Global Solid State Battery Market to Generate $3.4 Billion, by 2030 with 18.0% CAGR: Allied Market Research
The global solid state battery market is experiencing growth due to surge in application of solid-state batteries in the wearable, drone, and healthcare sector.
Wilmington, DE , Oct. 30, 2023 (GLOBE NEWSWIRE) —
Allied Market Research published a report, titled, “Solid State Battery Market by Application (Consumer and Portable Electronics, Electric Vehicle, Energy Harvesting, Wearable and Medical Devices, Others), by Type (Portable, Thin Film), by Capacity (Less than 20 mAh, 20 mAh to 500 mAh, More than 500 mAh): Global Opportunity Analysis and Industry Forecast, 2020-2030“.
The report indicates that the global market for solid state battery is estimated to garner $3.4 billion by the year 2030, having generated revenue of $0.5 billion in 2020, with a noteworthy CAGR of 18.0% during the forecast period of 2021 to 2030.
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Drivers, restraints, and opportunities
The global solid state battery market is experiencing growth due to surge in application of solid-state batteries in the wearable, drone, and healthcare sector. Furthermore, robust demand for solid state batteries in EVs propels the market growth. On the other hand, high cost and complex manufacturing process of solid state battery hinder the market growth to some extent. Nevertheless, surge in investment in the market by frontrunners, involving Hyundai and Samsung will offer remunerative growth opportunities to the market.
The portable segment to continue its supremacy by 2030
On the basis of type, the portable segment contributed to the largest share of more than two-thirds of the global market for solid state battery in 2020 and is projected to lead the trail throughout the forecast timeframe. The growth is attributed to a surge in adoption of solid-state batteries in portable gadgets. The thin film segment, on the other hand, would display the highest growth with 18.2% CAGR during the forecast period. The segment is driven by the usage of thin film batteries in implantable medical devices, like smart cards, wireless sensors, RFID, radio-frequency identification, and defibrillators and neural simulators.
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The consumer and portable electronics category to retain its dominance status by 2030
On the basis of application, the consumer and portable electronics segment held the largest market share of more than two-fifths of the global solid state battery market in 2020 and is expected to lead the trail from 2021 to 2030. The consumer spending toward electronic devices including smartphones, laptops, computers, and others in developing countries and rapid urbanization drive the growth of the segment. On the other hand, the electric vehicle segment is projected to display a noteworthy growth with 18.4% CAGR during the forecast period. This is due to a surge in interest towards utilization of solid state batteries in passenger electric vehicles.
Asia-Pacific, followed by North America, to grab the lion’s share during the forecast period
The regional analysis in the report indicates that the market across the APAC region, followed by North America, generated the largest share of nearly two-fifths of the overall market revenue in 2020. The growth is attributed to rapid development of the solid state battery sector, existence of huge consumer base, and the presence of leading players across the region. On the other hand, Europe region would display the fastest growth with 18.5% CAGR from 2021 to 2030. The increase in demand for solid state batteries among different applications like electric vehicles, consumer electronics, and medical devices propels the growth of the market across the region.
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Top market players:
- Prieto Battery
- Ganfeng Lithium Co., Ltd
- Factorial Inc
- Solid Power Inc
- QuantumScape Corpoation
- Store Dot
- SK Innovation Co., Ltd.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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