Solid-State Battery Market Size is valued at USD 699.34 Mn in 2023 and is predicted to reach USD 8,967.20 Mn by the year 2031 at a 39.2% CAGR during the forecast period for 2024-2031.
The solid-state battery is shorthand for a certain rechargeable battery category that uses solid electrolytes and solid electrodes instead of the polymer gel or liquid electrolytes used in lithium-ion or lithium polymer batteries. Solid-state batteries are being propelled by rising demand for high-energy-density batteries in consumer electronics, transportation, and renewable energy sectors. Because of their greater energy storage capacity compared to standard lithium-ion batteries, silicon anode batteries are well suited for uses that necessitate continuous power. Demand for silicon-anode batteries is rising due to the trend toward greener forms of energy and the rise of electric vehicles.
The global trend of governments enacting rules and laws to curb carbon emissions and encourage the use of sustainable energy sources bodes well for developing the solid-state battery market. Furthermore, incorporating flexible and lightweight batteries into wearable devices, as well as the longer shelf life of solid-state batteries compared to conventional batteries, are all factors expected to drive the market value higher in the coming years.
However, the market growth is hampered by the strict regulatory and high-cost criteria for the safety and health of solid-state batteries and the product's inability to prevent fog in environments with dramatic temperature fluctuations or high humidity solid-state batteries because of the high-quality components it requires. The current production cost of solid-state batteries is higher than that of lithium-ion batteries. Widespread implementation is hindered by the price gap, which is especially problematic in price-sensitive industries like the consumer electronics and automotive sectors. In the wake of the COVID-19 epidemic and subsequent lockdown, there was a decline in consumer demand for solid-state rechargeable batteries. This impacted Many businesses, including those who make and recycle batteries.
Competitive Landscape
Some Major Key Players In The Solid-State Battery Market:
- Bollore Group (Bluesolutions)
- QuantumScape Corporation
- Toyota Motor Corporation
- Solid Power, Inc.
- TDK Corporation
- SAMSUNG SDI CO., LTD.
- Hitachi Zosen Corporation
- Ilika plc
- Ganfeng Lithium Group Co., Ltd.
- ProLogium Technology Co., Ltd.
- Ionic Materials Inc
- Prieto Battery Inc.
- Factorial Inc
- theion GmbH
- Sakuu Corporation
- Ion Storage Systems
- SK on Co., Ltd
- Natrion
- Ampcera Inc.
- LG Energy Solution
- LionVolt
- StoreDot Ltd
Market Segmentation:
The solid-state battery market is segmented based on application, electrolyte type, battery type, and capacity. According to the application, the market is categorised into electric vehicles, consumer electronics, medical devices, energy storage systems, and others. By electrolyte type, the market is segmented into polymer, sulfide, oxide, and others. By battery type, the market is segmented into thin film, bulk, and others. By capacity, the market is segmented into below 20mAh, 20mAh to 500mAh, and above 500mAh.
Based On The Application, The Consumer Electronics Solid-State Battery Market Segment Is A Major Contributor To The Solid-State Battery Market.
The consumer electronics solid-state battery is expected to lead with a major global market share in 2022. consumer electronics accounted for the bulk of the solid-state battery industry. Rapid urbanization and rising incomes in emerging countries may be to blame for this trend. These countries also spend more on consumer goods like laptops, smartphones, and desktops.
Thin-Film Segment To Witness Growth At A Rapid Rate.
The thin film makes up the bulk of solid-state battery usage because smart gadgets constantly demand new features, like increased security, greater specific energy and power capacities, smaller form factors, and better materials. These thin-film batteries can be used in various electronic devices, wireless sensors, smart cards, medical equipment, memory backup power systems, and solar cell energy storage solutions, especially in countries like the US, Germany, the U.K., China, and India.
In The Region, The North American Solid-State Battery Market Holds A Significant Revenue Share
The North American solid-state battery market is expected to record the maximum market share in revenue in the near future. It can be attributed to the fact that its people tend to be well-off and educated. Increasing solid-state battery use in the region meets the rising need for batteries across various industries, including smart cards, packaging, and electric vehicles. In addition, Asia Pacific is estimated to grow rapidly in the global solid-state battery market due to advancements in the renewable energy sector, an ever-increasing need for battery energy storage devices, and a massive consumer user base for consumer and portable electronics.
Recent Developments:
- In March 2022, MAHLE and ProLogium entered into a memorandum of understanding about the creation of the initial thermal management system tailored to ProLogium's solid-state batteries of the next generation. The implementation of commercially viable solid-state battery solutions with enhanced safety, energy density, and lifespan was facilitated by collaborative efforts.
- In Aug 2022, The National Research and Development Agency, Japan Aerospace Exploration Agency and Hitachi Zosen Corporation collaborated to conduct a demonstration experiment on the charge and discharge operation of all-solid-state lithium-ion batteries installed in the Japanese Module "Kibo" on the International Space Station (ISS). Their performance in the space environment was verified to be suitable, establishing it as the world's first successful endeavor of its nature.
Solid-State Battery Market Report Scope
|
Report Attribute |
Specifications |
|
Market Size Value In 2023 |
USD 699.34 Mn |
|
Revenue Forecast In 2031 |
USD 8,967.20 Mn |
|
Growth Rate CAGR |
CAGR of 39.2 % from 2024 to 2031 |
|
Quantitative Units |
Representation of revenue in US$ Million and CAGR from 2024 to 2031 |
|
Historic Year |
2019 to 2023 |
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Forecast Year |
2024-2031 |
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Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
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Segments Covered |
By Application, Component, Battery Type, Capacity, Type |
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Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
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Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; France; Italy; Spain; South East Asia; South Korea |
|
Competitive Landscape |
Bollore Group (Bluesolutions), QuantumScape Corporation, Toyota Motor Corporation, Solid Power, Inc., TDK Corporation, SAMSUNG SDI CO., LTD., Hitachi Zosen Corporation, Ilika plc, Ganfeng Lithium Group Co., Ltd., ProLogium Technology Co., Ltd., Ionic Materials Inc, Prieto Battery Inc., Factorial Inc, theion GmbH, Sakuu Corporation, Ion Storage Systems, SK on Co., Ltd, Natrion, Ampcera Inc., LG Energy Solution, LionVolt, StoreDot Ltd. and others |
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Customization Scope |
Free customization report with the procurement of the report and modifications to the regional and segment scope. Particular Geographic competitive landscape. |
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Pricing And Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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