe has surpassed China to take the lead as the world's largest market for electric vehicles. Europe's solid-state battery market spans nations like the UK, Germany, France, and the rest of the continent.
Some of the key firms active in the solid state battery market include Cymbet (US), Robert Bosch (Germany), Toyota Motor (Japan), Solid Power (US), Excellatron Solid State (US), and BrightVolt (US).
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