The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
LONDON, Oct. 3, 2023 /PRNewswire/ — As per The Business Research Company’s Solid State Battery Global Market Report 2023, the global solid state battery market has witnessed remarkable growth, surging from $0.34 billion in 2022 to an impressive $0.49 billion in 2023, marking an astounding compound annual growth rate (CAGR) of 44.5%. The market is poised for even greater expansion, with expectations of reaching $2.41 billion in 2027, driven by a formidable CAGR of 48.8%.
Driving Forces
Several key factors are fueling the solid state battery market growth. Notably, robust government support, global population growth, urbanization, the surging demand for electric vehicles (EVs), and intensifying research and development (R&D) activities are propelling the solid state battery market to new heights.
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Market Landscape
The global solid-state battery market exhibits high concentration, with a handful of major players dominating the industry. In 2022, the top ten solid state battery companies collectively accounted for an impressive 80.90% of the total market. TDK Corporation emerged as the market leader, commanding a significant share of 37.90%, followed by Murata Manufacturing Co. Ltd., Ganfeng Lithium Group Co. Ltd., QingTao Energy Development, ProLogium Technology CO. Ltd., Cymbet Corporation, STMicroelectronics, Brightvolt Inc., Solid Power Inc., and Ilika.
Innovative Advancements
A remarkable trend in the solid-state battery market is the utilization of innovative polymer materials to enhance solid electrolytes. Leading companies in the solid state battery market are fervently developing novel polymer materials to improve the functionality of solid polymer electrolytes in batteries. For example, in October 2022, Nuvvon, a US-based nanotechnology research company, achieved a breakthrough by creating solid polymer electrolytes that exhibit impressive ionic conductivity across a wide temperature range, without the need for external cooling or heating systems. These advancements are revolutionizing the industry.
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Market Segmentation
The global solid-state battery market is segmented based on several parameters:
- By Type: Single-Cell Battery, Multi-Cell Battery
- By Rechargeability: Primary Battery, Secondary Battery
- By Material Type: Thin Film Batteries, Portable Batteries
- By Application: Consumer And Portable Electronics, Electric Vehicle, Energy Harvesting, Wearable And Medical Devices, and Other Applications.
Among these segments, the single-cell battery segment shines as it presents the top opportunities in the solid-state battery market. It is expected to achieve remarkable growth, contributing $538.1 million in global annual sales by 2027.
The Solid State Battery Global Market Report 2023 provides a comprehensive understanding of this burgeoning industry, offering invaluable insights for businesses aiming to navigate the market’s extraordinary growth and innovation.
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