Due to its advantages over conventional batteries, including as their higher energy density, quicker charging, advantages in terms of safety, and longer shelf life, solid state batteries are becoming more popular in a variety of applications. The Solid State Battery Market Size is anticipated to increase from USD 58 million in 2022 to USD 314 million by 2028, growing at a CAGR of 32.5 % over that time. A few of the key drivers propelling the market's expansion include the increasing demand for solid state batteries in electric cars, the trend toward miniaturising consumer electronics, and rising R&D expenditures by big corporations.
In terms of market size and market share, the below 20 mAh segment led the industry in 2021. Thin-film batteries, which are frequently utilised in applications like packaging, wireless sensors, medical & cosmetic patches, and other low drain devices, are the majority of batteries that fall within the capacity range of 20 mAh or less. These low drain gadgets don't require large capacity batteries to function because they are small and have a small internal footprint. The market is anticipated to grow rapidly due to rising application demand for solid-state batteries.
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The market for secondary batteries in solid state batteries is anticipated to expand at a faster CAGR over the forecast period. Thin-film and solid-state chip batteries, which are the most popular batteries, are an example of secondary batteries. Medical equipment, electric cars, wireless sensors, wearable technology, and consumer gadgets all employ secondary or rechargeable batteries. Manufacturers are starting to understand the significance of batteries that offer higher durability, longer ranges, and lower costs as wearables, medical gadgets, and (electric vehicles) EVs become more common. Size and weight are equally important to cycle life in the EV market. Because of this, there is a strong and rising demand for secondary microbatteries over the projection period.
During the forecast period, Europe is anticipated to increase at the greatest CAGR. Packaging, consumer electronics, electric vehicles, and medical devices are some of the major markets for solid state batteries in Europe. Companies like Robert Bosch (Germany), Ilika (UK), and Blue Solutions (France) are developing the next generation of flexible devices. To complement the product design, these gadgets need power sources that are compact and have a high power density; thin-film batteries meet these needs. (International Energy Agency) claims that Europe has surpassed China to take the lead as the world's largest market for electric vehicles. Regions including the UK, Germany, France, and the rest of Europe are included in the European Solid State Battery Market.
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