Solid State Battery Market Size, 2024-2033; Growth Forecast & Industry Share Report
According to a study report published by Fundamental Business Insights, the solid state battery market size is expected to expand from USD 624.75 million in 2023 to USD 16.68 billion by 2033, at a compound annual growth rate (CAGR) of 41.25% throughout the forecast period.
The solid state battery market is a rapidly emerging and appealing subsector within the wider energy storage and electric vehicle (EV) business. Solid electrolytes are used in solid-state batteries, as opposed to liquid or gel-like electrolytes used in typical lithium-ion batteries. Furthermore, consumer gadgets such as smartphones, laptops, and wearables make use of solid-state batteries. These batteries are tempting for a wide range of portable electronic devices since they can provide greater power for a longer amount of time while also lowering the risk of overheating.
The rise of the renewable energy industry has a substantial impact on the solid state battery business. Solid-state batteries have the potential for higher energy density, improved safety, and a longer lifespan than conventional lithium-ion batteries, making them a viable energy storage technology. Solid-state batteries are considered safer than traditional lithium-ion batteries since they do not use flammable liquid electrolytes. As a result, they are less likely to overheat, catch fire, or explode, all of which are big issues with consumer electronics. Solid-state batteries may have higher energy density, or the ability to store more energy in a more compact and lightweight form factor.
Solid electrolytes, which can be more expensive than liquid electrolytes in typical batteries, are widely utilised in solid-state batteries. It can be difficult to keep a continuous supply of these minerals. Solid-state battery technology must be developed and improved, which will be costly. These expenses are frequently borne by early users, raising the initial cost of solid-state battery-powered products.
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Insights by Product
The portable battery segment is expected to reach 38.5% growth rate between 2024 to 2033. Solid-state batteries are recognised as a next-generation technology when compared to ordinary lithium-ion batteries, which offer several benefits such as better energy density, improved safety, and longer lifespan. Due to these benefits, solid-state batteries are appealing for a wide range of applications, including electric vehicles (EVs), consumer electronics, and renewable energy storage.
Insights by Application
In 2023, the market value of the consumer electronics section was USD 273 million. As solid-state batteries are more compact and allow for more flexible form factors, producers may be able to build thinner and smaller devices. This is especially appealing for portable gadgets. Solid-state batteries could enable rapid charging of consumer electronics, which is a crucial selling point for many buyers.
Insights by Region
The North American Solid State Battery market is expected to increase by 40.7% between 2024 and 2033. Both the public and private sectors have made significant efforts to aid in the development and widespread usage of solid-state batteries. Governments and venture capitalists have recognised the potential of this technology and donated funding to further its development.
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Asia Pacific is witnessing the fastest market growth between 2024 to 2033. The Asia Pacific region has been at the forefront of solid-state battery research and development, particularly in China, South Korea, and Japan. The industry was expected to grow significantly due to increased demand for electric cars (EVs), portable electronics, and renewable energy storage solutions.
Table of Contents (TOC) of Report:
Chapter 1. Methodology
• Market Definition
• Study Assumptions
• Market Scope
• Segmentation
• Regions Covered
• Base Estimates
• Forecast Calculations
• Data Sources
• Primary
• Secondary
Chapter 2. Executive Summary
Chapter 3. Solid State Battery Market Insights
• Market Overview
• Market Drivers & Opportunity
• Market Restrains & Challenges
• Regulatory Landscape
• Ecosystem Analysis
• Technology & Innovation Outlook
• Key Industry Developments
• Partnership
• Merger/Acquisition
• Investment
• Product Launch
• Supply Chain Analysis
• Porter's Five Forces Analysis
• Threat of New Entrants
• Threat of Substitutes
• Industry Rivalry
• Bargaining Power of Suppliers
• Bargaining Power of Buyers
• COVID-19 Impact
• PESTLE Analysis
• Political Landscape
• Economic Landscape
• Social Landscape
• Technology Landscape
• Legal Landscape
• Environmental Landscape
• Competitive Landscape
• Introduction
• Company Market Share
• Competitive Positioning Matrix
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Fundamental Business Insights is global market research and consulting company which is engaged in providing in depth market reports to its various types of clients like industrial sectors, financial sectors, universities, non-profit, and corporations. Our goal is to offer the correct information to the right stakeholder at the right time, in a format that enables logical and informed decision making. We have a team of consultants who have experience in offering executive level blueprints of markets and solutions. Our services include syndicated market studies, customized research reports, and consultation.
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