The global solid-state and polymer batteries market is on the brink of a significant transformation, poised to experience a staggering 35% compound annual growth rate (CAGR) from 2023 to 2030, reaching an estimated market revenue of US$1.5 billion by the end of the decade, according to a comprehensive market analysis.
Solid-state batteries, which utilize solid electrodes and electrolytes instead of traditional liquid or polymer components, are gaining traction for their remarkable advantages, including higher energy density, lower flammability, and enhanced electrochemical stability. This technology is smaller and more cost-effective compared to liquid-based lithium-ion batteries, finding applications in various industries, including wearables, pacemakers, and radio-frequency identification (RFID).
Key Findings and Market Drivers:
- Massive Expansion: The market for solid-state and polymer batteries is set to undergo substantial revenue growth throughout the next decade, driven by factors such as increased demand for solid-state batteries in electric vehicles (EVs) and intensified research and development efforts by major corporations.
- Longer Shelf-Life: Solid-state batteries offer longer lifespans, high energy density, and rapid charging capabilities, contributing to the reduction in the cost of EVs. They address issues associated with traditional lithium-ion batteries, which are expensive, heavy, and slow to charge.
- Pacing R&D Activity: Despite certain challenges, solid-state batteries are gaining prominence due to their superior characteristics, such as higher energy density and safety. Notable players like Robert Bosch, Quantum Scape, Planar Energy Devices, and Toyota Motor are actively engaged in the development of solid-state batteries, hastening their adoption across various industries.
- Growth Opportunities Across Regions: The Asia Pacific region is leading the charge, driven by the demand for solid-state batteries in countries like China and India, coupled with government initiatives and investments. Europe is also emerging as a lucrative market, fueled by EU funding, incentives, and growing demand for eco-friendly products.
- Dominance of Electric Vehicles: Electric vehicles are expected to dominate the solid-state and polymer batteries market, as automakers focus on advanced EVs to reduce greenhouse gas emissions. Recent announcements, such as Nissans plans for all-solid-state battery-equipped EVs, highlight the industrys commitment to innovation.
To meet the increasing demand for solid-state batteries, manufacturers face the challenge of intricate manufacturing procedures, necessitating precise material deposition and impervious solid electrolytes to prevent short circuits.
The markets primary segment is the 20 mAh to 500 mAh battery capacity range, driven by applications in wearables, sensors, medical devices, military equipment, and ongoing research and development.
Leading companies at the forefront of the solid-state and polymer batteries market include Ionic Materials, SES, Toyota, Blue Solutions, Thinfilm, Solid Power, QuantumScape, and Hitachi Zosen.
As the world transitions towards cleaner and more efficient energy solutions, the solid-state and polymer batteries market is poised to play a pivotal role in powering the future.
Global Solid-State and Polymer Batteries Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2023-2030 (By Type Coverage, By Rechargeability Coverage, By Capacity Coverage, By Application Coverage, By Geographic Coverage and Leading Companies) https://www.fairfieldmarketresearch.com/report/solid-state-polymer-batteries-market
Similar Reports:
Second-life EV Batteries Market
https://www.fairfieldmarketresearch.com/report/second-life-ev-batteries-market
Forklift Battery Market
https://www.fairfieldmarketresearch.com/report/forklift-battery-market
Solid-state Battery Market
https://www.fairfieldmarketresearch.com/report/solid-state-battery-market
About Us
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.
Contact
Fairfield Market Research
London, UK
UK +44 (0)20 30025888
USA (Toll-free) +1 (844) 3829746
Web: https://www.fairfieldmarketresearch.com/
Email: [email protected]
This press release first seen on Brilad
COMTEX_440910071/2840/2023-09-25T13:12:26
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Smart Herald journalist was involved in the writing and production of this article.