According to a statement by P&S Intelligence, the solid-state battery market will reach USD 775.2 million, growing at a rate of 32.6%, by 2030.
The main factor driving the growth of the industry is the rising electric vehicle deployment, the increasing battery management utility and energy storage systems, and the increasing electronic gadgets implementation.
Additionally, the market is expected to be influenced by the growing number of robot shipments all over the world. Furthermore, the increasing research and development activities related to solid-state batteries, the miniaturization of electronic devices, and the increasing implementation of IoT-based systems have arisen as key driving forces in the solid-state battery industry.
In the past few years, the 20–500 mAh battery capacity category generated the highest solid-state battery market revenue share, 68.2%. This is due to the applications of solid-state batteries, for instance, wearable medical devices, domestic appliances, and energy storage systems, necessitating these variants.
Browse detailed – Solid-State Battery Market Revenue Estimation and Growth Forecast Report
APAC accounted for the largest industry share, approximately 54.4%, in the past few years, and it will maintain its position throughout this decade. This is ascribed to the growth in the utilization of battery management systems, a large base of portable electronics consumer, and developments in the renewable energy sector.
Extensive research and development are resulting in the enhancing capability of these batteries, which will drive the expansion of the industry in the years to come.
Hence, with the increasing adoption of electronic gadgets and the growing utility of energy storage and battery management systems, the solid-state battery industry will continue to grow in the years to come.
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