Published Date: 31-Mar-2022
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According to a new report, published by KBV research, The Global Solid State Battery Market size is expected to reach $294.1 million by 2027, rising at a market growth of 35.0% CAGR during the forecast period.
The Single-cell Battery segment has high growth rate of 33.9% during the forecast period. The market for solid-state batteries is growing due to rising demand for smart cards in the banking, telecommunications, and transportation industries for payment applications. Medical gadgets like temperature sensors, pacemakers, and smart patches are increasingly using single-cell batteries. The demand for these batteries is projected to be fueled by recent technical developments in thin-film solid-state battery technology.
The Below 20 mAh segment is leading the Global Solid State Battery Market by Capacity in 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $142.9 million by 2027. Thin-film batteries, which have a capacity of less than 20 mAh, are commonly employed in applications like wireless sensors, packaging, medical and cosmetic patches, and other low-drain devices. These low-drain gadgets do not use high-capacity batteries to operate since they are small and have limited internal space. In the near future, the market is likely to be driven by rising demand for solid-state batteries from applications.
The Medical Devices segment has acquired maximum revue share in the Global Solid State Battery Market by Application in 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $108.4 million by 2027. Solid-state batteries are now widely employed in the medical device sector, with multiple firms producing and selling solid-state batteries to power medical equipment including pacemakers, temperature sensors, and smart patches. High-capacity battery-powered medical products have become possible as a result of technological breakthroughs and the fast use of IoT in the medical area. The tiny size and great flexibility of solid-state batteries meet all of these needs in new versions of pacemakers, medication delivery systems, medical patches, medical diagnostic sensors, disposable medical devices, and biosensors. As a result of the growing use of solid-state batteries in medical equipment, medical devices will account for a large portion of the solid-state battery industry.
The North America is the fastest growing region in the Global Solid State Battery Market by Region in 2020, and would achieve a market value of $92.4 million by 2027. The Europe market is estimated to witness a CAGR of 34.1% during (2021 - 2027). Additionally, The Asia Pacific market would display a CAGR of 37% during (2021 - 2027).
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of 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.
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