The solid state battery refers to battery technology that uses solid electrodes and a solid electrolyte rather than liquid or polymer gel electrolytes set up in lithium-ion or lithium polymer batteries. The battery is projected to increase safety, battery life, and heat resistance by replacing liquid electrolytes. These batteries provide excellent energy density, outstanding safety efficiency, and a wide range of operating temperatures and are generally more expensive than conventional batteries.
Sizing and Forecast
The solid state battery market size has grown exponentially in recent years. It will grow from $0.51 billion in 2023 to $0.77 billion in 2024 at a compound annual growth rate (CAGR) of 50.2%. The growth in the historic period can be attributed to emerging markets growth, increasing demand for consumer electronics and rise in disposable income.
The solid state battery market size is expected to see exponential growth in the next few years. It will grow to $3.37 billion in 2028 at a compound annual growth rate (CAGR) of 44.7%. The growth in the forecast period can be attributed to government support, global population growth and urbanization, growing demand for electric vehicles (evs), growing research and development (r&d) activities . Major trends in the forecast period include innovative polymer materials to improve solid electrolytes, growing investments to meet rising solid-state battery technology demand, advanced battery packs for aviation app development of all-silicon solid-state batteries and strategic partnerships to improve product portfolio.
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Segmentation & Regional Insights
The solid state battery market covered in this report is segmented –
1) By Type: Single-Cell Battery, Multi-Cell Battery
2) By Rechargeability: Primary Battery, Secondary Battery
3) By Material Type: Thin Film Batteries, Bulk Batteries
4) By Application: Consumer And Portable Electronics, Electric Vehicle, Wearable And Medical Devices, Other Applications
Asia-Pacific was the largest region in the solid state battery market in 2023. The regions covered in the solid state battery market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The rising adoption of electric vehicles is expected to drive the growth of the solid-state battery market. While the economic effect of COVID-19 has dampened demand for petrol and diesel cars, demand for EVs has increased. Climate warming and aspirations to achieve net-zero emissions are driving the global shift to emissions-free motoring. This shift toward EVs helps with economic growth by shifting consumption away from imported oil and lowering fuel costs moving towards more locally produced power. For instance, in March 2023, according to the International Energy Agency, a France-based intergovernmental organization, the electric car market experienced exponential growth as sales surpassed 10 million in 2022. A total of 14% of all new cars sold were electric in 2022, reflecting a substantial increase from approximately 9% in 2021. Therefore, the rising adoption of electric vehicles will drive the solid-state battery market.
Key Industry Players
Major companies operating in the solid state battery market report are TDK Corporation, Murata Manufacturing Co. Ltd., Ganfeng Lithium Group Co. Ltd, Qingdao Energy Development, ProLogium Technology Co. Ltd., Cymbet Corporation, STMicroelectronics, Brightvolt Inc., Solid Power Inc., Ilika, QpiVolta, NGK Insulators Ltd, Toyota, Panasonic, SK Innovation, HiNa Battery Technology Co. Ltd, Contemporary Amperex Technology Co. Limited, Great Wall Motors, Tianjin Lishen Battery Joint-Stock Co. Ltd., Basquevolt, BlueSolutions, Nawa Technologies, Rosen battery, AKOM, InoBat Auto, Samsung SDI, LG Chem, Quantumscope, Factorial energy, Electrovaya, Sakuu, Cuberg, Brightvolt, SEEO, YPF Tecnologia (Y-TEC), Acumuladores Moura S.A., Clarios Energy Solutions Brasil Ltda, Heidron Energy Solutions, Zoxcell, Saudi Aramco, Abdullah Al-Barrak & Sons Co.
The solid state battery market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
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