The global solid-state battery market was valued at $0.5 billion in 2020, and is projected to reach $3.4 billion by 2030, growing at a CAGR of 18.0% from 2021 to 2030.
Solid-state battery is a technology, which utilizes solid electrodes and solid electrolytes as an alternative to liquid or polymer electrolytes found in lithium-ion or lithium-polymer batteries. This technology serves as one of the leading alternatives for conventional lithium-ion battery technology. Solid-state batteries have found their application in radio-frequency identification (RFID), pacemakers, and wearable devices. In addition, smaller and lighter solid-state batteries are expected to be a breakthrough for the electric vehicle industry. Electric cars and wearable technology require improved batteries compared to current lithium-ion battery technology, due to the fact that lithium-ion batteries are sensitive to high temperature and have safety concerns related to exploding when overcharged and discharged.
Increase in application of solid-state batteries in healthcare, wearable, and drone’s sectors is drives the growth of the global solid-state batteries market. In addition, surge in need for solid-state batteries in electric vehicles plays an important role in driving the growth of the market. However, complex manufacturing process and high cost of solid-state batteries restrain the market growth during the forecast period. Conversely, technological advancements in manufacturing of solid-state batteries along with increase in demand for electric vehicles is expected to create potential growth opportunity for key players operating in this market.
The global solid state battery market is segmented on the basis of type, capacity, application, and region. On the basis of type, it is divided into thin film and portable battery. By capacity, it is categorized into less than 20 mAh, between 20 mAh & 500 mAh, and 500 mAh & above capacity batteries. Depending on application, it is fragmented into consumer & portable electronics, electric vehicle, energy harvesting, entertainment, wearable & medical devices, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Solid-state battery is a technology, which utilizes solid electrodes and solid electrolytes as an alternative to liquid or polymer electrolytes found in lithium-ion or lithium-polymer batteries. This technology serves as one of the leading alternatives for conventional lithium-ion battery technology. Solid-state batteries have found their application in radio-frequency identification (RFID), pacemakers, and wearable devices. In addition, smaller and lighter solid-state batteries are expected to be a breakthrough for the electric vehicle industry. Electric cars and wearable technology require improved batteries compared to current lithium-ion battery technology, due to the fact that lithium-ion batteries are sensitive to high temperature and have safety concerns related to exploding when overcharged and discharged.
Increase in application of solid-state batteries in healthcare, wearable, and drone’s sectors is drives the growth of the global solid-state batteries market. In addition, surge in need for solid-state batteries in electric vehicles plays an important role in driving the growth of the market. However, complex manufacturing process and high cost of solid-state batteries restrain the market growth during the forecast period. Conversely, technological advancements in manufacturing of solid-state batteries along with increase in demand for electric vehicles is expected to create potential growth opportunity for key players operating in this market.
The global solid state battery market is segmented on the basis of type, capacity, application, and region. On the basis of type, it is divided into thin film and portable battery. By capacity, it is categorized into less than 20 mAh, between 20 mAh & 500 mAh, and 500 mAh & above capacity batteries. Depending on application, it is fragmented into consumer & portable electronics, electric vehicle, energy harvesting, entertainment, wearable & medical devices, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key Benefits For Stakeholders
- The report includes in-depth analysis of different segments and provides market estimations between 2021 and 2030.
- A comprehensive analysis of the factors that drive and restrict the growth of the global solid state battery market is provided.
- Porter’s five forces model illustrates the potency of buyers & sellers, which is estimated to assist the market players to adopt effective strategies.
- Estimations and forecast are based on factors impacting the global solid state battery market growth, in terms of value.
- Key market players are profiled to gain an understanding of the strategies adopted by them.
- This report provides a detailed analysis of the current trends and future estimations from 2021 to 2030, which helps identify the prevailing market opportunities.
Key Market Segments
By Application
- Consumer and Portable Electronics
- Electric Vehicle
- Energy Harvesting
- Wearable and Medical Devices
- Others
By Type
- Portable
- Thin Film
By Capacity
- Less than 20 mAh
- 20 mAh to 500 mAh
- More than 500 mAh
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Brazil
- South Africa,
- Saudi Arabia
- Rest of LAMEA
Key Market Players
- SK Innovation Co., Ltd.
- STMicroelectronics
- TotalEnergies
- Store Dot
- QuantumScape Corpoation
- Solid Power Inc
- Factorial Inc
- Ganfeng Lithium Co., Ltd
- Ilika
- Prieto Battery
Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: SOLID STATE BATTERY MARKET, BY APPLICATION
CHAPTER 5: SOLID STATE BATTERY MARKET, BY TYPE
CHAPTER 6: SOLID STATE BATTERY MARKET, BY CAPACITY
CHAPTER 7: SOLID STATE BATTERY MARKET, BY REGION
CHAPTER 8: COMPANY LANDSCAPE
CHAPTER 9: COMPANY PROFILES
LIST OF TABLES
LIST OF FIGURES
Executive Summary
According to this report titled, 'Solid State Battery Market,' the solid state battery market size was valued at $0.5 billion in 2020, and is estimated to reach $3.4 billion by 2030, growing at a CAGR of 18% from 2021 to 2030.Solid state battery is a technology, which utilizes both solid electrodes and solid electrolytes. It is an ideal substitute of conventional lithium-ion battery. Solid state batteries are smaller, have higher capacity, and cheaper compared to current liquid-based lithium-ion batteries. Industry giants focus on developing a battery, which contains solid electrolyte and is non-inflammable. Current lithium-ion batteries are flammable and produce lot of heat. As a result, manufacturers focus on developing and using improved solid-state batteries.
Increase in application of solid state batteries in the healthcare, wearable, and drones’ sectors drive the growth of the global solid state rechargeable batteries. Moreover, rise in need for solid state batteries in electric vehicle boosts the market growth. However, complex manufacturing process and high cost of solid state battery restrain the market growth. Conversely, increase in investment in the market by industry giants, including Samsung and Hyundai are anticipated to offer future solid state battery market growth opportunities for the market.
Depending on the type, the portable battery segment garnered the highest market share of about 68.1% in 2020, and is expected to maintain its dominance during the solid state battery market forecast period. This is attributed to rise in adoption of solid state batteries in portable devices. In addition, continuous increase in usage of portable devices has fueled the demand for portable solid state batteries. Moreover, with growth in demand for tablet, laptop, smartphone, and e-reader or a MP3 player, it is expected that demand for portable solid state battery will increase.
On the basis of capacity, the 20 mAh to 500 mAh segment acquired the largest market share of about 72.8% in 2020, in terms of revenue, and is expected to maintain its dominance during the forecast period. This is attributed to rise in demand for solid state rechargeable batteries from applications, including energy storage, wearables, and electric vehicle. In addition, rapid growth of consumer electronics sectors is anticipated to fuel the growth of this segment in the future.
On the basis of application, consumer & portable electronics segment held the largest share in 2020, in terms of revenue, and is expected to maintain its dominance during the forecast period. This growth is attributed to rapid urbanization and consumer expenditure toward consumer electronics applications, including laptop, smartphones, and computers across developing countries. In addition, rise in concern toward safety issues associated with liquid-based electrolytes in batteries is expected to increase demand for solid state batteries from consumer electronics applications, which, in turn, drive the market growth during the forecast period.
Region wise, the market is analyzed across four major regions such as North America, Europe, Asia-Pacific, and LAMEA. Europe garnered highest CAGR of 18.5% from 2021-2030 and is expected to maintain its dominance in the solid state battery market trend during the forecast period. This is attributed to the rise in presence of huge electric vehicle consumer base, development of the renewable energy sector, and growth in use of battery energy storage systems. Moreover, presence of the countries, including Germany, the UK, France, and Spain is anticipated to contribute toward the growth of the solid state battery market in Europe.
The global solid state battery market analysis covers in-depth information of the major solid state battery industry participants. The key players operating and profiled in the report include Cymbet Corporation Front Edge, Infinite Power Solution, Inc., Seeo Inc. (Robert Bosch GmbH Subsidiary) Saft, Excellatron Solid state, Brightvolt, Inc., LG Energy Solution Ltd. Solid Power, Inc., Pathion Inc., and Samsung SDI Co., Ltd.
The other players operating in the solid state battery market are STMicroelectronics N.V., Toyota Motor Corporation, Sakti3 Inc. (Dyson Ltd. Subsidiary), Planar Energy Devices, Inc., QuantumScape, and Altairnano.
COVID-19 Impact on the Market
Lockdown imposed, due to outbreak of COVID-19 pandemic resulted in temporary ban on import & export and manufacturing & processing activities across various industries in battery sector, which decreased the demand for solid state batteries from consumers, including portable electronics and electric vehicles. In addition, halt in renewable power plants, automotive manufacturing, and consumer electronics manufacturing, owing to unavailability of workers and increase in demand-supply gap hamper the solid state battery market growth during the pandemic period. This declined the market growth in the second, third, and fourth quarters of 2020. However, the solid state battery market recovered by the second quarter of 2021, as COVID-19 vaccination begun in various economies across the globe, which improved the global economy.Key findings of the Study
- In 2020, the consumer & portable electronics segment accounted for about 42.5% of the share in the global solid state battery market, and is expected to maintain its dominance till the end of the forecast period.
- In 2020, the thin film segment is accounted for 31.9% market share, and is anticipated to grow at a rate of 18.2% in terms of revenue.
- In 2020, the 20 mAh to 500 mAh segment accounted for 72.8% market share, and is anticipated to grow at a rate of 17.9% in terms of revenue.
- More than 500 mAh is the rapidly growing segment in the global solid state battery market, and is expected to grow at a CAGR of 18.4% during 2021-2030.
- Europe is expected to grow at the fastest rate, registering a CAGR of 18.5%, throughout the forecast period.
- In 2020, Asia-Pacific dominated the global solid state battery market with more than 38.4% of the share, in terms of revenue.
Companies Mentioned
- SK Innovation Co., Ltd.
- STMicroelectronics
- TotalEnergies
- Store Dot
- QuantumScape Corpoation
- Solid Power Inc
- Factorial Inc
- Ganfeng Lithium Co., Ltd
- Ilika
- Prieto Battery
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 230 |
| Published | April 2022 |
| Forecast Period | 2020 - 2030 |
| Estimated Market Value ( USD | $ 0.65 billion |
| Forecasted Market Value ( USD | $ 3.4 billion |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
