The Solid-state Battery Market is expected to reach a value of $3.87 billion by 2029, at a CAGR of 58% during the forecast period 2022–2029. By volume, this market is expected to grow at a CAGR of 72% from 2022 to reach 7.7 GWh by 2029. The high energy density of Solid State Battery Market, faster-charging rate compared to Li-ion batteries, and safer alternative to Li-ion batteries are some of the major factors driving the growth of this market. The increasing R&D for the application of Solid-state Battery Market in EVs and increase in R&D investment for the development of Solid-state Battery Market for EVs provide growth opportunities for market players.
The outbreak of the COVID-19 pandemic caused widespread economic downturns as several countries imposed strict lockdowns to contain the infection, resulting in a massive shift to online and remote working, which consequently led to the rising demand for consumer electronics, such as laptops, PCs, smartphones, and other smart devices. As a result, the consumer electronics segment witnessed a surge in demand in 2020. Furthermore, the rise in COVID-19 cases led to a spike in cardiovascular diseases among patients suffering from COVID-19 infections, which boosted the pacemaker market.
In Europe, companies are stockpiling laptops to prepare the infrastructure for employees. The surge in COVID-19 cases has resulted in consumers buying devices to work from home. During the COVID-19 pandemic, the UK's National Health Service (NHS) introduced a new solution for automatically tracking sample tubes using Radio Frequency Identification Technology (RFID). This solution removes problems with readability and manual errors. Such acceptance of medical and consumer electronics devices boosts the demand for Solid-state Battery Market in Europe.
Moreover, government initiatives such as the European Union's ASTRABAT project to accelerate the development of solid-state battery cells for electric vehicles and other applications in Europe are expected to support the market growth during the forecast period.
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High Energy Density of Solid-state Battery Market to Support Demand
Energy density measures the amount of energy a battery contains in proportion to its weight. Higher energy density means the batteries could be much lighter and store the same amount of energy. Solid-state Battery Market are capable of delivering 2.5 times more energy density than current lithium-ion tech. This tremendous increase in Solid State Battery Market' energy density shows that they will be far smaller and lighter. Energy density can be increased per kg as Solid-state Battery Market are 80–90% thinner, and the decomposition voltage is high compared to lithium batteries. Enhanced energy density would lead to high power output, and the driving range of vehicles would increase significantly, thereby solving frequent charging requirements as well as the need for a large number of charging stations. These types of lightweight and high-density batteries are beneficial in cars, trucks, RVs, boats, and airplanes to make them higher.
Companies operating in this market are developing a solid-state battery with a higher energy density. For instance, in December 2020, QuantumScape Corporation (U.S.) showcased a performance result of a battery that can charge to 80% capacity in just 15 minutes, with non-combustible properties and nearly double the energy density of top commercial lithium-ion cells and the capability to retain more than 80% of their capacity after 800 charge cycles.
Similarly, in October 2020, SK Innovation (South Korea) and Solid Power (U.S.) partnered to develop all-solid-state batteries. Through this partnership, the companies aim to develop a volumetric energy density of at least 930Wh/L, which is 33% higher than the currently available energy density of batteries. Such advancements in battery energy density are expected to boost the growth of the Solid State Battery Market.
Furthermore, research has been carried out in the field of Solid-state Battery Market for the development of Solid-state Battery Market with higher energy density. For instance, in November 2021, a team of researchers from Brown University and the University of Maryland created a new, innovative material for developing Solid-state Battery Market stemming from an unusual source: trees. These Solid-state Battery Market developed from wood material are relatively thin and ductile with ion conductivity. These wood-derived Solid-state Battery Market are expected to be safer than conventional lithium-ion (li-ion) battery cells and deliver higher energy densities. Such advancements in Solid-state Battery Market are expected to boost market growth.
Thin Film Batteries Segment Projected to Grow at Highest CAGR During Forecast Period
Based on type, the thin film batteries segment is expected to account for the largest share of the global Solid-state Battery Market in 2022. Additionally, the thin film batteries segment is expected to grow at the highest CAGR during the forecast period. The high growth rate of this segment is mainly attributed to their smaller size, higher average output voltage, lighter weight, higher flexibility, higher energy density, lower chances of electrolyte leakage, tighter packing, and longer life cycle than bulky Solid State Battery Market. Thin film Solid-state Battery Market can be used in numerous devices, including renewable energy storage devices, smart cards, radio frequency identification (RFID) tags, portable electronics, defibrillators, neural stimulators, pacemakers, and wireless sensors
Above 500mAh Segment Projected to Grow at Highest CAGR Once it Gets Commercialized for EVS
Based on capacity, the above 500mAh segment is expected to grow at the highest CAGR once it gets commercialized for EVs. This segment is expected to have high growth during the forecast period mainly due to the increased usage of Solid-state Battery Market in the electric vehicles market, targets set by governments across the world to phase out internal combustion engine vehicles by 2030, and the growing demand for battery energy storage systems across commercial and industrial sectors.
Consumer Electronics Segment to Grow at Significant Pace During Forecast Period
Based on application, the consumer electronics segment is expected to grow at the highest CAGR during the forecast period. The high growth rate of this segment is attributed to the rising demand for small energy storage sources and wearable electronics. Solid-state Battery Market are widely preferred for consumer electronics as they are safer and more stable than liquid li-ion batteries in which the electrolyte is volatile and flammable at high temperatures.
Europe to be the Fastest-Growing Regional Market
North America is expected to account for the largest share of the Solid-state Battery Market in 2022. However, Europe is expected to witness the fastest growth during the forecast period. The high market growth rate in Europe is attributed to the European Union's ASTRABAT project to accelerate the development of solid-state battery cells for electric vehicles and other applications in Europe. For instance, in September 2018, Ilika announced the opening of its new large-format battery facility (Goliath Pre-Pilot Line, or GPPL) for the development and initial production of Solid-state Battery Market in Hampshire. Ilika has established this new facility to support its Goliath program, which underpins its portfolio of industrial collaboration programs. The objective of Ilika's Goliath program is to develop large-format Solid-state Battery Market for electric vehicles.
Key Players
The report includes a competitive landscape based on an extensive assessment of the key strategies adopted by the leading market participants in the solid-state battery market over the last four years . The key players profiled in the solid-state battery market are QuantumScape Corporation (U.S.), Ilika plc (U.K.), Solid Power, Inc. (U.S.), BrightVolt, Inc., (U.S.), Cymbet Corporation (U.S.), Prieto Battery Inc. (U.S.), Sion Power Corporation (U.S.), Hitachi Zosen Corporation (Japan), ProLogium Technology CO., Ltd. (Taiwan), Johnson Energy Storage, Inc. (U.S.), PJP Eye LTD. (Japan), Factorial Inc. (Spain), Volkswagen AG (Germany), Front Edge Technology, Inc. (U.S.), and I-TEN S.A. (Italy).
Scope of the Report
Solid-state Battery Market, by Type
Solid-state Battery Market, by Capacity
Solid-state Battery Market, by Application
Solid-state Battery Market, by Geography
Key Questions Answered in the Report:
The solid-state batteries market report covers the market sizes & forecasts for the solid-state batteries by type, capacity, application, and geography. The global solid-state batteries market study in this report involves the value analysis of various segments and subsegments of the global solid-state batteries market at the regional and country levels.
The solid-state batteries market is projected to reach a value of $3.87 billion by 2029, at a CAGR of 58% during the forecast period. By volume, this market is expected to grow at a CAGR of 72% from 2022 to reach 7.7 GWh by 2029.
The thin film batteries segment is expected to account for the largest share of the global solid-state batteries market in 2022.
The consumer electronics segment is expected to witness significant growth during the forecast period. The rapid growth of this segment is attributed to the rising demand for small energy storage sources and wearable electronics. Solid-state batteries are widely preferred for consumer electronics as they are safer and more stable than liquid li-ion batteries in which the electrolyte is volatile and flammable at high temperatures.
Factors such as the high energy density of solid-state batteries, faster-charging rate than Li-ion batteries, and a safer alternative to Li-ion batteries are attributed to the growth of this market. Furthermore, the rising application of solid-state batteries in EVs and increase in R&D investments to develop solid-state batteries provide significant growth opportunities for the global solid-state batteries market.
The key players operating in the solid-state battery market are QuantumScape Corporation (U.S.), Ilika plc (U.K.), Solid Power, Inc. (U.S.), BrightVolt, Inc., (U.S.), Cymbet Corporation (U.S.), Prieto Battery Inc. (U.S.), Sion Power Corporation (U.S.), Hitachi Zosen Corporation (Japan), ProLogium Technology CO., Ltd. (Taiwan), Johnson Energy Storage, Inc. (U.S.), PJP Eye LTD. (Japan), Factorial Inc. (Spain), Volkswagen AG (Germany), Front Edge Technology, Inc. (U.S.), and I-TEN S.A. (Italy).
European countries are expected to offer lucrative growth opportunities for solid-state battery OEMs during the forecast period. The European Union's ASTRABAT project to accelerate the development of solid-state battery cells for electric vehicles and other applications in Europe is expected to provide significant growth opportunities for this market.
This report provides pre & post COVID-19 market estimates.
List of Tables
Table 1 The Impact of COVID-19 on the Global Solid-state Battery Market (USD Million)
Table 2 Global Solid-state Battery Market Size, by Type, 2020–2029 (USD Million)
Table 3 Global Thin Film Solid State Battery Market Size, by Country/Region, 2020–2029 (USD Million)
Table 4 Global Bulk Solid State Battery Market Size, by Country/Region, 2020–2029 (USD Million)
Table 5 Global Solid-state Battery Market Size, by Capacity 2020–2029 (USD Million)
Table 6 Global Less Than 20 mAh Solid-state Battery Market Size, by Country/Region, 2020–2029 (USD Million)
Table 7 Global 21 mAh to 500 mAh Solid-state Battery Market Size, by Country/Region, 2020–2029 (USD Million)
Table 8 Global Above 501 mAh Solid-state Battery Market Size, by Country/Region, 2020–2029 (USD Million)
Table 9 Global Solid-state Battery Market, by Application, 2020–2029 (USD Million)
Table 10 Solid-state Battery Market Size for Consumer Electronics, by Country/Region, 2020–2029 (USD Million)
Table 11 Solid-state Battery Market Size for Medical Devices, by Country/Region, 2020–2029 (USD Million)
Table 12 Solid-state Battery Market Size for Automotive, by Country/Region, 2020–2029 (USD Million)
Table 13 Solid-state Battery Market Size for Aerospace, by Country/Region, 2020–2029 (USD Million)
Table 14 Solid-state Battery Market Size for Industrial Euipment, by Country/Region, 2020–2029 (USD Million)
Table 15 Global Solid-state Battery Market Size, by Country/Region, 2020–2029, 2020–2029 (USD Million)
Table 16 Global Solid-state Battery Market Volume, by Country/Region, 2020–2029 (kWh)
Table 17 North America: Solid-state Battery Market Size, by Country, 2020–2029 (USD Million)
Table 18 North America: Solid-state Battery Market Volume, by Country, 2020–2029 (kWh)
Table 19 North America: Solid-state Battery Market Size, by Type, 2020–2029 (USD Million)
Table 20 North America: Solid-state Battery Market Size, by Capacity, 2020–2029 (kWh)
Table 21 North America: Solid-state Battery Market Size, by Application, 2020–2029 (USD Million)
Table 22 U.S.: Solid-state Battery Market Size, by Type, 2020–2029 (USD Million)
Table 23 U.S.: Solid-state Battery Market Size, by Capacity, 2020–2029 (USD Million)
Table 24 U.S.: Solid-state Battery Market Size, by Application, 2020–2029 (USD Million)
Table 25 Canada: Solid-state Battery Market Size, by Type, 2020–2029 (USD Million)
Table 26 Canada: Solid-state Battery Market Size, by Capacity, 2020–2029 (USD Million)
Table 27 Canada: Solid-state Battery Market Size, by Application, 2020–2029 (USD Million)
Table 28 Europe: Solid-state Battery Market Size, by Country/Region, 2020–2029 (USD Million)
Table 29 Europe: Solid-state Battery Market Volume, by Country/Region, 2020–2029 (kWh)
Table 30 Europe: Solid-state Battery Market Size, by Type, 2020–2029 (USD Million)
Table 31 Europe: Solid-state Battery Market Size, by Capacity, 2020–2029 (USD Million)
Table 32 Europe: Solid-state Battery Market Size, by Application, 2020–2029 (USD Million)
Table 33 U.K.: Solid-state Battery Market Size, by Type, 2020–2029 (USD Million)
Table 34 U.K.: Solid-state Battery Market Size, by Capacity, 2020–2029 (USD Million)
Table 35 U.K.: Solid-state Battery Market Size, by Application, 2020–2029 (USD Million)
Table 36 Germany: Solid-state Battery Market Size, by Type, 2020–2029 (USD Million)
Table 37 Germany: Solid-state Battery Market Size, by Capacity, 2020–2029 (USD Million)
Table 38 Germany: Solid-state Battery Market Size, by Application, 2020–2029 (USD Million)
Table 39 France: Solid-state Battery Market Size, by Type, 2020–2029 (USD Million)
Table 40 France: Solid-state Battery Market Size, by Capacity, 2020–2029 (USD Million)
Table 41 France: Solid-state Battery Market Size, by Application, 2020–2029 (USD Million)
Table 42 Spain: Solid-state Battery Market Size, by Type, 2020–2029 (USD Million)
Table 43 Spain: Solid-state Battery Market Size, by Capacity, 2020–2029 (USD Million)
Table 44 Spain: Solid-state Battery Market Size, by Application, 2020–2029 (USD Million)
Table 45 Italy: Solid-state Battery Market Size, by Type, 2020–2029 (USD Million)
Table 46 Italy: Solid-state Battery Market Size, by Capacity, 2020–2029 (USD Million)
Table 47 Italy: Solid-state Battery Market Size, by Application, 2020–2029 (USD Million)
Table 48 Switzerland: Solid-state Battery Market Size, by Type, 2020–2029 (USD Million)
Table 49 Switzerland: Solid-state Battery Market Size, by Capacity, 2020–2029 (USD Million)
Table 50 Switzerland: Solid-state Battery Market Size, by Application, 2020–2029 (USD Million)
Table 51 Russia: Solid-state Battery Market Size, by Type, 2020–2029 (USD Million)
Table 52 Russia: Solid-state Battery Market Size, by Capacity, 2020–2029 (USD Million)
Table 53 Russia: Solid-state Battery Market Size, by Application, 2020–2029 (USD Million)
Table 54 Rest of Europe: Solid-state Battery Market Size, by Type, 2020–2029 (USD Million)
Table 55 Rest of Europe: Solid-state Battery Market Size, by Capacity, 2020–2029 (kWh)
Table 56 Rest of Europe: Solid-state Battery Market Size, by Application, 2020–2029 (USD Million)
Table 57 Asia-Pacific: Solid-state Battery Market Size, by Country/Region, 2020–2029 (USD Million)
Table 58 Asia-Pacific: Solid-state Battery Market Volume, by Country/Region, 2020–2029 (kWh)
Table 59 Asia-Pacific: Solid-state Battery Market Size, by Type, 2020–2029 (USD Million)
Table 60 Asia-Pacific: Solid-state Battery Market Size, by Capacity, 2020–2029 (kWh)
Table 61 Asia-Pacific: Solid-state Battery Market Size, by Application, 2020–2029 (USD Million)
Table 62 China: Solid-state Battery Market Size, by Type, 2020–2029 (USD Million)
Table 63 China: Solid-state Battery Market Size, by Capacity, 2020–2029 (USD Million)
Table 64 China: Solid-state Battery Market Size, by Application, 2020–2029 (USD Million)
Table 65 Japan: Solid-state Battery Market Size, by Type, 2020–2029 (USD Million)
Table 66 Japan: Solid-state Battery Market Size, by Capacity, 2020–2029 (USD Million)
Table 67 Japan: Solid-state Battery Market Size, by Application, 2020–2029 (USD Million)
Table 68 South Korea: Solid-state Battery Market Size, by Type, 2020–2029 (USD Million)
Table 69 South Korea: Solid-state Battery Market Size, by Capacity, 2020–2029 (kWh)
Table 70 South Korea: Solid-state Battery Market Size, by Application, 2020–2029 (USD Million)
Table 71 Australia: Solid-state Battery Market Size, by Type, 2020–2029 (USD Million)
Table 72 Australia: Solid-state Battery Market Size, by Capacity, 2020–2029 (USD Million)
Table 73 Australia: Solid-state Battery Market Size, by Application, 2020–2029 (USD Million)
Table 74 India: Solid-state Battery Market Size, by Type, 2020–2029 (USD Million)
Table 75 India: Solid-state Battery Market Size, by Capacity, 2020–2029 (USD Million)
Table 76 India: Solid-state Battery Market Size, by Application, 2020–2029 (USD Million)
Table 77 Singapore: Solid-state Battery Market Size, by Type, 2020–2029 (USD Million)
Table 78 Singapore: Solid-state Battery Market Size, by Capacity, 2020–2029 (USD Million)
Table 79 Singapore: Solid-state Battery Market Size, by Application, 2020–2029 (USD Million)
Table 80 Rest of Asia-Pacific: Solid-state Battery Market Size, by Type, 2020–2029 (USD Million)
Table 81 Rest of Asia-Pacific: Solid-state Battery Market Size, by Capacity, 2020–2029 (USD Million)
Table 82 Rest of Asia-Pacific: Solid-state Battery Market Size, by Application, 2020–2029 (USD Million)
Table 83 Latin America: Solid-state Battery Market Size, by Type, 2020–2029 (USD Million)
Table 84 Latin America: Solid-state Battery Market Size, by Capacity, 2020–2029 (kWh)
Table 85 Latin America: Solid-state Battery Market Size, by Application, 2020–2029 (USD Million)
Table 86 Middle East & Africa: Solid-state Battery Market Size, by Type, 2020–2029 (USD Million)
Table 87 Middle East & Africa: Solid-state Battery Market Size, by Capacity, 2020–2029 (USD Million)
Table 88 Middle East & Africa: Solid-state Battery Market Size, by Application, 2020–2029 (USD Million)
Table 89 Recent Key Developments, by Company (2019–2022)
List of Figures
Figure 1 Market Ecosystem
Figure 2 Currency and Limitations
Figure 3 Key Stakeholders
Figure 4 Research Process
Figure 5 Key Secondary Sources
Figure 6 Primary Research Techniques
Figure 7 Key Executives Interviewed
Figure 8 Market Sizing and Growth Forecast Approach
Figure 9 Key Insights
Figure 10 Global Solid-state Battery Market Share, by Type (2029)
Figure 11 Global Solid-state Battery Market Share, by Capacity (2029)
Figure 12 Global Solid-state Battery Market Share, by Application (2029)
Figure 13 Geographic Snapshot: Global Solid-state Battery Market, by Value
Figure 14 Geographic Snapshot: Global Solid-state Battery Market, by Volume (kWh) (2022)
Figure 15 The Impact of COVID-19 on the Global Solid-state Battery Market
Figure 16 Market Dynamics
Figure 17 Solid-state Battery: Value Chain
Figure 18 Global Solid-state Battery Market, by Type, 2022 vs. 2029 (USD Million)
Figure 19 Global Solid-state Battery Market Size, by Capacity, 2022 vs. 2029 (USD Million)
Figure 20 Global Solid-state Battery Market, by Application, 2022 vs. 2029 (USD Million)
Figure 21 Global Solid-state Battery Market Size, by Geography, 2022 vs. 2029
Figure 22 Global Solid-state Battery Market Volume, by Geography, 2022 vs. 2029 (kWh)
Figure 23 Key Growth Strategies Adopted by Leading Players (2018–2021)
Figure 24 Financial Overview (2018–2020): Hitachi Zosen Corporation
Figure 25 Financial Overview (2018–2020): Ilika plc
Figure 26 Financial Overview (2019–2021): Volkswagen AG
This report provides pre & post COVID-19 market estimates.
This report provides pre & post COVID-19 market estimates.
Published Date: Jun-2023
Published Date: Jan-2023
Published Date: Jan-2023
Published Date: Oct-2022
Published Date: Jun-2023
