According to estimates, the global solid-state battery market will be worth US$ 121.0 million in 2023 and will increase at a compound annual growth rate (CAGR) of 28.6% to reach US$ 1,497.1 million by the end of 2033.
Throughout the assessment period, the solid-state battery market is anticipated to rise due to rising end-use vertical demand for solid-state batteries and increased research and development efforts aimed at reducing battery costs. The need for solid-state batteries is also being driven by the growing use of electronic devices, battery energy storage systems, and the rapidly expanding electric car market.
Market Drivers:
- Solid-state batteries offer higher energy density, longer cycle life, and improved safety compared to traditional lithium-ion batteries, making them ideal for electric vehicles. With the growing demand for electric vehicles, the demand for solid-state batteries is also increasing.
- Governments around the world are promoting the adoption of electric vehicles to reduce carbon emissions and combat climate change. Many governments are also offering incentives and subsidies to encourage the production and adoption of solid-state batteries.
- Solid-state batteries are also used in consumer electronics such as smartphones, laptops, and wearable devices. With the increasing demand for these products, the demand for solid-state batteries is also increasing.
- Advancements in solid-state battery technology, such as improvements in the electrolyte and electrode materials, are making these batteries more efficient and cost-effective. This is further driving the growth of the solid-state battery market.
- Many companies are investing in solid-state battery research and development, and forming partnerships to accelerate the commercialization of these batteries. This is also driving the growth of the solid-state battery market.
Market Trends:
- As the demand for electric vehicles and portable electronics continues to grow, there is a need for batteries with higher energy density and longer cycle life. Solid-state batteries offer superior performance and are becoming increasingly popular as a result.
- Major automakers are showing a growing interest in solid-state batteries due to their potential to offer superior performance and safety compared to traditional lithium-ion batteries. Some automakers are also investing in solid-state battery research and development to improve their performance.
- The solid-state battery market is attracting new players, including startups, as well as established battery manufacturers, and materials suppliers. This is expected to drive competition and innovation in the market.
- Solid-state batteries have the potential to be more environmentally friendly than traditional lithium-ion batteries, as they use less harmful materials and are more recyclable. As consumers become increasingly aware of environmental issues, this could drive demand for solid-state batteries.
- The manufacturing of solid-state batteries is still in its early stages, but advancements in technology are expected to make the process more efficient and cost-effective, driving down the cost of these batteries and making them more accessible to consumers.
- Companies across the value chain, from materials suppliers to battery manufacturers, are forming partnerships and collaborations to develop and commercialize solid-state batteries. This is expected to accelerate the development of these batteries and bring them to market faster.
Competitive Landscape:
There has been an increase in investment and funding for solid-state battery technology development. Many companies, including Toyota, QuantumScape, and Solid Power, have received significant funding for the development of solid-state batteries
Moreover, many companies are expanding their manufacturing facilities to increase the production of solid-state batteries.
- For instance, ProLogium Technology, a Taiwanese solid-state battery manufacturer, announced plans to invest in a new manufacturing facility in Europe.
Solid-state batteries are gaining more attention and adoption in the automotive industry. Many automakers, including Toyota, BMW, and Volkswagen, are exploring the use of solid-state batteries in their electric vehicles.
- In February 2021, Chinese battery manufacturer, Amperex Technology Co. Limited (CATL) announced the launch of its first-generation sodium-ion battery, which uses a solid-state electrolyte. The company claims that the technology offers a lower cost and better safety compared to traditional lithium-ion batteries.
- In June 2021, Solid Power announced that it had delivered a 22-layer, 20 Ah all-solid-state battery for testing and qualification by BMW. The battery is intended for use in electric vehicles and is said to offer higher energy density and improved safety compared to traditional lithium-ion batteries.
View Full Report: https://www.globenewswire.com/news-release/2023/04/19/2650248/0/en/Sales-of-Solid-State-Battery-Is-Projected-to-Reach-a-Valuation-of-US-1-497-1-Million-by-2033-Fact-MR-s-Analysis.html
Comments
0 comment