According to the new market research report "Solid State Battery Market by Type (Single-cell and Multi-cell Battery), Rechargeability, Capacity, Application (Consumer Electronics, Electric Vehicles, Energy Harvesting, Medical Devices, Packaging, Wireless Sensors), Region - Global Forecast to 2027", The global solid state battery market size is estimated to grow from USD 62 million in 2020 to USD 483 million by 2027; it is expected to grow at a CAGR of 34.2% during the forecast period.
Browse 103 market data Tables and 42 Figures spread through 152 Pages and in-depth TOC on "Solid State Battery Market by Type (Single-cell and Multi-cell Battery), Rechargeability, Capacity, Application (Consumer Electronics, Electric Vehicles, Energy Harvesting, Medical Devices, Packaging, Wireless Sensors), Region - Global Forecast to 2027"
View detailed Table of Content here - https://www.marketsandmarkets.com/Market-Reports/solid-state-battery-market-164577856.html
Factors such as the rising requirement of solid state batteries in electric vehicles, the increasing trend toward the miniaturization of consumer electronics, and growing R&D activities by major companies are driving the growth of the solid state battery market.
“Single-cell batteries to hold larger market share in global solid state battery market”
The single-cell battery segment led the solid state battery market during the forecast period. Single-cell batteries—also known as thin-film batteries—have been existing for more than a decade. Single-cell batteries are preferred for use in miniature devices. Manufacturers designing portable products with limited internal space prefer to use micro batteries over conventional batteries to overcome safety concerns and to increase battery life. Thin-film batteries are widely used in applications such as smart packaging, smart cards, wearable devices, and medical devices. The trend of miniaturization of electronic devices has increased the demand for thin-film solid state batteries, thus driving the growth of the single-cell battery market significantly.
Single-cell batteries are commonplace in multiple applications. These batteries have been widely commercialized and adopted in medical devices, such as temperature sensors, pacemakers, medical implants, and others. These devices are compact and have space constraints, which makes thin-film single-cell batteries suitable for these devices. However, rapid development of wireless communication and IoT devices has created the relentless need for progress in battery technologies.
“Medical devices application to account for largest market size in 2020”
The solid state battery market for medical devices is expected to hold the largest size in 2020. Currently, solid state batteries have been commercialized significantly in the medical devices industry, as several manufacturers are designing and offering solid state batteries to power medical devices, such as temperature sensors, pacemakers, and smart patches. Technological advancements and the penetration of IoT in the medical field have generated opportunities for new battery-powered medical devices. Implantable medical devices, such as neural stimulators, pacemakers, and defibrillators, require batteries that can deliver a steady, reliable power source for a long duration; solid state batteries meet such requirements owing to their reliability and performance.
Single-cell batteries are expected to dominate the solid state battery for medical devices during the forecast period. These batteries can not only be cut or folded to fit any shape without loss of efficiency but also have high energy density and charging capacity compared to other conventional batteries. Single-cell thin-film batteries are expected to be used widely in medical products, non-implantable medical monitors, drug delivery systems, and biosensors due to such favorable characteristics. These batteries are also used as a power source in miniature medical technology; all these factors are expected to encourage their adoption in medical devices.
“Market in APAC to grow at highest CAGR during 2020-2027”
The market in APAC is expected to grow at the highest CAGR during the forecast period owing to the technological advancements in wearable devices and consumer electronics sectors in this region. The major wearable devices and consumer electronics manufacturers based in APAC, such as Samsung (South Korea), LG Electronics (South Korea), and Panasonic (Japan), are developing the next-generation flexible devices. These devices require power sources that are not only small but also have high power density to complement the product design; these requirements are fulfilled by thin-film batteries.
Key Market Players
Cymbet (US), Robert Bosch (Germany), Toyota Motor (Japan), Solid Power (US), Excellatron Solid State (US), and BrightVolt (US) are a few of the major companies operating in the solid state battery market.
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
Mr. Aashish Mehra
630 Dundee Road
Northbrook, IL 60062
USA : 1-888-600-6441