Solid State Battery Market Size & Growth Analysis to 2030

The global solid-state battery market size is anticipated to register a robust CAGR of around 36% during the forecast period 2022 to 2028. The increasing rate of miniaturization of electronic components and the increasing sales of electric vehicles around the globe are some major factors to drive the market growth. Furthermore, the increasing adoption of electronic gadgets, growing research & development activities and the increasing use of solid-state batteries in healthcare and drone systems are further anticipated to boost the market over the forecast period. However, the high manufacturing cost and complex process are some major factors to hamper the market growth.

Market Drivers:

Advancements in Battery Technology: Solid-state batteries represent a significant advancement in battery technology compared to traditional lithium-ion batteries. Solid-state batteries offer advantages such as higher energy density, faster charging rates, improved safety, and longer lifespan. These advancements in battery technology drive the demand for solid-state batteries in various applications, including electric vehicles (EVs), consumer electronics, and renewable energy storage.

Growing Demand for Electric Vehicles (EVs): The global shift towards electric mobility and the increasing demand for electric vehicles are major drivers for the solid-state battery market. Solid-state batteries have the potential to address the limitations of traditional lithium-ion batteries in EVs by offering higher energy density and improved safety. The ability of solid-state batteries to provide longer driving ranges and shorter charging times is crucial for the wider adoption of electric vehicles.

Need for Safer Battery Technologies: Safety concerns associated with traditional lithium-ion batteries, such as the risk of thermal runaway and fires, have led to an increased focus on safer battery technologies. Solid-state batteries, with their solid electrolyte and improved thermal stability, offer enhanced safety compared to liquid electrolyte-based batteries. The demand for safer battery technologies in various applications, including EVs, portable electronics, and aerospace, drives the adoption of solid-state batteries.

Increasing Demand for Portable Electronics: The growing demand for portable electronics, such as smartphones, wearables, and laptops, is a driving factor for the solid-state battery market. Solid-state batteries offer advantages in terms of compact size, higher energy density, and longer battery life, which are crucial for portable electronic devices. As consumers seek devices with longer battery runtime and faster charging capabilities, the demand for solid-state batteries in the portable electronics market increases.

Renewable Energy Storage Applications: Solid-state batteries have the potential to play a crucial role in renewable energy storage systems, such as grid-level energy storage and residential energy storage. The high energy density and improved performance of solid-state batteries make them suitable for storing energy generated from renewable sources, such as solar and wind. The demand for solid-state batteries in renewable energy storage applications is driven by the need for efficient and reliable energy storage solutions.

Government Initiatives and Regulations: Government initiatives and regulations promoting clean energy, sustainable transportation, and energy storage drive the adoption of solid-state batteries. Many countries have set targets to reduce carbon emissions and promote the adoption of electric vehicles. Government incentives, subsidies, and regulations supporting the development and deployment of solid-state batteries stimulate market growth.

Investments in R&D and Commercialization: Significant investments in research and development (R&D) activities by battery manufacturers, automotive companies, and technology firms contribute to the advancement and commercialization of solid-state batteries. Companies are investing in developing solid-state battery technologies to overcome technical challenges, improve performance, and reduce costs. The increasing number of partnerships, collaborations, and funding initiatives in the solid-state battery sector drive market growth.

Scalability and Manufacturing Processes: The scalability of solid-state battery production and advancements in manufacturing processes are important factors driving market growth. Manufacturers are working on scaling up production capacities, optimizing manufacturing processes, and reducing production costs. The ability to produce solid-state batteries in large volumes and at competitive prices is crucial for their widespread adoption across various industries.

Market Snapshot:

Market Insights:

By battery type, the portable battery segment dominated the global solid-state battery market in 2020

The global solid-state battery market is bifurcated into battery type, capacity, applications, and geography. On the basis of battery type, the market is further segmented into a thin film and portable batteries. The thin-film solid-state battery segment is accounted to grow at the fastest growth rate over the forecast period. The segment growth is attributed to the increasing adoption of these batteries in various applications such as IoT and wearable devices. The advantage associated with the thin film batteries such as compact design and the efficient recharging rate is expected to increase its demand in smartwatches, smart bands, and smart clothing which is expected to fuel the segment growth.

By application, the consumer electronics segment is expected to dominate the global solid-state battery market by 2028

On the basis of application, the market is segmented into consumer electronics, electric vehicles, energy harvesting, wearable & medical devices, and others. The consumer electronics segment dominated the global solid-state battery market in 2020 and is expected to hold the largest market share of over one-third of the market by the end of the analysis period. The strong demand for portable electronic devices is a major factor to drive the segment growth. Furthermore, the rapid urbanization, increasing purchasing power of consumers, and the growing penetration of smart devices such as smartphones, laptops, and others are anticipated to boost the segment growth.

On the other hand, the electric vehicles segment is expected to play a vital role in the market growth. The increasing adoption of electric vehicles due to the increasing deployment of clean energy vehicles in the world’s major economies is expected to drive the segment growth. Furthermore, the fluctuating prices of gasoline, the stringent regulation regarding carbon emission, and the government supportive policies are expected to increase the adoption of electric vehicles which is in turn expected to fuel the segment growth over the forecast period.

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The solid-state battery comprehensive study analyzes industry trends, market size, competitive analysis, and market forecast – 2022 to 2028. Research Corridor report provides detailed premium insight into the global market and reveals the potential revenue streams, commercial prospects, market drivers, challenges, opportunities, issues, and events affecting the industry. In addition, the report has a dedicated section covering market forecasts and analysis for leading geographies, profiles of major companies operating in the market, and expert opinion obtained from interviews with industry executives and experts from prominent companies.

The solid-state battery market research report presents the analysis of each segment from 2019 to 2028 considering 2020 as the base year for the research. The compounded annual growth rate (CAGR) for each respective segment is calculated for the forecast period from 2021 to 2027.

Historical & Forecast Period

• 2019-20 – Historical Year
• 2021 – Base Year
• 2022-2028 – Forecast Period

Market Segmentation:

By Battery Type:

• Thin Film
• Portable

By Capacity:

• Below 20mAh
• 20mAh-500mAh
• Above 500mAh

By Application:

• Consumer Electronics
• Electric Vehicles
• Energy Harvesting
• Wearable & Medical Devices
• Others

By Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

Geographic Coverage:

The growing automotive industry is one of the prominent factor fueling the market growth in the Asia Pacific

Geographically, the Asia Pacific dominated the global solid-state battery market in 2020 and is expected to maintain its dominance over the forecast period. The constant growth in the automotive industry in developing economies is a significant factor to drive the market growth in the region. Furthermore, the increasing penetration of smartphones, wearable devices, and consumer electronics are further anticipated to fuel the market growth in the Asia Pacific. Moreover, the growing population along with the increasing purchasing power among consumers and the rising adoption of electrical vehicles is expected to uplift the market growth in the near future.

Competitive Assessment:

Some of the major market players operating in the global solid state battery market are Samsung SDI Co. Ltd., Cymbet, Solvay, Robert Bosch GmbH, and Saft. Companies are exploring markets by expansion, new investment, the introduction of new services, and collaboration as their preferred strategies. Players are exploring new geography through expansion and acquisition to gain a competitive advantage through joint synergy.

Key Companies:

• Samsung SDI Co. Ltd.
• Cymbet
• Solvay
• Robert Bosch GmbH
• Saft
• Pathion Inc.
• Toyota Motor
• Excellatron Solid-state
• Solid Power
• BrightVolt

Key Questions Answered by Solid-State Battery Market Report

• Global solid state battery market forecasts from 2022-2028
• Regional market forecasts from 2022-2028 covering Asia-Pacific, North America, Europe, Middle East & Africa, and Latin America
• Country-level forecasts from 2022-2028 covering 15 major countries from the regions as mentioned above
• Solid state battery submarket forecasts from 2022-2028 covering the market by battery type, by capacity, by application, and geography
• Various industry models such as SWOT analysis, Value Chain Analysis about the market
• Analysis of the key factors driving and restraining the growth of the global, regional, and country-level solid state battery markets from 2022-2028
• Competitive Landscape and market positioning of top 10 players operating in the market