Solid-state Battery Market by Type (Thin Film Batteries, Bulk Batteries, and Other Batteries), Capacity (Less than 20mAh, 21mAh to 500mAh, and Above 500mAh), Application, and Geography - Global Forecasts to 2029

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.

Impact of COVID-19 on the Global Solid-state Battery Market

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.

Key Findings in the Global Solid-state Battery Market Study:

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.

Solid-state Batteries Companies

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

• Thin Film Batteries
• Bulk Batteries

Solid-state Battery Market, by Capacity

• Less than 20mAh
• 21mAh to 500mAh
• Above 500mAh

Solid-state Battery Market, by Application

• Medical Devices
• Automotive
• Consumer Electronics
• Aerospace
• Battery Energy storage systems
• Industrial Equipment

Solid-state Battery Market, by Geography

• Asia-Pacific (APAC)
  • China
  • Japan
  • South Korea
  • India
  • Australia
  • Singapore
  • Rest of Asia-Pacific
• Europe
  • Germany
  • U.K.
  • France
  • Italy
  • Spain
  • Switzerland
  • Russia
  • Rest of Europe (RoE)
• North America
  • U.S.
  • Canada
• Latin America
• Middle East & Africa

Key Questions Answered in the Report: