Solid-State Battery Market Poised to Reach US$1.7 Billion by 2030: Explosive Growth Forecasted at 31.3% CAGR
The global solid-state battery market is on the brink of a revolutionary transformation, with forecasts indicating it will surge to a staggering revenue of approximately US$1.7 billion by the end of 2030. This remarkable growth trajectory is expected to be driven by a Compound Annual Growth Rate (CAGR) of 31.3% from 2023 to 2030, according to the latest market analysis.
Transformative Advantages of Solid-State Batteries
Solid-state batteries have garnered immense attention for their superiority over traditional lithium-ion batteries. These advanced batteries offer higher energy density, eliminating the risk of explosion or fire. This safety advantage allows for the removal of certain safety components, providing additional room within the battery. Consequently, the capacity of solid-state batteries can be increased by incorporating more active elements, thereby enhancing their efficiency.
Furthermore, the reduced need for numerous batteries with solid-state technology increases energy density per unit space, making it an ideal choice for various applications, including consumer electronics, electric vehicles (EVs), medical devices, and energy storage systems.
Potential Disruption Across Industries
One of the most striking findings of this report is the potential for solid-state batteries to entirely replace lithium-ion batteries across multiple industries. Notably, the consumer electronics sector currently holds over 35% market share, which is expected to gradually decline over the next seven years. In 2022, batteries with a capacity exceeding 20 milliampere-hours (mAh) dominated the market, accounting for over 60% of the share.
Asia Pacific Takes the Lead
Geographically, Asia Pacific, with a significant presence in Japan and China, leads the global solid-state battery market, constituting more than 55% of the market share in 2022. These countries, particularly Japan and China, are at the forefront of heavy-duty solid-state battery technology.
Investments Driving Innovation
The surge in research and development investments in solid-state batteries is propelled by their higher energy density, quick charging capabilities, and reduced weight compared to traditional lithium-ion batteries. However, high manufacturing costs remain a key challenge, necessitating time for global commercialization.
Automotive Industry at the Helm
The automotive sector is expected to be the primary driving force behind solid-state battery advancements. Toyota Motor Corporation aims to launch an all-solid-state battery-powered electric vehicle as early as 2027, a move that is poised to significantly boost solid-state battery sales in the coming years.
Dominance of Oxide Technology
In 2022, oxide technology led the market with a remarkable 77% revenue share. Oxide solid-state batteries are expected to make their initial impact in the automobile industry due to their potential durability.
Major players in the global solid-state battery market include Toyota Motor Corporation, QuantumScape, Factorial Energy, BASQUEVOLT, ProLogium, Solid Power, LG Chem, Samsung SDI, Albemarle, Hyundai, and BrightVolt.
In conclusion, the global solid-state battery market is undergoing a profound transformation, with the potential to disrupt multiple industries. As investments pour in and technological advancements continue, the future of energy storage appears brighter and safer with solid-state batteries.
Global Solid-State Battery Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2023-2030 – (By Type Coverage, By End-use Industry Coverage, By Geographic Coverage and By Company) https://www.fairfieldmarketresearch.com/report/solid-state-battery-market
Forklift Battery Market
Electric Vehicle (EV) Battery Market
High Temperature Battery Market
Fairfield Market Research is a UK-based market research provider. Fairfield offers a wide spectrum of services, ranging from customized reports to consulting solutions. With a strong European footprint, Fairfield operates globally and helps businesses navigate through business cycles, with quick responses and multi-pronged approaches. The company values an eye for insightful take on global matters, ably backed by a team of exceptionally experienced researchers. With a strong repository of syndicated market research reports that are continuously published & updated to ensure the ever-changing needs of customers are met with absolute promptness.
Fairfield Market Research
UK +44 (0)20 30025888
USA (Toll-free) +1 (844) 3829746
This press release first seen on Brilad