Rising application of solid state batteries in healthcare, wearable devices and drone industries is driving the growth of rechargeable solid state batteries globally.
PORTLAND, Oregon., May 2, 2022 /PRNewswire/ — Allied Market Research released a report titled “Solid State Battery Market By Application (Consumer & Wearable Electronics, Electric Vehicle, Energy Harvesting, Wearable & Medical Devices, Others), By Type (Handheld, Thin Film), By Capacity (Less than 20mAh, 20mAh to 500mAh, Over 500mAh): Global Opportunities Analysis and Industry Forecast, 2020-2030“. According to the report, the global solid-state battery industry generated $0.5 billion in 2020, and should generate $3.4 billion by 2030, with a CAGR of 18.0% from 2021 to 2030.
Main determinants of growth
Rising application of solid state batteries in healthcare, wearable devices and drone industries is driving the growth of rechargeable solid state batteries globally. Additionally, increasing need for solid-state batteries in electric vehicles is driving the growth of the market. However, the complex manufacturing process and high cost of solid-state batteries are restraining the market growth. On the other hand, increasing investments in the market by industry giants including Samsung and Hyundai are expected to provide future solid state battery market growth opportunities for the market.
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The lockdown imposed due to the outbreak of the COVID-19 pandemic has led to a temporary ban on import and export and manufacturing and processing activities in various industries in the battery sector, which has reduced the demand consumer solid-state rechargeable batteries, including portable electronic devices and electric vehicles. .
Additionally, the shutdown of renewable power plants, automobile manufacturing industries, and consumer electronics manufacturing industries have hampered the growth of the solid-state battery market during the pandemic period.
The wearable segment to maintain its leading status throughout the forecast period
On the basis of type, the portable segment held the highest market share in 2020, accounting for more than two-thirds of the global solid-state battery market, and is expected to maintain its leading status throughout the forecast period. . This is due to the increase in the adoption of solid-state batteries in portable devices. Additionally, the thin film segment is expected to show the highest CAGR of 18.2% from 2021 to 2030. This is due to the increase in the use of thin film batteries in implantable medical devices, such as defibrillators and neural stimulators, smart cards, RFID, wireless sensors and radio frequency identification.
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The consumer and wearable electronics segment will maintain its leading position during the forecast period
Based on applications, consumer and wearable electronics segment accounted for the largest share in 2020, contributing more than two-fifths of the global solid-state battery market, and is expected to maintain its leading position over the course of the forecast period. This is attributed to rapid urbanization and consumer spending on consumer electronics applications, including laptops, smartphones, computers, and other consumer electronics devices in developing countries. However, the electric vehicle segment is expected to represent highest CAGR by 18.4% from 2021 to 2030, due to growing interest in the use of solid-state batteries in electric passenger vehicles.
Asia Pacificfollowed by North Americato maintain its dominance by 2030
Based on the region, Asia Pacificfollowed by North America, held the highest market share by 2020 revenue, accounting for nearly two-fifths of the global solid-state battery market, owing to the presence of a huge consumer base, rapid development of the battery industry semiconductors and the existence of key players in the region. Moreover, the Europe The region is expected to witness the fastest CAGR of 18.5% during the forecast period. This is attributed to the increase in demand for solid-state batteries in a wide range of applications such as consumer electronics, electric vehicles and medical devices.
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Main market players
SK Innovation Co., Ltd.
Solid Power Inc.
Ganfeng Lithium Co.,Ltd
Battery of Prieto
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