According to the new market research report "Solid State Battery Market by Type (Single-cell and Multi-cell Battery), Rechargeability, Capacity, Application (Consumer Electronics, Electric Vehicles, Energy Harvesting, Medical Devices, Packaging, Wireless Sensors), Region - Global Forecast to 2027", The global solid state battery market size is estimated to grow from USD 62 million in 2020 to USD 483 million by 2027; it is expected to grow at a CAGR of 34.2% during the forecast period.
Factors such as the rising requirement of solid state batteries in electric vehicles, the increasing trend toward the miniaturization of consumer electronics, and growing R&D activities by major companies are driving the growth of the solid state battery market.
“Single-cell batteries to hold larger market share in global solid state battery market”
The Single-cell battery segment is expected to lead the solid state battery market during the forecast period. Single-cell batteries—also known as thin-film batteries—have been existing for more than a decade. Single-cell batteries are preferred for use in miniature devices. Manufacturers designing portable products with limited internal space prefer to use micro batteries over conventional batteries to overcome safety concerns and to increase battery life. Thin-film batteries are widely used in applications such as smart packaging, smart cards, wearable devices, and medical devices. The trend of the miniaturization of electronic devices has increased the demand for thin-film solid state batteries, thus propelling the growth of the single-cell battery market significantly.
“Medical devices application to account for largest market size in 2020”
The solid state battery market for medical devices is expected to hold the largest size in 2020. Currently, solid state batteries have been commercialized significantly in the medical devices industry, as several manufacturers are designing and offering solid state batteries to power medical devices, such as temperature sensors, pacemakers, and smart patches. Technological advancements and the penetration of IoT in the medical field have generated opportunities for new battery-powered medical devices. Implantable medical devices, such as neural stimulators, pacemakers, and defibrillators, require batteries that can deliver a steady, reliable power source for a long duration; solid state batteries meet such requirements owing to their reliability and performance.
“Market in APAC to grow at highest CAGR during 2020-2027”
The market in APAC is expected to grow at the highest CAGR during the forecast period owing to the technological advancements in wearable devices and consumer electronics sectors in this region. The major wearable devices and consumer electronics manufacturers based in APAC, such as Samsung (South Korea), LG Electronics (South Korea), and Panasonic (Japan), are developing the next-generation flexible devices. These devices require power sources that are not only small but also have high-power density to complement the product design; these requirements are fulfilled by thin-film batteries.
Source: ASDReports - Market Research
Date: May 13, 2020