Solid State Battery Market

Market Snapshot

Solid State Battery Market

Market Synopsis:

Global Solid State Battery market is valued at USD 84.26.02 Million in 2021 and is projected to attain a value of USD 721.35 Million by 2028 at a CAGR of 35.9% during the forecast period, 2022–2028. Solid State Battery has caught the attention of consumers in the last decade. Solid State Battery shows great potential for high energy storage capacity with its large surface area and higher ionic conductivity compared to that of liquid electrolyte counterpart. Some of the major factors that are driving this market are rise in demand for electric vehicles (EVs), growing use of renewable energy storage, need for better performing batteries etc. Factors such as lengthy charging time and lack of enough charging stations have been hindering the growth of consumer electronic devices industry.

Shifting Preference of Consumers from Conventional Wet Cell Battery to Solid State Battery to Drive Market Growth

Global market has been witnessing a considerable increase in the demand for flexible, lightweight and high-performance batteries that can be charged quickly with less waiting time. Also, increase in price per kWh for power generated from fossil fuel sources is also one reason behind rapid development in this field. Furthermore, with increasing middle-class population around the world there has been a changing trend among consumers where they prefer EVs over conventional gasoline and diesel-based vehicles and the decreased size and increased efficiency of solid-state batteries has positively impacted this trend.

Solid State Battery finds its applications in consumer electronic devices, EVs and power grid storage where they can replace conventional wet cell battery and fuel cells due to their high energy density, good safety profile, longer life cycle etc. One such application is found in wearables whereas technology functions more efficiently solid-state batteries also come with improved form factor which makes them suitable for wearable devices such as smartwatches.

Market Segmentation:

Global Solid State Battery market is segmented by Type (Single-cell and Multi-cell Battery), Rechargeability, Capacity, Application (Consumer Electronics, Electric Vehicles, Energy Harvesting, Medical Devices, Packaging, Wireless Sensors), Region. Asia Pacific is projected to grow at the highest CAGR during forecast period, 2022–2028.

By Type, Single Cell Solid State Battery is Gaining Significant Momentum

The demand for Solid State Battery , which is high in energy density and superior to lithium ion batteries, has been increasing because it can be used in electric vehicles (EVs). Since the US and China announced that they will put an end to using gasoline cars by 2030 and 2040 respectively, it boosted the global market for single cell Solid State Battery . A shift of attention was seen from materials to devices of solid-state battery after 2015 when Tesla developed the commercial scale of the product. The potential size of the market is huge because several companies are newly investing into it.

It seems that there is a possibility that all of EVs on streets are likely to operate with single cell Solid State Battery by 2030 if pre-commercialization process goes smoothly considering 'time-to-market' and 'cost'.

By Application, Medical devices segment to Witness Healthy Growth

The demand for solid state batteries used in medical devices such as pace makers and defibrillators has increased over the last several years. Batteries are required to provide the power necessary to operate medical devices such as pacemakers and defibrillators which are implanted in the body to help regulate patients heart function. Solid state batteries offer longer life, greater reliability, lower weight compared with conventional sealed lead acid (SLA) batteries used for this application, which makes the ideal choice among other available alternatives.

Asia Pacific to Witness Fastest Growth in Solid State Battery Market

Over the past few years, the price of traditional consumer electronics has been decreasing. In order to capture attention of consumers, device manufacturers continuously pursue improvement of product performance and need Solid State Battery as a energy storage solution. Asia-Pacific region is the fastest growing market for solid state batteries due to rapidly increasing penetration rate of smartphones and other related devices. Moreover, it is one of top two regions with fast adoption rate of smartphone, tablet computers and medical devices. This trend will lead to increase demand from Solid State Battery market in Asia Pacific.

The demand for solid state batteries is expected to grow at the highest CAGR in Asia Pacific due to increasing adoption of flexible devices. Moreover, solid-state batteries are ecofriendly as they have no flammable liquid electrolyte or pressurized gases so it will create additional opportunities for the growth of the solid-state battery market in Asia Pacific region.

Key Players:

Robert Bosch (Germany), Cymbet (US), Solid Power (US), Toyota Motor (Japan), BrightVolt (US), and Excellatron Solid State (US).

The Solid State Battery is Segmented as Follows:

By Region (Revenue: USD Million, 2016 - 2028)

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • U.K
  • France
  • Germany
  • Italy
  • Spain
  • Rest Of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • South East Asia
  • Rest Of Asia Pacific
• Latin America
  • Brazil
  • Argentina
  • Rest Of Latin America
• Middle East & Africa
  • GCC Countries
  • South Africa
  • Rest Of Middle East & Africa