The global solid state battery market was valued at USD 126.7 million in 2022 and is expected to reach over USD 1,645.60 million by 2030, poised to grow at a remarkable CAGR of 37.8% from 2021 to 2030.
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The energy density of a solid state battery is higher than that of a lithium-ion battery with a liquid electrolyte solution. As there is no chance of explosion or fire, there is no need for safety components, which saves space. Then there is more space to add more active materials to the battery, increasing its capacity. Due to the minimal number of cells required, a solid state battery can boost energy density per unit area. As a result, a solid state battery is ideal for constructing a high capacity electric vehicle module and pack battery system.
Due to increased research and development activities linked to solid state batteries, the market for solid state battery is growing at a rapid pace. The high adoption of solid state battery in electric vehicles, expanding application scope of solid state battery in diverse industries, mass production of electronic devices and equipment, and increasing deployment of internet of things to promote solid state battery adoption, as well as the incorporation of light weight and flexible batteries in digital wearable devices, are all the factors fueling the growth of the global solid state batterymarket during the forecast period.
The manufacturing cost-effective solid state battery is a major hurdle to the solid state battery market’s expansion. On the other hand, the product demand is expected to rise in a range of end use sectors as a result of strategic collaborations between major market players.
Moreover, the rising demand for electric vehicles, as well as higher investments and partnerships between automobile companies and battery manufacturers, are offering ample number of opportunities for the solid state battery market to flourish. Despite the fact that there are numerous major drivers, there are few restraints that could stifle the solid state battery market’s expansion. The high cost of solid state battery and the difficult manufacturing process may limit the growth of the global solid state battery market during the forecast period.
The higher cell energy density, lower charge time, the ability to do more charging cycles and thus have a longer life, and greater safety are all advantages of solid state battery technology. Despite all the advantages, the solid state battery market is facing challenges as solid state battery’s alternatives are available on the large scale in the market.
The alternatives or substitutes for the solid state batteries are graphene batteries, fluoride batteries, sand batteries, ammonia-powered batteries, and lithium-Sulphur batteries. The fluoride batteries can last up to eight times as along as solid state batteries. The new type of battery is lithium-ion battery that employs silicon instead of graphite to reach three times the performance of current graphite li-ion batteries. The battery is still lithium-ion, like those used in smartphone, but the anodes are made of silicon rather than graphite. All these batteries are restricting the growth of the solid state battery market over the projection period.
Scope of the Solid State Battery Market
|USD 1,645.60 million by 2030
|Growth Rate from 2021 to 2030
|Fastest Growing Market
|2023 to 2030
|Type, Capacity, Application, Region
|BrightVolt Inc., Cymbet Corporation, Solid Power Inc., Toyota Motor Corporation, Excellatron Solid State LLC, Robert Bosch GmbH, Altair Nanotechnologies, Quantumscape Corporation, Apple Inc., Dyson Ltd.
The thin film battery segment dominated the solid state battery market in 2022. Due to their efficient recharge rate and compact shape, these batteries are mostly employed in internet of things and wearable devices such as smartwatches and fitness bands. Thin film batteries, unlike traditional batteries, have low impact on environment, which is predicted to boost the growth of the global solid state battery market throughout the projection period.
The portable battery segment is fastest growing segment of the solid state battery market in 2022. Solid state batteries are currently found in a variety of portable gadgets and consumer electronics. Despite the fact that the use of these batteries in electronics is still in their early stages, they have a wide range of applications, including cameras, mobile phones, laptops, calculators, and torches.
The below 20mAh segment dominated the solid state battery market in 2022. The thin film batteries are the most common type of battery used in this segment, and they are used in variety of applications such as wireless sensors, cosmetic patches, and others.
The above 500mAh segment, on the other hand, is predicted to develop at a rapid rate over the projection period. The demand for this kind of batteries is being driven by government policies promoting renewable energy transportation. Furthermore, rising demand for battery energy storage systems in the diverse sectors is likely to boost the segment growth.
In 2022, the consumer electronics & portable electronics segment accounted 33.8% market share. The increased purchases of electronic gadgets such as computers and mobile phones are projected as a result of rapid urbanization and growing disposable incomes. Over the forecast period, this tendency is expected to support the segment expansion.
The electric vehicles segment, on the other hand, is predicted to develop at the quickest rate in the future years. The battery technology developments, as well as favorable regulatory frameworks encouraging the adoption of electric vehicles over gasoline or fuel based vehicles, are likely to drive the growth of the segment.
Europe is expected to develop at the fastest rate during the forecast period. The rapid expansion of the solid state battery market in the Europe can be attributed to the region’s stringent application of favorable regulatory frameworks and laws for the deployment of battery energy storage systems and electric automobiles.
Asia-Pacific region dominated the solid state battery market in 2022 with revenue share of 52%. Over the projection period, rising population in India and China, as well as favorable government regulations aimed at reducing carbon emissions from automobiles and encouraging the usage of electric vehicles, is likely to boost the growth of the solid state battery market in the Asia-Pacific region.
The major market players are highly investing in research and development to improve the technical features of solid state cells and modules, which offer cheaper battery costs, longer life, and greater performance than conventional batteries. Several strategic initiatives have been attempted by industry players, including supplying varied product ranges, joint ventures, mergers, acquisitions, and collaborations. These tactics help firms and market players to gain a stronger presence in the global solid state battery market. In February 2020, Panasonic Corporation and Toyota Motor Corporation formed Prime Planet Energy and Solutions Inc., a joint venture focused on the development, manufacture, and marketing of solid state battery for the automotive sector.
Some of the prominent players in the global solid state battery market include:
Segments Covered in the Report
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