Meticulous Research® has announced a report indicating that the global Solid-State Battery market is set to grow at a CAGR of 58%, reaching $3.87 billion by 2029. The market volume is projected to increase at a CAGR of 72%, reaching 7.7 GWh by 2029.

The growth of this market is attributed to the high energy density, rapid charging capabilities, and enhanced safety of solid-state batteries compared to Li-ion batteries. Advances in R&D for solid-state batteries in electric vehicles and consumer electronics are expected to provide significant opportunities for industry players.

However, the market faces challenges such as high costs and technical issues related to electrode stabilization during charge/discharge cycles. Other hurdles include commercialization challenges, issues with ceramic electrolytes, cell architecture, and business transformation.
The report provides a comprehensive market analysis segmented by type, capacity, application, and geography, and includes an evaluation of industry competitors and regional markets.

Type Segmentation: The market is divided into thin film batteries, bulk batteries, and other types. Thin film batteries are expected to lead the market in 2022 due to their compact size, higher average voltage, lightweight, flexibility, higher energy density, reduced risk of leakage, and extended life cycle. They are utilized in applications such as renewable energy storage, smart cards, RFID tags, portable electronics, and medical devices.

Capacity Segmentation: The market is segmented into less than 20mAh, 21mAh to 500mAh, and above 500mAh. The 21mAh to 500mAh category is expected to dominate in 2022 due to rising demand for compact energy storage solutions and wearable technology. Solid-state batteries are preferred in consumer electronics for their safety and stability over traditional liquid Li-ion batteries.

Application Segmentation: The market includes medical devices, automotive, consumer electronics, aerospace, battery energy storage systems, and industrial equipment. The consumer electronics sector is projected to hold the largest share in 2022, driven by the battery's small size and efficient power delivery. Samsung, for example, demonstrated a solid-state battery prototype in March 2020, which uses a silver-carbon anode to solve dendrite problems.

Geographical Analysis: North America is forecasted to hold the largest market share in 2022, bolstered by the growing adoption of solid-state batteries in consumer electronics and medical devices, and significant R&D investments for EV applications. Key investments include Volkswagen Group’s $300 million funding for QuantumScape and Solid Power’s plans for pilot production, supported by $130 million in funding from Ford, BMW, and other investors.

Key Players
The key players operating in the global Solid-state Battery market are QuantumScape Corporation (U.S.), Ilika plc (U.K.), Solid Power, Inc. (U.S.), BrightVolt, Inc., (U.S.), Cymbet Corporation (U.S.), Prieto Battery Inc. (U.S.), Sion Power Corporation (U.S.), Hitachi Zosen Corporation (Japan), ProLogium Technology CO., Ltd. (Taiwan), Johnson Energy Storage, Inc. (U.S.), PJP Eye LTD. (Japan), Factorial Inc. (Spain), Volkswagen AG (Germany), Front Edge Technology, Inc. (U.S.), and I-TEN S.A. (Italy).

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Key Questions Answered in the Report:
• Which are the high-growth market segments in terms of type, capacity, application, and geography?
• What is the historical market size for global Solid-state Battery across the globe?
• What are the market forecasts and estimates for the period 2022–2029?
• What are the major drivers, restraints, opportunities, and challenges in the global Solid-state Battery market?
• Who are the major players in the market, and what are their market shares?
• How is the competitive landscape for the global Solid-state Battery market?
• What are the recent developments in the global Solid-state Battery market?
• What are the different strategies adopted by the major players in the market?
• What are the key geographic trends, and which are the high-growth countries?

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