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(USGovernment-News.Com, March 19, 2025 ) Solid-State Battery Market Size is valued at USD 886.1 Mn in 2024 and is predicted to reach USD 24343.2 Mn by the year 2034 at a 40.4% CAGR during the forecast period for 2025-2034.
Global Solid-State Battery Market 2025-2034 full Research Repot latest version is now available.
Latest Drivers Restraint and Opportunities Market Snapshot:
Key factors influencing the global solid-state battery market are: Increasing use of electric cars (EVs) Increased attention to renewable energy sources Solid-state batteries have a longer shelf life than conventional batteries
The following are the primary obstacles to the solid-state battery market's expansion: Solid-state batteries are expensive to manufacture Availability of inexpensive substitutes Increasing complexity in manufacturing
Future expansion opportunities for the global solid-state battery market include: Technological developments in batteries Increasing research and development activities Solid-state battery industry is seeing rapid investment
Key Industry Insights & Findings from the report:
The solid-state battery market is expanding due to the growing demand for solid state batteries brought on by the increasing use of electric cars (EVs) by people worldwide. Solid-state batteries are positioned as a key element in the shift to greener technology because of government incentives supporting clean energy and sustainable transportation. North America dominated the market and accounted for a revenue share of global revenue in 2023. The significant market barrier for solid-state batteries is the high cost of manufacturing.
Market Analysis: Solid-state batteries use a solid electrolyte rather than the liquid or gel electrolyte used in conventional lithium-ion or lead-acid batteries. Because solid-state batteries have the potential to have a higher energy density, be safer, and last longer than conventional batteries, they are seen as a possible next-generation battery technology.
Some of the main factors driving the solid-state battery market are the increasing use of electric vehicles (EVs) to minimize greenhouse gas (GHG) emissions and maintain a cleaner environment, the growing emphasis on renewable energy sources, and advancements in battery technology that provide longer cycle life and improved safety.
List of Prominent Players in the Solid-State Battery Market:
Bollore Group (Bluesolutions) QuantumScape Corporation SAMSUNG SDI CO., LTD. Hitachi Zosen Corporation Ilika plc Prieto Battery Inc. Toyota Motor Corporation Solid Power, Inc. TDK Corporation Factorial Inc theion GmbH Sakuu Corporation Ion Storage Systems SK on Co., Ltd Natrion Ampcera Inc. Ganfeng Lithium Group Co., Ltd. ProLogium Technology Co., Ltd. Ionic Materials Inc LG Energy Solution LionVolt StoreDot Ltd Others
Recent Developments: April 2024: To promote the development of solid-state battery materials for electric vehicles, LG Chem and Factorial Inc. inked a Memorandum of Understanding. The goal of this partnership is to take advantage of Factorial's cutting-edge solid-state technology and LG Chem's experience with battery materials. With a focus on performance, efficiency, and safety, both businesses want to strengthen their competitive edge in the changing battery market. Future electric vehicles should see notable increases in driving range and charging times due to Factorial's exclusive FEST technology. January 2024: The development of Hitachi Zosen Corporation's all-solid-state lithium-ion battery, AS-LiB, has reached a major milestone. One maker of semiconductor manufacturing equipment placed the company's first commercial order for 12 units. In addition, the orbit AS-LiB demonstrated its potential for future uses by completing a year-long demonstration in orbit, returning on December 23, 2023, and receiving a Certificate of Space Flight from JAXA. June 2023: With the release of a high-performance solid-state battery, LG Chem. unveiled its most recent battery technology breakthrough. Compared to conventional lithium-ion batteries, this new battery's energy density and total capacity are significantly increased by using a silicon-based anode material. With its breakthrough, LG Chem hopes to satisfy the growing need for stronger and longer-lasting batteries across a range of sectors, including electric cars and portable electronics. March 2023: Panasonic Corporation declared that the successful development of a high-capacity solid-state battery represents a significant advancement in battery technology. With a larger energy storage capacity than conventional graphite anode batteries, this invention is a breakthrough. An important advancement in energy storage is anticipated with the new solid-state battery, which is expected to provide improved performance and extended battery life.
Solid-State Battery Market Dynamics: Market Drivers: Rising Adoption of Electric Vehicles (EVs) The market is expanding due to the growing demand for solid state batteries brought on by the increasing use of electric cars (EVs) by people worldwide. To lower carbon emissions, several nations' governing bodies are enforcing strict laws.
Additionally, they are providing a number of tax breaks and incentives for EV purchases, which is boosting the market. In addition, these batteries give cars more safety features and greater range. Moreover, EVs can have longer driving ranges without requiring larger battery packs thanks to solid state batteries' increased energy storage capacity and reduced carbon impact.
Furthermore, solid state batteries could greatly shorten charging periods, which would increase their use in EVs.
Challenges: Availability of Low-Cost Substitutes Compared to traditional batteries, solid-state batteries are more costly and require more intricate components. The price of solid-state batteries is approximately USD 130 per kilowatt-hour (KWh), although several other battery types are substantially less expensive.
Additionally, the solid-state battery market is anticipated to be constrained during the forecast period by the growing use of lead-acid, flow, and sodium-ion batteries in EVs and consumer electronics. The prospects for solid-state battery makers and distributors are expected to be somewhat hampered by the availability of such batteries in a variety of sizes and specifications.
In addition, it is anticipated that their declining cost will significantly restrain the solid-state battery market as a result of the growing number of manufacturing facilities. In the upcoming years, this will have an even greater detrimental effect on the demand for solid-state batteries unless they are developed and made more reasonably priced.
North America Is Expected To Grow With The Highest CAGR During The Forecast Period The North America solid-state battery market is likely to register a significant revenue share and to develop at a rapid CAGR in the near future due to rising investments in electric vehicles and clean energy technology. Furthermore, there is a greater need for cutting-edge battery solutions that improve EV performance and safety as a result of the region's emphasis on cutting carbon emissions.
Major automakers are also actively investigating solid-state technologies to increase charging times and vehicle range. North America is positioned as a major player in the global solid state battery industry landscape due to ongoing research partnerships between academic institutions and industrial companies that are encouraging innovation.
Segmentation of Solid-State Battery Market- By Component- Cathode Anode Solid Electrolytes By Type- Single-cell Multi-cell By Application- Consumer Electronics Electric Vehicles Energy Storage System Medical Devices o loTs Consumer Electronics loTs Medical Devices loTs Others By Battery Type- Primary Secondary By Capacity- 20 mAh--500 mAh Above 500 mAh Below 20 mAh By Region- North America- The US Canada Mexico Europe- Germany The UK France Italy Spain Rest of Europe Asia-Pacific- China Japan India South Korea South East Asia Rest of Asia Pacific Latin America- Brazil Argentina Rest of Latin America Middle East & Africa- GCC Countries South Africa Rest of Middle East and Africa
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