The global solid state battery market is valued at $47.20 Billion in 2022 and is projected to reach a value of $177.42 million in 2030 expanding at a CAGR of 18% over the forecast period of 2022-2030.
Global Solid State Battery Market– Overview
A solid-state battery is defined as a battery technology which uses solid electrodes and a solid electrolyte, replacing the liquid or polymer gel electrolytes that is found in lithium-ion or lithium polymer batteries.
Solid-state batteries are defined to provide potential solutions for many problems of liquid Li-ion batteries. It includes flammability, limited voltage, unstable solid-electrolyte interphase formation, poor cycling performance, and strength.
The materials that are proposed for use of solid state batteries as solid electrolytes include ceramics as well as solid polymers. Solid-state batteries have found use in pacemakers, RFID, and wearable devices. They are potentially safer, with higher energy densities.
Key market trends- Growth determinants and Challenges
Every market has its growth determinants and challenges. one of the major factor that has fuelled the market growth is the rise in requirement of solid state batteries in electric vehicles. Solid-state batteries also have a higher energy density, a solid structure, good stability, and are also safer as compared to lithium-ion batteries.
They only have a few limitations that includes, low ionic conductivity, highly reactive, and involve overall high cost. Solid polymer and inorganic electrolytes are considered as excellent for all-solid-state batteries and have limitations, such as low ionic conductivity and poor mechanical properties. This has fuelled the market growth over the forecast period.
On the flip side, the development of solid-state batteries requires investments for carrying out research and development activities and also in the establishment of manufacturing facilities. All these are expensive to fabricate as compared to lithium-ion batteries and are prone to cracking. This acts as a restrain to the market growth. Also, the high costs act as a hinder to the market.
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Segmental analysis of the market
Based on type
- Single-cell battery
- Multi-cell battery
Multi cell batteries are expected to dominate the market growth over the forecast period.
Based on Recharge ability
- Primary battery
- Secondary battery
The secondary battery segment has dominated the market share over the forecast period. This is because of they are used in medical devices, electric vehicles, wearables, wireless sensors, etc.
Based on capacity
- Below 20 mAh,
- Between 20 mAh and 500 mAh
- Above 500 mAh
The below 20 mAh segment has dominated the market share over the forecast period. This is because of they are thin-film batteries and are used in many appliances.
Based on Application
- Consumer Electronics
- Electric Vehicles
- Energy Harvesting
- Medical Devices
- Packaging
- Wireless Sensors
- Others
The medical devices segment has dominated the market share over the forecast period. This is because of several benefits that are associated with the solid state batteries.
Europe is anticipated to amplify at a considerable CAGR
North America, Europe, Asia pacific, and middle east and Africa are the major regions constituting the geographical landscape of Global solid state battery market. Among these, Europe has dominated the market share. This is because the requirement of thin-film batteries is fulfilled in European countries.
Competitive Landscape
The prominent players influencing the competitive hierarchy of the market sphere areCymbet (US), Robert Bosch (Germany), Toyota Motor (Japan), Solid Power (US), Excellatron Solid State (US), and BrightVolt (US).
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Major questions answered in this report
- What is the growth rate of Global Solid State Battery market?
- What are the primary growth determinants of the market?
- Which are the major regions constituting the geographical landscape of the market?
- Which are the prominent companies operating in the market?
Key takeaways from the report
- Global solid state batteries market is projected to register at a CAGR of 18% over the forecast period of 2022-2030.
- The rise in requirement of solid state batteries in electric vehicles aiding market progression.
- Medical devices segment has poised to expand significantly over the forecast period.
- Europe is anticipated to amplify at a considerable CAGR.
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