New York – May 9, 2023 - Research Nester’s recent market research report on “Solid State Battery Market: Global Demand Analysis & Opportunity Outlook 2035” delivers a detailed competitor’s analysis and a detailed overview of the in terms of market segmentation by capacity, application, type, category, and by region.
Rapid Increase in the Demand for Electric Vehicles to Promote Global Market Share of Solid State Battery
A remarkable increase could be observed in the sales of electric vehicles (EVs) all over the world, and this is thought to contribute to the market growth considerably. Presently, many of these electric vehicles are powered using lithium-ion batteries. However, the energy density required for the vehicles has been estimated to double while replacing these lithium-ion batteries with solid state batteries. Hence, the projected increase in the use of electric vehicles all over the world is expected to have a positive influence on the solid state battery market growth for solid state batteries. The demand for electric vehicles is rising as a result of many factors. The immense need to reduce the rate of emission of carbon dioxide is one of the major reasons driving the demand for electric vehicles. In 2021 alone, the count of EVs sold amounted to 6.6 million. Further, the 2 billion EVs that are expected to be on the road by 2050 as a measure to achieve net zero emissions should also benefit the market growth.
Some of the major growth factors and challenges that are associated with the growth of the solid state battery market are:
- Immense Growth in the Demand for Wireless Communication
- Rapid Progress Made in the Smart Infrastructure All Over the World
The high cost involved in the manufacturing of solid state batteries should affect the solid state battery market growth during the forecast period. The solid state batteries are continuously evolving, and hence many of the procedures now used in the manufacturing of these batteries involve high expense. These processes are also more complicated when compared to those involved in the production of lithium-ion batteries. Further, the strict regulations to be adhered to by businesses during the manufacturing and transportation of raw materials and finished products are also anticipated to hamper the market size of solid state batteries considerably.
Access our detailed report on Solid State Battery Market Size & Share by Type (Portable, Thin Film); Capacity (Less Than 20 mAH, 20 mAH to 500 mAH, More than 500 mAH); Category (Single-Cell Battery, Multi-Cell Battery); Application (Consumer Electronics, Wearable Devices, Electric Vehicles, Medical Devices, Packaging, Wireless Sensors) – Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2023-2035 @ https://www.researchnester.com/reports/novel-drug-delivery-systems-market/3930
By category, the global solid state battery market is segmented into single-cell battery and multi-cell battery. Between these two categories, multi-cell batteries are expected to hold the largest market share as the forecast period ends. By the end of 2035, multi-cell batteries are expected to hold a 60% share of the market revenue. The thermal management system of the multi-cell batteries is more enhanced compared to that of the single-cell batteries. This enhanced thermal management system prevents the overheating of the batteries which shortens the lifespan of the batteries. Hence, the long lifespan of multi-cell batteries is expected to contribute to the increasing demand for these batteries.
By region, the North American solid state battery market is projected to generate the highest revenue by the end of 2035. This growth is anticipated by the rise in the demand for power backups in different parts of the region. Many places in North America have experienced an increase in incidents of power outages in recent years. Efforts to solve the predicament are expected to create opportunities for the growth of the regional market. Further, the increase in the demand for wearable electronic devices should also contribute to the market growth in North America.
This report also provides the existing competitive scenario of some of the key players of the global solid state battery market which includes company profiling of Bodycote plc, Solvay S.A., Pathion Inc., Saft Groupe SAS, Toyota Motor Corporation, Solid Power Inc., BrightVolt Solid State Batteries, Excellatron Solid-state, Robert Bosch GmbH, Cymbet Corporation, QuantumScape Corporation, and others.