Solid State Battery Market Growth Analysis by Size and Share | Opportunities, Challenges, Manufacturers, Dynamics and Forecast to 2028


Posted February 21, 2023 by avinashgogawale14

The Solid-State Battery Market Size would grow from USD 58 million in 2022 to USD 314 million by 2028 at a projected CAGR of 32.5%.

 
The Solid-State Battery Market is expected to grow at a CAGR of 32.5% during the forecast period, from USD 58 million in 2022 to USD 314 million by 2028. A solid electrolyte, rather than a liquid or gel electrolyte, is used as a separator between the cathode and anode in a solid-state battery. The solid electrolytes used in this battery are typically ceramic or polymer. The Solid-State Battery has a high power density, fast charging, increased safety, and a long shelf life.

Market Driver: Ongoing Miniaturization Of Electronic Devices

The growing trend of miniaturization of devices such as mobile phones, watches, and medical devices has led to an increase in demand for compact electronic systems and devices; however, several times.

It becomes difficult for the designers to develop miniaturized products owing to the size of batteries. A major portion of any system is occupied by its battery, which is the main reason for its increased size. This has led to a rise in demand for solid-state batteries as they enable the miniaturization and portability of systems. These batteries are flexible and thin, and hence, can be fitted in any small-sized electronic device.

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Solid-State Batteries have the potential to revolutionise electric vehicles, support advanced consumer electronics such as mobile phones and laptop computers, and are being used in emerging applications such as energy harvesting and wearable devices. To improve the features and performance of the solid-state battery, including battery life, a variety of materials are used. Furthermore, solid-state battery manufacturers are constantly working to improve shelf life and reduce charging time.

To strengthen their market position, major players in the Solid State Battery Market have primarily used agreement, acquisition, and partnership strategies.

Among the major companies operating in the Solid State Battery Market are Cymbet (US), Robert Bosch (Germany), Toyota Motor (Japan), Solid Power (US), Excellatron Solid State (US), and BrightVolt (US). To expand their customer base in the Solid State Battery Market, these players have relied on their strong R&D capabilities and a well-balanced product portfolio.

Solid state energy storage technology is provided by Cymbet. EnerChip is the company's brand name for its products. Cymbet's main products are rechargeable solid-state thin-film batteries with integrated power management solutions. These batteries can be programmed to include integrated circuits (ICs), sensors, industrial control systems, telecommunications, networking systems, military-aerospace-transportation, RFID tags, medical devices, and portable electronic devices.

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Robert Bosch and its subsidiaries provide products and services for automotive, industrial, consumer goods, and energy and building applications around the world. Robert Bosch acquired Seeo, an expert in innovative solid-cells for lithium-ion batteries, in August 2015 to strengthen its position in the electric vehicle market, and Seeo has since operated as a subsidiary of Robert Bosch.

Toyota Motor is a global company that designs, manufactures, and sells passenger and commercial vehicles, minivans, and related accessories and parts. Toyota and Advanced Industrial Science and Technology (AIST) (Japan) began research in 2010 on developing next-generation secondary batteries to address the anticipated growth of electric vehicles. The company is hard at work developing two types of batteries for electric and hybrid vehicles: all-solid-state batteries and lithium-air batteries.

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Last Updated February 21, 2023