Solid State Battery Market

Market Overview:

The global solid state battery market size reached US$ 1,353 Million in 2023. Looking forward, IMARC Group expects the market to reach US$ 18,601 Million by 2032, exhibiting a growth rate (CAGR) of 33.80% during 2024-2032. The growing adoption of electric vehicles (EVs) to maintain a cleaner environment and reduce greenhouse gas (GHG) emissions, rising focus on renewable energy sources, and advancements in battery technology to offer improved safety and longer cycle life are some of the major factors propelling the market.

A solid-state battery is an advanced energy storage device that differs from traditional lithium-ion batteries, as it relies on solid components instead of liquid or gel electrolytes. It can withstand a higher number of charge and discharge cycles before degrading. It can also operate effectively in a wider temperature range, making it suitable for extreme environments. It offers higher energy density, enhanced safety, and longer cycle life. As it allows for more compact and flexible designs, the demand for solid state battery is increasing across the globe.

At present, the rising need for smaller, more efficient, and longer-lasting batteries in the electronics industry is strengthening the growth of the market. In line with this, the increasing employment of these batteries in the healthcare sector to provide a stable and long-lasting power source for devices like pacemakers, defibrillators, and sensors is propelling the market growth. Moreover, the escalating demand for high-energy-density batteries in the aerospace industry for various applications, including electric aircraft, satellites, and drones, is offering a favorable market outlook. In addition, the rising utilization of solid state batteries, as they are resistant to extreme temperatures and physical damage, is bolstering the market growth. Besides this, governing agencies of various countries are promoting eco-friendly energy storage devices to reduce carbon footprint, which is contributing to the market growth. Additionally, the increasing adoption of these batteries to stabilize the electrical grid by storing excess energy during periods of low demand and supplying it during peak times is providing lucrative growth opportunities to industry investors.

Solid State Battery Market Trends/Drivers:

Advancements in battery technology

Traditional lithium-ion batteries have limitations in terms of energy density, safety, and lifespan. On the other hand, solid-state batteries offer a suitable alternative, as they use solid components instead of liquid or gel electrolytes, which allows for higher energy density, improved safety, and longer cycle life. In addition, the rising demand for more powerful and efficient energy storage solutions in various industries is contributing to the growth of the market. Apart from this, key players are focusing on advancing the manufacturing processes, optimizing materials, and addressing production scalability challenges of solid state batteries. Furthermore, advancements in battery technology assist in making these batteries cost-effective and commercially viable.

Growing adoption of electric vehicles (EVs)

The growing demand for solid state batteries on account of the rising adoption of electric vehicles (EVs) among the masses across the globe is propelling the growth of the market. Governing agencies of various countries are implementing stringent regulations to reduce carbon emissions. They are also offering several subsidies and tax benefits on the purchase of EVs, which is contributing to the market growth. Apart from this, these batteries provide longer ranges and improved safety features in vehicles. Furthermore, solid state batteries can store more energy with lower carbon footprint, providing EVs with enhanced driving ranges without the need for larger battery packs. Moreover, solid state batteries have the potential to significantly reduce charging times, thereby increasing their utilization in EVs.

Rising focus on renewable energy sources 

The escalating demand for solid state batteries due to the rising number of renewable energy projects around the world is impelling the growth of the market. Besides this, the integration of renewable energy sources, such as solar and wind power, into the grid is bolstering the market growth. Renewable energy systems generate electricity intermittently, depending on weather conditions. Solid state batteries ensure a stable and reliable energy supply by storing excess energy generated during favorable environmental conditions. In line with this, these batteries help balance the grid and reduce reliance on fossil fuels or other non-renewable energy sources for backup power, which is offering a positive market outlook.

Solid State Battery Industry Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the global, regional, and country levels for 2024-2032. Our report has categorized the market based on type, capacity, and application.

Breakup by Type:

• Portable Battery
• Thin Film Battery
   

Portable battery accounts for the majority of the market share

The report has provided a detailed breakup and analysis of the market based on the type. This includes portable battery and thin film battery. According to the report, portable battery represented the largest segment as it is designed to provide compact, lightweight, and high-performance energy storage solutions for portable electronic devices and wearables. In addition, it offers higher energy density and longer-lasting power in a smaller form factor as compared to traditional lithium-ion batteries. In the consumer electronics sector, these batteries are used in devices, such as smartphones, laptops, and smartwatches. Apart from this, they provide longer usage times between charges, faster charging, and enhanced safety. Furthermore, in the automotive industry, these batteries are integrated into small EVs and electric scooters due to their enhanced efficiency and space-saving properties.

Breakup by Capacity:

• Less Than 20 mAh
• 20 mAh To 500 mAh
• More Than 500 mAh
   

20 mAh to 500 mAh holds the largest share

A detailed breakup and analysis of the market based on the capacity has also been provided in the report. This includes less than 20 mAh, 20 mAh to 500 mAh, and more than 500 mAh. According to the report, 20 mAh to 500 mAh accounted for the largest market share as it is characterized by batteries with moderate energy storage capabilities, making them suitable for a wide range of portable and small-scale electronic devices. In this capacity range, solid-state batteries find applications in devices, such as wireless earbuds, fitness trackers, smart sensors, and the Internet of Things (IoT) devices. These batteries offer a balance between size, weight, and performance, which makes them ideal for compact and lightweight gadgets. In line with this, the growing adoption of these batteries due to the rising need for reliable and long-lasting power sources is supporting the market growth. 

Breakup by Application:

• Consumer and Portable Electronics
• Electric Vehicle
• Energy Harvesting
• Wearable and Medical Devices
• Others
   

Consumer and portable electronics represent the leading market segment

The report has provided a detailed breakup and analysis of the market based on the application. This includes consumer and portable electronics, electric vehicle, energy harvesting, wearable and medical devices, and others. According to the report, consumer and portable electronics represented the largest segment on account of the rising utilization of smartphones, tablets, laptops, smartwatches, fitness trackers, and other devices. In addition, the increasing adoption of these batteries due to their ability to offer higher energy density, improved safety, and longer cycle life as compared to traditional lithium-ion batteries is strengthening the growth of the market. Apart from this, these batteries enhance the overall user experience by reducing the risk of overheating and battery-related safety incidents in electronic items. Furthermore, people are increasingly preferring portable electronics with longer battery life, faster charging, and enhanced safety, which is propelling the growth of the market. 

Breakup by Region:

• North America
  • United States
  • Canada
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Others
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
   

Asia Pacific leads the market, accounting for the largest solid state battery market share

The market research report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Europe (Germany, France, the United Kingdom, Italy, Spain, and others); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, Asia Pacific accounted for the largest market share on account of the rising utilization of portable electronic devices among the masses. Additionally, the growing demand for electric vehicles (EVs) due to the increasing awareness about maintaining a cleaner environment and reducing greenhouse gas (GHG) emissions is offering a positive market outlook. Apart from this, the presence of well-established manufacturing infrastructure in the region is contributing to the market growth. In addition, the rising adoption of eco-friendly energy storage solutions is propelling the growth of the market in the Asia Pacific region.

Competitive Landscape:

Key players are investing in research and development (R&D) activities to improve the performance, safety, and scalability of solid state batteries by developing advanced materials, exploring new manufacturing techniques, and optimizing battery designs. In line with this, companies are creating prototype solid-state batteries for rigorous testing and validation, which involves assessing the performance of a battery under different conditions, including extreme temperatures and high discharge rates, to ensure reliability and safety. Moreover, they are constructing new manufacturing facilities or retrofitting existing ones to accommodate the unique production processes required for batteries. Apart from this, manufacturers are working on obtaining certifications and meeting safety standards to gain the trust of individuals and industry partners.

The market research report has provided a comprehensive analysis of the competitive landscape. Detailed profiles of all major companies have also been provided. Some of the key players in the market include:

• Blue Solutions S.A.S.
• Brightvolt Inc.
• Factorial Inc.
• Ilika
• ProLogium Technology CO. Ltd.
• QuantumScape Corpoation
• Sakuu Corporation
• Solid Power Inc.
   

(Please note that this is only a partial list of the key players, and the complete list is provided in the report.)

Solid State Battery Market Report Scope:

Key Questions Answered in This Report:

• How has the global solid state battery market performed so far, and how will it perform in the coming years?
• What are the drivers, restraints, and opportunities in the global solid state battery market?
• What is the impact of each driver, restraint, and opportunity on the global solid state battery market?
• What are the key regional markets?
• Which countries represent the most attractive solid state battery market?
• What is the breakup of the market based on the type?
• Which is the most attractive type in the solid state battery market?
• What is the breakup of the market based on the capacity?
• Which is the most attractive capacity in the solid state battery market?
• What is the breakup of the market based on the application?
• Which is the most attractive application in the solid state battery market?
• What is the competitive structure of the global solid state battery market?
• Who are the key players/companies in the global solid state battery market?

Key Benefits for Stakeholders:

• IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the solid state battery market from 2018-2032.
• The research report provides the latest information on the market drivers, challenges, and opportunities in the global solid state battery market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the solid state battery industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.