The solid state battery market is expected to grow rapidly
Hardware

The solid state battery market is expected to grow rapidly

A study by market research firm MarketsandMarkets suggests that the demand for solid-state batteries, including for electric vehicles, is growing rapidly in the global market.

Image Source: pixabay.com / Manuchi

Image Source: pixabay.com / Manuchi

We are talking about batteries with solid electrolyte. The advantages of such products compared to conventional batteries are higher specific capacity, faster charging speed and temperature resistance. Many well-known companies are developing solid-state batteries, including Samsung, Toyota Motor and QuantumScape.

The global solid state battery market is expected to reach approximately US$58 million this year, with a CAGR (Compound Annual Growth Rate) of 32.5% in the future. As a result, the industry will reach $314 million by 2028.

Image Source: pixabay.com / GoranH

Image Source: pixabay.com / GoranH

The use of solid-state batteries in electric vehicles will increase range on a single charge, speed up replenishment and improve safety.

MarketsandMarkets lists consumer electronics and medical devices as other promising applications for such power supplies.

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About the author

Dylan Harris

Dylan Harris is fascinated by tests and reviews of computer hardware.

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