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The Latin America, Middle East and Africa Solid State Battery Market would witness market growth of 40.6% CAGR during the forecast period (2021-2027).
The continuous, though intermittent, shift to renewable energy sources has highlighted the need for innovative electric energy storage technologies to balance supply and demand. With the increased use of electric cars, more cost-effective energy storage options are required. At the same time, as people become more aware of climate change, manufacturers are being pushed to invest in clean technology to improve battery efficiency and longevity. Growing battery research & development results in significant material performance gains and lower production costs. Solid-state batteries (SSB) provide better safety and energy density while solving the safety issues that plague traditional lithium-ion batteries with liquid organic electrolytes.
Due to growing R&D activities connected to solid-state batteries, the Solid State Battery Market is growing. Increasing application of Solid State Batteries in electric automobiles, mass production of electronic devices, expanding application scope of solid-state batteries in the electric vehicle, healthcare, and drone sectors, and rising deployment of IoT to promote solid-state battery adoption, and the integration of flexible and lightweight batteries in wearables, are all driving the growth of the Solid State Battery Market.
The fast invention, production, and sale of batteries, particularly lithium-ion batteries, has been fueled by the quick rise of the electric car sector. In the meanwhile, material sources, battery vendors, component suppliers, vehicle OEMs, and investors are all interested in solid-state batteries.
Governments all across the globe are under pressure to commit to being carbon neutral, and the Middle East is no different. This aim necessitates a reduction in the number of gasoline-powered vehicles on the road. As a result, the number of electric cars (EVs) purchased in Saudi Arabia and the United Arab Emirates, as well as globally, has been steadily increasing. Automobile manufacturers are continually developing new models to meet the needs of this expanding market.
The lack of charging facilities in the Middle East and Africa is a key impediment to the expansion of the electric car industry in the region. In urban and suburban locations, gas stations may be found every few miles; however, public infrastructure for electric vehicles is primarily found in big metropolitan areas.
The Brazil market dominated the LAMEA Solid State Battery Market by Country in 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $5.3 million by 2027. The Argentina market is poised to grow at a CAGR of 41.4% during (2021 - 2027). Additionally, The UAE market would display a CAGR of 40.2% during (2021 - 2027).
Based on Type, the market is segmented into Single-cell Battery and Multi-cell Battery. Based on Capacity, the market is segmented into Below 20 mAh, Between 20 mAh and 500 mAh, and Above 500 mAh. Based on Battery Type, the market is segmented into Portable and Thin Film. Based on Application, the market is segmented into Medical Devices, Consumer Electronics, Energy Harvesting, Wireless Sensors, Electric Vehicles, and Others. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Robert Bosch GmbH, Toyota Motor Corporation, Ilika plc, Samsung SDI Co., Ltd. (Samsung Electronics Group), LG Chem Ltd. (LG Corporation), Contemporary Amperex Technology Co., Limited, Solid Power, Inc., Cymbet Corporation, Quantumscape Corporation, and Prieto Battery, Inc.
By Battery Type
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