Solid State Battery Market Size, Share, Competitive Landscape and Trend Analysis Report, by Application, by Type, by Capacity : Global Opportunity Analysis and Industry Forecast, 2020-2030

Solid State Battery Market Research, 2030

The global solid state battery market size was valued at $0.5 billion in 2020, and is projected to reach $3.4 billion by 2030, growing at a CAGR of 18% from 2021 to 2030. Solid-state batteries are safer, more stable, and have higher energy densities compared to conventional Li-ion batteries with liquid electrolytes. They are used in various applications, including consumer electronics, electric vehicle, energy harvesting, medical devices, smart cards, and wireless communication. The global market has been analyzed based on revenue generated from the sales of commercialized solid-state batteries. In addition, investment from industry giants such as Apple, Samsung, Volkswagen, and BMW have been analyzed for deriving the numbers.

Lockdown imposed due to the outbreak of COVID-19 pandemic resulted in temporary ban on import & export and manufacturing & processing activities across various industries in battery sector, which decreased the demand for solid-state rechargeable batteries from consumers, including portable electronics and electric vehicles. In addition, halt in renewable power plants, automotive manufacturing industries, and consumer electronics manufacturing industries, owing to unavailability of workers and increase in demand–supply gap hamper the solid-state battery market growth during the pandemic period. This declined the market growth in second, third, and fourth quarters of 2020. However, the solid-state battery market recovered by the second quarter of 2021, as COVID-19 vaccination begun in various economies across the globe, which improved the global economy.

The global solid-state battery market is segmented on the basis of type, capacity, application, and region. Depending on type, it is divided into thin film and portable battery. By capacity, it is categorized into less than 20 mAh, between 20 mAh & 500 mAh, and 500 mAh & above capacity batteries. According to application, it is fragmented into consumer & portable electronics, electric vehicle, energy harvesting, entertainment, wearable & medical devices, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Key players operating in the global solid-state battery market are Cymbet Corporation Front Edge, Infinite Power Solution, Inc., Seeo Inc. (Robert Bosch GmbH Subsidiary) Saft, Excellatron Solid-state, Brightvolt, Inc., LG Energy Solution Ltd. Solid Power, Inc., Pathion Inc., and Samsung SDI Co., Ltd.

The other players operating in the solid-state battery market are StmicroElectronics N.V., Toyota Motor Corporation, Sakti3 Inc. (Dyson Ltd. Subsidiary), Planar Energy Devices, Inc., QuantumEscape, and Altairnano.

These players adopt numerous strategies, including agreement and collaboration to stay competitive in the solid-state battery market.

For instance, in September 2021, LG Energy Solution Ltd. and University of California San Diego jointly developed safer and long-lasting solid-state battery technology. This strategy will strengthen the product portfolio of the company and maintain the pace in the highly growing solid-state battery market during the solid state battery market forecast period.

The solid-state battery market is analyzed in accordance with the impacts of the drivers, restraints, and opportunities. The period studied in this report is 2021–2030. The report includes the study of the solid-state battery market with respect to the growth prospects and restraints based on the regional analysis. The study includes Porter’s five forces analysis of the solid state battery industry to determine the impact of suppliers, competitors, new entrants, substitutes, and buyers on the market growth.

Depending on type, the portable battery segment held the largest market share in 2020, owing to rise in adoption of solid-state rechargeable batteries in portable devices. In addition, continuous increase in usage of portable devices fueled the demand for portable solid-state batteries. Moreover, with increase in demand for tablet, laptop, smartphone, and e-reader or a MP3 player, it is expected that demand for portable solid-state battery will also increase.

According to capacity, the 20 mAh – 500 mAh segment dominated the global market in 2020, in terms of share, owing to rise in demand for solid state batteries from applications, including energy storage, wearables, and consumer electronics applications. In addition, rapid growth of consumer electronics sectors is anticipated to fuel the growth of this segment in the future.

By application, the consumer & portable electronics segment garnered the highest market share in 2020. This is attributed to rapid urbanization and consumer spending toward consumer electronics applications, including laptop, smartphones, computers, and other consumer electronics across developing countries. In addition, rise in concern toward safety issues associated with liquid-based electrolytes in batteries increase demand for solid-state batteries from consumer electronics applications, which, in turn, is anticipated to drive the market growth during the forecast period.

Asia-Pacific garnered the highest market share in the year 2020, in terms of revenue, and is anticipated to maintain its dominance throughout the forecast period. This is attributed to increase in presence of huge consumer & portable electronics consumer user base, development of the renewable energy sector, and growth in use of battery energy storage systems. Moreover, presence of the countries, including China, Japan, India, South Korea and Australia contribute toward the growth of the solid-state battery market in Asia-Pacific.

Key Benefits For Stakeholders

• This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the solid state battery market analysis from 2020 to 2030 to identify the prevailing solid state battery market opportunities.
• The market research is offered along with information related to key drivers, restraints, and opportunities.
• Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
• In-depth analysis of the solid state battery market segmentation assists to determine the prevailing market opportunities.
• Major countries in each region are mapped according to their revenue contribution to the global market.
• Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
• The report includes the analysis of the regional as well as global solid state battery market trends, key players, market segments, application areas, and market growth strategies.

  Solid State Battery Market Report Highlights

Aspects	Details
By Application	Consumer and Portable Electronics Electric Vehicle Energy Harvesting Wearable and Medical Devices Others
By Type	Portable Thin Film
By Capacity	Less than 20 mAh 20 mAh to 500 mAh More than 500 mAh
By Region	North America  (U.S., Canada, Mexico) Europe  (Germany, France, U.K., Italy, Spain, Rest of Europe) Asia-Pacific  (China, Japan, India, Australia, South Korea, Rest of Asia-Pacific) LAMEA  (Brazil, South Africa,, Saudi Arabia, Rest of LAMEA)
Key Market Players	Store Dot, SK Innovation Co., Ltd., TotalEnergies, Solid Power Inc, Factorial Inc, Ilika, Ganfeng Lithium Co., Ltd, STMicroelectronics, QuantumScape Corpoation, Prieto Battery

Analyst Review

According to the CXOs, extensive investigations on solid-state batteries have been under way. In the solid-state battery, the liquid electrolyte is replaced with an ionic conductive solid material, which provides the path between the anode and cathode. Solid-state battery provides extensive advantage in improving safety and achieving both higher power and high energy densities compared to lithium-ion battery. Investors have been investing heavily to develop the next revolutionary solid-state battery.

For example, the Solid Power, an industry leader in safe, high-energy, and cost competitive solid-state batteries, raised $20 million to develop solid-state batteries for electric vehicle applications and offered major improvement in energy density, safety, and reliability compared to  best lithium-ion cells available. Volkswagen, one of the largest car manufacturers, is working on solid-state batteries to be commercially available to power its upcoming electric vehicle lineup.

Region wise, Asia-Pacific is likely to account for the highest revenue in the market throughout the forecast period, followed by Europe, North America, and LAMEA.

Author Name(s) : Saurabh Dixit | Eswara Prasad

Related Tags

• Battery Technology
• Thermal Energy Storage
• Rechargeable Batteries