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Solid State Battery Market Trends

Report ID: GMI3885
Published Date: Aug 2024
Report Format: PDF

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Solid State Battery Market Trends

The demand for more efficient, longer-lasting batteries in consumer electronics such as smartphones, laptops, and wearable devices is also contributing to the growth of the solid-state battery market. Therefore, efforts are being made to scale up the production of solid-state batteries to meet the growing demand. Companies are focusing on improving manufacturing processes and establishing pilot production lines to transition from laboratory-scale to commercial-scale production. Favorable government policies and regulatory support for clean energy and sustainable technologies are boosting the adoption of solid-state batteries. Incentives for electric vehicles and renewable energy storage solutions are particularly influential in driving market growth.

Authors: Ankit Gupta, Abhishek Chopra

Frequently Asked Questions (FAQ) :

The market size of solid state battery was valued at USD 826.8 million in 2023 and is anticipated to record a CAGR of 38.2% through 2032, backed by continuous R&D, innovations in materials science, and shift towards electric vehicles.

The thin-film battery segment is anticipated to reach a value of more than USD 6.3 billion by 2032, on account of the ongoing trend towards smaller, lighter, and more powerful electronic devices, necessitating compact and efficient energy storage solutions

Asia Pacific solid state battery market is expected to surpass USD 6.5 billion by 2032, as countries, notably China, Japan, and South Korea, have a strong industrial and manufacturing base.

Cymbet, Hitachi Zosen Corporation, Ilika Ltd., Ion Storage Systems, ITEN, Johnson Energy Storage, Inc., Prieto Battery Inc, QuantumScape Corporation, and Samsung SDI Co., Ltd. among others.