NEW YORK, March 6, 2024 /PRNewswire/ — The solid state battery market size is expected to grow by USD 234.81 million from 2022 to 2027, according to Technavio. In addition, the growth momentum of the market will progress at a CAGR of 31.9% during the forecast period. The APAC region is poised to contribute significantly, accounting for 46% of global market growth during the forecast period. China leads in solid-state batteries due to a large customer base and surging demand for electric vehicles (EVs). Japan, South Korea, Hong Kong, and India are also aggressively adopting EVs, fostering the solid-state battery market. Governments and automakers collaborate to reduce fossil fuel reliance, focusing on EVs amid environmental concerns. With targets for EV adoption, the growth of the solid-state battery market in APAC hinges on the widespread acceptance of electric vehicles.
Technavio has announced its latest market research report titled Global Solid State Battery Market 2023-2027
To find a preview of the market overviews, market drivers, opportunities, and potentials
What are some of the major market players during the forecast period?
The solid-state battery market is fragmented due to the presence of many global and regional players. The market comprises category-focused, industry-focused, and diversified vendors. The global off-grid solid-state battery market is expected to grow rapidly during the forecast period due to the growing requirement for long-range EVs. Hence, the competition among companies is expected to intensify during the forecast. The report analyzes the market’s competitive landscape and offers information on several market companies. BrightVolt, BYD Co. Ltd., Factorial Energy, General Motors Co., Hitachi Zosen Corp., Ilika PLC, Ion Storage Systems, Johnson Energy Storage Inc., LG Chem Ltd., Murata Manufacturing Co. Ltd., Poly Plus Battery Co., ProLogium Technology Co. Ltd., QuantumScape Corp, Robert Bosch GmbH, Samsung SDI Co. Ltd., STMicroelectronics International N.V., TDK Corp., Toyota Motor Corp., AMP Inc, and Ampcera Inc.
Ampcera Inc.: The company offers solid-state batteries such as solid-state and metal-air batteries which are safer and demonstrate higher performance than lithium-ion batteries.
Which segment is a major contributor to the market growth based on application?
The Network Access Control (NAC) market’s transportation segment is poised for substantial growth, driven by the surge in solid-state battery adoption, particularly in electric vehicles (EVs). With a focus on sustainability and environmental concerns, the electric vehicle market is expanding globally. Solid-state batteries, a key element in this transition, offer safer, lighter designs and superior energy storage compared to traditional lithium-ion batteries. This transformation aligns with the imperative to reduce greenhouse gas emissions, emphasizing the role of electric vehicles in achieving this goal. The NAC market within the transportation sector intersects with innovative battery technology and sustainable energy trends.
To know additional highlights and key points on various market segments and their impact in coming years,
Analyst Review
The market is experiencing exponential growth, primarily driven by the burgeoning demand for compact electronic devices, including mobile phones, watches, and medical devices. The need for small and compact solid-state batteries with high energy density and longer lifespan has become paramount, especially as consumers prioritize products that are safer than traditional lithium-ion batteries. This demand extends to a variety of sectors, from IoT devices to smartphones and wearable devices.
Manufacturers are focusing on enhancing manufacturing processes to produce batteries with solid electrolytes that are ionically conductive and stable, ensuring the integrity of electrodes and the overall performance of the battery. Specialized equipment is being developed and utilized in research and development efforts by key market players to create cost-efficient and advanced solid-state batteries, minimizing production costs while maximizing stability and safety components.
Companies like Blue Solutions are leading the charge in the consumer & portable electronics segment, as well as the thin-film battery segment, leveraging their expertise to enhance energy density and safety. Meanwhile, electric vehicles are driving demand for graphene batteries, fluoride batteries, sand batteries, and even ammonia-powered batteries.
The automotive sector is a significant contributor, where technological advancements are critical in overcoming high manufacturing costs and navigating trade regulations. Government initiatives are supporting import-export analysis and value chain optimization to boost market growth and market share for domestic and localized market players.
Geographic expansions are also on the rise, reflecting recent developments and analyst briefs highlighting the market decisions driven by battery technology and energy storage capacity. With miniaturized consumer devices becoming more prevalent, the global market is poised for significant expansion, offering opportunities for stakeholders to capitalize on this growing trend.
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ToC:1 Executive Summary2 Landscape3 Sizing4 Historic Size5 Five Forces Analysis6 Segmentations7 Customer Landscape8 Geographic Landscape9 Drivers, Challenges, and Trends10 Vendor Landscape11 Vendor Analysis12 Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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SOURCE Technavio
