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Solid State Battery Market Report Scope & Overview:

The Solid State Battery Market size was valued at USD 83.2 million in 2023 and is expected to expand at a CAGR of 42% from 2024 to 2031 and it will reach USD 1375.62 Million in 2031.

The growing demand for strong regional batteries between the end-of-life sectors and the increase in research and development activities focused on selling battery costs is expected to further market growth in the forecast period. Increased adoption of electronic gadgets, increased use of battery-saving systems, and increased exports of electric vehicle are among the key drivers of the industry. These batteries offer higher power density, lower combustion, and higher electrochemical stability compared to conventional batteries, thus increasing their commercial market value.

Solid State Battery Market Revenue Analysis

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A lithium-ion battery is combined of a cathode, anode, separator and electrolyte. Lithium-ion battery used in smartphones, power tools and EVs uses a liquid electrolyte solution. On the other hand, a solid battery uses a solid electrolyte, not a liquid. Looking at the picture above, the Li-ion battery, used commercially, has a separator that keeps cathode and anode separate, and a liquid electrolyte solution. On the other hand, a solid state battery uses a solid electrolyte, not a liquid electrolyte solution, and the solid electrolyte plays the role of a separator as well.

What worries users most about lithium-ion battery safety. The current Li-ion battery is at risk of battery damage such as inflammation caused by temperature changes or leakage caused by external forces as it uses a liquid electrolyte solution. Therefore, we need tools or components that can improve security.

However, a solid state battery with a strong electrolyte exhibits improved stability with a strong structure and increased safety as it retains its shape even if the electrolyte is damaged.

MARKET DYNAMICS: 

KEY DRIVERS

Solid batteries have a higher capacity, stronger structure, better stability, and safer compared to lithium-ion batteries, which have fewer limitations such as low ionic conductivity, high performance, and high overall cost. These limitations can be addressed by introducing different solid state electrolytes (SSEs) made up of different materials. Solid polymer and inorganic electrolytes are excellent for solid-state batteries as a whole, but have limitations such as low ionic performance and poor mechanical properties, achieved by the discovery of Composite Solid Electrolytes (CSEs) containing active inorganic additives or idle and polymer matrix. Companies such as Robert Bosch (DE), Planar Energy Devices (US), QuantumScape (US), and Toyota Motor (JP) are working to develop durable batteries with enhanced features. The efforts taken by these players to introduce advanced solid-state batteries are expected to lead to their increased acquisition in various industries used by end users.

RESTRAINTS

The construction of durable batteries requires significant investment in research and development activities, as well as the establishment of production facilities. It requires the introduction of sophisticated equipment, as well as the installation of state-of-the-art technology to produce sturdy batteries. In a solid state battery, it is difficult to design a stable, chemically stable electrolyte, and is still a good ion condenser between electrodes. It is more expensive to make compared to lithium-ion batteries and tends to crack due to the stiffness of the electrolytes when they stretch and shrink during use. Currently, a solid cell costs about eight times as much as a liquid Li-ion battery. Manufacturers may need to set different production lines to construct durable batteries as the technology used in developing these batteries is different from that of conventional batteries. In addition, the equipment and technology used for the development of sturdy batteries is costly and, as a result, requires significant investment. This serves as a barrier, especially for newcomers to the solid state battery market.

OPPORTUNITIES

One of the most important growth opportunities in a solid state battery market is the use of these batteries in electric vehicles. The global demand for electric vehicles is growing steadily due to the implementation of supportive policies in countries such as the US, UK, Germany, China, and Japan, which promote the adoption of electric vehicles. In addition, the adoption of electric vehicles in countries including the US, UK, Germany among others also helps them to reduce reliance on imported oil and reduce greenhouse gas emissions in the transport sector. There is significant growth in the global sales of small electric vehicles every year. China, the US, the UK, Germany, France, and Japan are a few key countries in the rise in sales of electric vehicles. The growing adoption of electric-powered vehicles serves as a driving force in the development of solid state batteries.

CHALLANGES

Solid batteries are often more expensive than conventional ones. The process of manufacturing these batteries requires sophisticated equipment. The cost of manufacturing the cells used in these batteries is also high. The cost of materials used in the development of these batteries is an important parameter during selection. Battery manufacturers find it difficult to obtain high-performance electrodes at low cost. Therefore, the high cost of materials used in the development of solid state batteries increases their total cost. Therefore, the integration of these batteries into consumer electronics, wearables, etc., does not work. However, manufacturers are trying to come up with new, innovative ways to overcome cost barriers by conducting more in-depth research on this. Nickel is an important battery component as it saves a lot of energy and reduces the need for cobalt, which is very expensive. A few battery manufacturers and researchers are focusing on reducing costs by re-inventing nickel metal cathodes.

By Application

The consumer and mobile electronics segment has taken the largest market share of more than 33.6% by 2020 due to the high demand for portable power supplies in various segments of end use. Rapid urban sprawl and rising cost of choice are expected to result in higher purchases of electronic goods including smartphones, laptops, media players, gaming consoles, and more. This practice is expected to encourage partial growth during the forecast period.

By Capacity

A portion of less than 20 mAh is expected to register a very fast CAGR of more than 42% at the time of forecasting. Batteries that fall under this category are mainly small film batteries that meet the scope of the application including cosmetics and medical components, wireless sensors, packaging, and more. Limited internal space, compact size, and usability for all low water discharge devices that do not require a large amount of battery capacity are some of the key factors that strengthen the battery capacity of less than 20 mAh capacity.

More than 500 mAh consumed a market share of 19.6% in 2022 due to drastically increased use of solid state batteries in the electric car market. Government policies that favor clean energy transactions drive the current need for the sector. In addition, the growing demand for battery-saving systems in all commercial and industrial sectors is expected to drive partial growth.

The electric car segment is expected to occupy a leading position in the market, in terms of revenue, by 2030 due to the growth of exports of clean energy vehicles to the world's largest economy. Technological advances in batteries and the existence of favorable regulatory policies that promote the adoption of electric vehicles are expected to boost segment growth.

The textile and medical equipment segment has played a major role in the market and is expected to prove outstanding growth during the forecast period. The growing demand for small energy storage equipment and consumables is expected to favor partial growth. In addition, the introduction of medical technology is likely to increase the penetration rate of wearable batteries.

IMPACT OF COVID-19

The presence of a Covid-19 outbreak generates the growth of the solid state battery market. The outbreak of the Covid-19 epidemic has led to the closure or partial closure of factories, warehouses, businesses and institutions around the world. This is augmented by the introduction of other door-to-door methods, which include strong community reduction practices, limited mobility, and limited access to public places, restaurants, theme parks, theaters and supermarkets. Globally, many industries have seen disruptions in supply chain operations and utility-related services. Consumer consumption of consumers and companies, door-to-door methods, and disruption of supply chain have also contributed to the growth of a stable battery market. The market is seeing a decline due to the closure of many SMEs, disruptions, closures, and other problems arising from the Covid-19 epidemic. The epidemic has forced governments around the world to shift their focus from spending to health care. Demand from end users has also declined sharply between 2020 and 2021.

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Market Segmentation:

By Type

  • Thin Film

  • Portable

  • Single-cell Battery

  • Multi-cell Battery

By Application

  • Consumer Electronics

  • Electric Vehicles

  • Wearable Devices

  • Energy Harvesting

  • Medical Devices

  • Packaging

  • Wireless Sensors

  • Others

By Rechargeability

  • Primary Battery

  • Secondary Battery

By Capacity

  • < 20 mAh,

  • Between 20 mAh and 500 mAh

  • > 500 mAh

Solid State Battery Market Segmentation Analysis

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REGIONAL ANALYSIS

Asia Pacific has emerged as the largest market, accounting for 51.2% of the world's strongest battery market by 2023. In addition, population growth in China and India in line with approved government policies aimed at reducing carbon emissions in cars and promoting the use of electric vehicles is expected to increase production in the region in the forecast period.

Europe has taken its second largest market share by 2020 and is expected to maintain its market position during the forecast period. The growth may be due to the strong implementation of favorable regulatory policies regarding the distribution of battery-powered systems and electric vehicles throughout the region. In addition, European Commission funding aimed at battery-based R&D projects is expected to further boost regional market growth.

North America, led by the U.S., Mexico, and Canada, accounted for about 20.69% of the world’s strongest battery market by 2023. North American solid state battery market.

REGIONAL COVEREGE:

  • North America

    • USA

    • Canada

    • Mexico

  • Europe

    • Germany

    • UK

    • France

    • Italy

    • Spain

    • The Netherlands

    • Rest of Europe

  • Asia-Pacific

    • Japan

    • south Korea

    • China

    • India

    • Australia

    • Rest of Asia-Pacific

  • The Middle East & Africa

    • Israel

    • UAE

    • South Africa

    • Rest of Middle East & Africa

  • Latin America

    • Brazil

    • Argentina

    • Rest of Latin America

KEY PLAYERS:

The major key players of global solid state battery market are Dyson, Imec, Brightvolt Incorporation, Front Edge Technology Inc, Excellatron Solid State LLC, Hitachi Zosen Corporation, Solid Power Inc, Ilika, Cymbet, Robert Bosch, Toyota, Motor , Solid Power, Cymbet Corporation, Prieto Battery Inc, and other players.

Brightvolt Incorporation-Company Financial Analysis

Company Landscape Analysis

Solid State Battery Market Report Scope:
Report Attributes Details
Market Size in 2023 US$ 83.2 Million
Market Size by 2031 US$ 1375.62 Million
CAGR CAGR of 42% From 2024 to 2031
Base Year 2023
Forecast Period 2024-2031
Historical Data 2020-2022
Report Scope & Coverage Market Size, Segments Analysis, Competitive  Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook
Key Segments • by Type (Central Inverter, Micro Inverter, String Inverter, Power Optimizers)
• by Application ( Industrial, Residential, Commercial, Utilities)
• by system (On-grid, Off-grid)
Regional Analysis/Coverage North America (USA, Canada, Mexico), Europe
(Germany, UK, France, Italy, Spain, Netherlands,
Rest of Europe), Asia-Pacific (Japan, South Korea,
China, India, Australia, Rest of Asia-Pacific), The
Middle East & Africa (Israel, UAE, South Africa,
Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America)
Company Profiles Dyson, Imec, Brightvolt Incorporation, Front Edge Technology Inc, Excellatron Solid State LLC, Hitachi Zosen Corporation, Solid Power Inc, Ilika, Cymbet, Robert Bosch, Toyota, Motor , Solid Power, Cymbet Corporation, Prieto Battery Inc, and other players.
Key Drivers • low ionic conductivity, high performance, and high overall cost
RESTRAINTS • construction of durable batteries requires significant investment in research

Frequently Asked Questions

Solid-State Battery Market size was valued at 83.2 million in 2023 at a CAGR of 42%.

Top-down research, bottom-up research, qualitative research, quantitative research, and Fundamental research.

High manufacturing costs and complex manufacturing processes are the restraining factors for solid state batteries market

Japan, South Korea, China, India, Australia, and the rest of the Asian-Pacific are covered in the APAC region.

Manufacturers, Consultants, Association, Research Institutes, private and university libraries, suppliers, and distributors of the product.

Table of Contents

1. Introduction

1.1 Market Definition

1.2 Scope

1.3 Research Assumptions

2. Research Methodology

3. Market Dynamics

3.1 Drivers

3.2 Restraints

3.3 Opportunities

3.4 Challenges

4. Impact Analysis

4.1 COVID-19 Impact Analysis

4.2 Impact of Ukraine- Russia war

4.3 Impact of ongoing Recession

4.3.1 Introduction

4.3.2 Impact on major economies

4.3.2.1 US

4.3.2.2 Canada

4.3.2.3 Germany

4.3.2.4 France

4.3.2.5 United Kingdom

4.3.2.6 China

4.3.2.7 Japan

4.3.2.8 South Korea

4.3.2.9 Rest of the World

5. Value Chain Analysis

6. Porter’s 5 forces model

7.  PEST Analysis

8. Global Solid-State Battery Segmentation, by Type

8.1 Introduction

8.2 Thin Film

8.3 Portable

8.4 Single-cell Battery

8.5 Multi-cell Battery

8.6 Other

9. Global Solid-State Battery Market Segmentation, by Application

9.1 Introduction

9.2 Consumer Electronics

9.3 Electric Vehicles

9.4 Wearable Devices

9.5 Energy Harvesting

9.6 Medical Devices

9.7 Packaging

9.8 Wireless Sensors

9.9 Others

10. Global Solid-State Battery Market Segmentation, by Rechrgeability

10.1 Introduction

10.2 Consumer Electronics

10.3 Electric Vehicles

10.4  Wearable Devices

10.5 Energy Harvesting

10.6 Medical Devices

10.7 Packaging

10.8 Wireless Sensors

10.9 Others.

11. Global Solid-State Battery Market Segmentation, by capacity

11.1 < 20 mAh,

11.2 Between 20 mAh and 500 mAh

11.3 > 500 mAh

12. Regional Analysis

12.1 Introduction

12.2 North America

12.2.1 USA

12.2.2    Canada

12.2.3    Mexico

12.3        Europe

12.3.1    Germany

12.3.2    UK

12.3.3    France

12.3.4    Italy

12.3.5    Spain

12.3.6    The Netherlands

12.3.7    Rest of Europe

12.4        Asia-Pacific

12.4.1    Japan

12.4.2    South Korea

12.4.3    China

12.4.4    India

12.4.5    Australia

12.4.6    Rest of Asia-Pacific

12.5        The Middle East & Africa

12.5.1    Israel

12.5.2    UAE

12.5.3    South Africa

12.5.4    Rest

12.6        Latin America

12.6.1    Brazil

12.6.2    Argentina

12.6.3    Rest of Latin America

13. Company Profiles

13.1Dyson.

13.1.1 Financial

13.1.2 Products/ Services Offered

13.1.3 SWOT Analysis

13.1.4 The SNS view

13.2 Imec

13.3 Brightvolt Incorporation

13.4 Front Edge Technology Inc

13.5 Excellatron Solid State LLC

13.6 Hitachi Zosen Corporation

13.7 Solid Power Inc

13.8 Ilika

13.9 Cymbet

13.10 Robert Bosch

13.11 Toyota Motor

13.12 Solid Power

13.13 Cymbet Corporation

13.14 Prieto Battery Inc.

14. Competitive Landscape

14.1 Competitive Benchmarking

14.2 Market Share Analysis

14.3 Recent Developments

15. Conclusion

An accurate research report requires proper strategizing as well as implementation. There are multiple factors involved in the completion of good and accurate research report and selecting the best methodology to compete the research is the toughest part. Since the research reports we provide play a crucial role in any company’s decision-making process, therefore we at SNS Insider always believe that we should choose the best method which gives us results closer to reality. This allows us to reach at a stage wherein we can provide our clients best and accurate investment to output ratio.

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The 5 steps process:

Step 1: Secondary Research:

Secondary Research or Desk Research is as the name suggests is a research process wherein, we collect data through the readily available information. In this process we use various paid and unpaid databases which our team has access to and gather data through the same. This includes examining of listed companies’ annual reports, Journals, SEC filling etc. Apart from this our team has access to various associations across the globe across different industries. Lastly, we have exchange relationships with various university as well as individual libraries.

Secondary Research

Step 2: Primary Research

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This step involves the triangulation of data wherein our team analyses the interview transcripts, online survey responses and observation of on filed participants. The below mentioned chart should give a better understanding of the part 1 of the primary interview.

Primary Research

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Data Bank Validation

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