Solid State Battery Market Share, Growth, Opportunities 2031

Report Description

The global solid state battery market size was around USD 290 million in 2021 and is expected to surpass USD 3,915 million by 2030, expanding at a (CAGR) of 32.5% during the forecast period, 2022–2030. The solid-state battery market growth is attributed to the rising demand for solid-state batteries for electric vehicles and consumer & portable electroHnics around the globe.

A solid-state battery is a battery that uses solid electrolytes and solid electrodes which are better than polymer or liquid gel found in lithium-ion batteries. The solid electrolytes include sulfides, oxides, polyether, nitrile-based, and polyurethane. The performance of the battery depends on the type of electrolyte used. Ceramics are suitable for rigid battery systems due to their high elastic moduli, while low elastic moduli of polymers make them fit for flexible devices.

Solid-state batteries offer various advantages over conventional batteries for instance, solid state batteries can deliver 2.5 times more energy density than the lithium-ion batteries. Solid-state batteries are compact in nature and less expensive. These batteries are non-flammable and comparatively less in weight. Solid-state batteries are widely used in electric vehicles, energy harvesting, wearable and medical devices, and consumer & portable electronics.
 

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COVID-19 Impact on Solid State Battery Market

The market report finds that the COVID-19 pandemic affected the global solid state battery market due to decrease in demand for solid state batteries from various consumers around the globe. Manufactures had to delay or reschedule their production owing to the temporary shutdown of factories across the world. Lack of raw materials and halt in manufacturing operations hindered the major solid-state battery market growth.

Government across the globe imposed various COVID-19 guidelines and social distancing was one of the major guidelines to prevent the spread of corona virus. Due to these guidelines, lack of working labors in the factories hampered the global solid state battery market. Sudden lockdown imposed around the globe due to outbreak of COVID-19 led to the temporary halt in automotive manufacturing industries and decrease in demand of electric vehicle battery and portable electronics.

Solid State Battery Market Dynamics

The research report presents a complete overview by providing detailed information about the current market trends, existing drivers, growth opportunities and potentials, and emerging challenges. The solid-state batteries market report has up-to-date insights about market dynamics and market scenarios that can shape the overall market performance and output during the forecast period, 2022 to 2030.

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Major Drivers

Increasing Demand for Portable Electronics and Electric Vehicles

Increasing demand for electric vehicles and portable electronics can boost the global solid-state battery market in the coming years. The rapid growth in adaptation of solid-state batteries for electric vehicle due to the property of rechargeability and durability of batteries can open new opportunities for the global market. The rising demand for portable electronics such fitness bands and smart wearables in developing countries can fuel the solid-state battery market.

Existing Restraints

Degradation of Battery Life when Cells are Repeatedly Fast Charged

Solid-state batteries are rechargeable and widely used in commercial and industrial sectors. Rapid degradation of battery life can hamper the global solid state battery market. Fast charging is an upcoming and fast-paced segment for solid-state battery, but repeatedly fast charging of cells can rapidly reduce the battery life. This in result can decrease the demand for the solid-state batteries and hinder the global solid state battery market.

Emerging Opportunities

Increasing Demand for Solid State Batteries for Electric Vehicles

The increasing demand for solid state batteries for electric vehicles can produce lucrative opportunities for the global solid state battery market during the forecast period. Solid state batteries store more energy with less materials and it can reduce the already decreasing carbon footprint of an electric car by 24%. Solid state batteries are the future of electric cars for better performance.

The increasing demand for solid state rechargeable batteries in portable devices, and the continuous demand for tablets, laptops, and smartphones can fuel the market growth.

Scope of Solid State Battery Market Report

The global solid state battery market research report includes an assessment of the market trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Solid State Battery Market Segment Insights

Thin Film Battery Segment to Expand at a Significant Growth Rate

Based on battery type, the global solid state battery market is bifurcated into thin film and portable battery. The thin film battery segment held the major revenue share of the global market in 2021. The portable batteries segment is expected to expand at a significant growth rate during the projected period owing to the wide use of thin film batteries for wearable devices and IoT such as fitness bands, smartwatches, small medical implantable devices, and radio frequency identification (RFID) cards.

Thin film batteries offer various advantages such as extremely low self-discharge rate, good capacity retention for thousands of discharge/charge cycles, these batteries are ideal micropower source for many applications requiring high energy and power densities. However, the portable battery segment is anticipated to hold a key share of the market in the coming years due to the portability feature of solid-state batteries. Increasing use of portable solid-state batteries for wearable devices and IoT can boost the segment in the global market.

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20mAh to 500mAh Segment to Register a Considerable CAGR

On the basis of by capacity, the global market is segregated into less than 20mAh, 20mAh to 500mAh, and more than 500mAh. The 20mAh to 500m Less than 20mAh, 20mAh to 500mAh, and more than 500mAh segment is projected to register a considerable CAGR during the forecast period due to the wide range of applications comes under the capacity of 20mAh to 500mAh such as consumer electronics application, energy storage, and wearables.

On the other hand, the more than 500mAh segment is anticipated to account for a major market share in the coming years owing to the increasing use of solid-state batteries for electric vehicles. The rising government policies for clean energy transportation and deployment of battery energy storage systems is favoring the segment in the global solid-state batteries market.

Consumer & Portable Electronics Segment to Expand at a Significant Rate

In terms of application, the global solid-state batteries market segregated into electric vehicles, energy harvesting, wearable and medical devices, and consumer & portable electronics. The consumer & portable electronics segment is expected to expand at a significant rate due to the rapid urbanization and increasing disposable income led to rising demand for wearable and portable electronic devices such as mobile phones, laptops, and others.

The rising concern regarding safety issues of liquid-based electrolytes in batteries increases the demand for solid-state batteries for electronics applications can fuel the segment in the global market.

The electric vehicles segment to register a considerable CAGR during the forecast period due to the rising adaptation of solid-state batteries for electric vehicles. Solid-state batteries are the promising future for the electric vehicles owing to rising deployment of clean energy-powered vehicles in the developing countries.

Solid state battery uses solid ceramic material to carry current instead of liquid electrolytes which makes batteries cheaper, lighter, and faster to charge. Solid-state batteries have a higher energy density, adaptable to charge more quickly, and these batteries are safer, as they're nonflammable which make them adaptable for electric vehicles.

North America to Dominate the Market

In terms of regions, the market solid state battery market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market size of North America is expected to dominate the market during the projected period due to the early adaptation of electric vehicles and presence of prominent battery manufacturers in the region. The increasing end-user for solid-state batteries in the region is one of the primary driving factors to boost the market growth.

Asia Pacific is anticipated to expand at a rapid pace during the forecast period owing to the increasing adaptation of wearable electronics and electric vehicles. Emerging economies such as India and China produce the major market for the solid-state market due to the presence of large pool of consumers in the region. The rising favorable government regulations aimed at reducing carbon emissions from automobiles and encouraging the usage of electric vehicles in emerging economies like India and China is likely to boost the growth of global solid state battery market.

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