Solid-State Battery Market Size is projected to reach USD 13.15 Billion by 2030, growing at a CAGR of 36.4%: Straits Research

The global solid-state battery market was valued at USD 805 million in 2021. It is expected to reach USD 13,156 Million by 2030, registering a CAGR of 36.4% during the forecast period (2022–2030). Asia-pacific is predicted to account for the largest market share over the forecast period, growing at a CAGR of 37.9%.

 | Source: Straits Research Straits Research

New York, United States, July 14, 2022 (GLOBE NEWSWIRE) -- Solid-state batteries utilize solid electrodes and a solid electrolyte instead of liquid or polymer gel electrolytes in lithium-ion batteries. A solid-state battery has a larger energy density than a Li-ion battery based on a liquid electrolyte solution. There is no need for safety components because there is no danger of explosion or fire, saving space. Because only a few batteries are needed, a solid-state battery can increase energy density per unit area. As a result, a solid-state battery is ideal for building a high-capacity E.V. battery system comprising a module and a pack.


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Burgeoning Research and Development in Solid-State Battery to Bolster the Market Growth

Solid-state batteries have a higher energy density, a solid structure, and better stability and are safer than lithium-ion batteries; however, they have some limitations, including low ionic conductivity, being highly reactive, and being more expensive. These limitations can be resolved using different solid-state electrolytes (SSEs) made of other materials.

Although solid polymer and inorganic electrolytes are excellent for all-solid-state batteries, they have limitations such as poor mechanical properties and low ionic conductivity. The development of Composite Solid Electrolytes (CSEs) containing active or passive inorganic fillers and polymer matrices has overcome these limitations.

In addition, today's lithium-ion batteries are insufficient. Furthermore, they are too heavy. Expensive, and charging takes a long time. As a result, solid-state batteries were developed, providing long-life, high energy density, and fast charging, potentially making E.V.s more affordable and practical.

Solid-state batteries are safer, less expensive, and more durable. Sodium-ion chemistries are especially promising because sodium is inexpensive and abundant, unlike lithium, which is mined at a high environmental cost. The ultimate goal is to create batteries for large-scale grid energy storage applications, specifically power storage from renewable energy sources to reduce peak demand. 

Report Scope

Report MetricDetails
Market SizeUSD 13.15 Billion by 2030
CAGR36.4% (2022-2030)
Historical Data2019-2020
Base Year2021
Forecast Period2022-2030
Forecast UnitsValue (USD Billion)
Report CoverageRevenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments CoveredBy Capacity, By Applications, By Regions
Geographies CoveredNorth America, Europe, Asia-Pacific, LAME and Rest of the World
Key Companies Profiled/VendorsCymbet, Robert Bosch, Toyota Motor, Solid Power, Excellartion Solid State, Bright Volt, SK Innovation Co. Ltd, STMicroelectronics, Total Energies, Store Dot, QuntumScape Corporation, Factorial Inc, Gangfeng Lithium Co Ltd, Prieto Battery
Key Market OpportunitiesGrowing Demand for Electric Vehicles
Key Market DriversGrowing Research and Development Activities
Longer Shelf-Life of Solid-State Batteries Over Traditional Batteries

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Rising Adoption of Electric Vehicles to Create Lucrative Opportunities for the Global Solid-State Battery Market

One of the significant growth opportunities for the solid-state battery market is using these batteries in electric vehicles. Adopting supportive policies in countries such as the United States, the United Kingdom, Germany, China, and Japan is driving global demand for electric vehicles.

In recent years, electric vehicles have become more common in mobility in the automotive industry. With concerns about oil depletion and the consequences of climate change caused by greenhouse gas emissions from tailpipes, the world is increasingly looking for alternatives. E.V.s can be a viable alternative to petroleum-powered vehicles due to features such as zero tailpipe emissions, higher power efficiencies, and lower costs than gasoline counterparts.

Furthermore, the government and cities have implemented regulations and incentives to hasten the transition to sustainable mobility. CO2 emissions protocols in the European Union played a significant role in encouraging the sale of electric vehicles. To support the net-zero emission initiative, the European Union intends to sell 100 percent emission-free cars by 2035. As a result, electric mobility using brushless D.C. motors is rising.


Regional Insights

Asia-pacific is predicted to account for the largest market share over the forecast period, growing at a CAGR of 37.9%. The rapid growth of the automotive industry in India, China, Japan, and South Korea is expected to boost demand for solid-state batteries. In addition, the growing population in India and China, coupled with favorable government regulations, pointed to demand in the region over the forecast period. In addition, the growth of the solid-state batter is attributed to the growing presence of consumer and portable electronics consumer base, the evolution of the renewable energy sector, and the rising adoption of battery energy storage systems. 

Europe is the second-largest region. It is estimated to reach a value of USD 2,075 million by 2030 at a CAGR of 33.9%. Growing E.U. funding and supportive measures taken by governments, including subsidies, tax breaks, and incentives, are expected to augment the production of electric vehicles in the region. Increasing investments in eco-friendly solutions, including electric bikes, cranes, and forklifts, will aid industry expansion.

North America, led by Mexico, the US, and Canada, accounted for nearly 20.69% of the global solid-state battery market share in 2021. The presence of prominent battery manufacturers and growing demand for end-use industries are the primary driving factors for the North American solid-state battery market. The US accounted for the largest share of the North American solid-state battery market in 2021 and is anticipated to progress at the fastest rate over the forecast period. 

Growing demand for e-bikes and solar power systems in the UK, Germany, and the Netherlands will also likely stimulate industry growth. The E.U. has funded the ASTRABAT project to develop optimal solid-state lithium-ion battery solutions to meet the increasing E.V. demand. This project comprises 14 partners from eight countries, including universities, research centers, and private companies in energy storage. Such initiatives are anticipated to drive the commercialization of solid-state batteries in electric vehicles in the region.


Key Highlights

  • The global solid-state battery market was valued at USD 805 million in 2021. It is expected to reach USD 13,156 Million by 2030, registering a CAGR of 36.4% during the forecast period (2022–2030).
  • Based on capacity, the global solid-state battery market is segmented into Below 20mAh, 20mAh–500mAh, and Above 500mAh. The 20mAh-500mAh capacity segment acquires the largest share of the global solid-state battery market. It is expected to grow at a CAGR of 36.5%. This segment of batteries is used to power products such as IoT devices, smartwatches, and many more. This segment's diverse and expanding application scope is expected to drive the market in the coming years.
  • By application, the global solid-state battery market is segmented into Consumer & Portable Electronics, Electric Vehicles, Energy Harvesting, Wearable & Medical Devices, and Others. Consumer and Portable Electronics applications acquire the largest share of the global solid-state battery market. It is expected to grow at a CAGR of 35.6%. Solid-state batteries are incorporated in portable and consumer electronic devices. The applications of such batteries range from mobile phones, laptops, computers, tablets, torches or flashlights, LEDs, vacuum cleaners, digital cameras, and calculators.


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Key Players in the global solid-state battery market include

  • Cymbet
  • Robert Bosch
  • Toyota Motor
  • Solid Power
  • Excellartion Solid State
  • Bright Volt
  • SK Innovation Co. Ltd
  • STMicroelectronics
  • Total Energies
  • Store Dot
  • QuntumScape Corporation
  • Factorial Inc
  • Gangfeng Lithium Co Ltd
  • Prieto Battery


Global Solid-State Battery Market: Segmentation

By Capacity

  • Below 20mAh
  • 20mAh–500mAh
  • Above 500mAh

By Applications

  • Consumer and Portable Electronics
  • Electric Vehicle
  • Energy Harvesting
  • Wearable and Medical Devices 
  • Others

By Regions

  • North America
  • Europe
  • Latin America
  • Asia-Pacific
  • The Middle East and Africa


TABLE OF CONTENT

  1. Introduction
    1. Market Definition
    2. Market Scope
  2. Research Methodology
    1. Primary Research
    2. Research Methodology
    3. Assumptions & Exclusions
    4. Secondary Data Sources
  3. Market Overview
    1. Report Segmentation & Scope
    2. Value Chain Analysis: Solid-State Battery Market
    3. Key Market Trends
      1. Drivers
      2. Restraints
      3. Opportunities
    4. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of Substitution
      4. Threat of New Entrants
      5. Competitive Rivalry
    5. Market Share Analysis
  4. Capacity Overview
    1. Introduction
      1. Market Size & Forecast
    2. Below 20mAh
      1. Market Size & Forecast
    3. 20mAh–500mAh
      1. Market Size & Forecast
    4. Above 500mAh
      1. Market Size & Forecast
  5. Applications Overview
    1. Introduction
      1. Market Size & Forecast
    2. Consumer and Portable Electronics
      1. Market Size & Forecast
    3. Electric Vehicle
      1. Market Size & Forecast
  6. Regional Overview
    1. Introduction
      1. Market Size & Forecast
    2. America
      1. North America
      2. U.S.
        1. By Capacity
        2. By Applications
      3. Canada
        1. By Capacity
        2. By Applications
      4. Mexico
        1. By Capacity
        2. By Applications
      5. Latin America
        1. By Capacity
        2. By Applications
    3. Europe
      1. Market Size & Forecast
      2. Germany
        1. By Capacity
        2. By Applications
      3. France
        1. By Capacity
        2. By Applications
      4. U.K.
        1. By Capacity
        2. By Applications
      5. Italy
        1. By Capacity
        2. By Applications
      6. Spain
        1. By Capacity
        2. By Applications
      7. Rest of Europe
        1. By Capacity
        2. By Applications
    4. Asia Pacific
      1. Market Size & Forecast
      2. Japan
        1. By Capacity
        2. By Applications
      3. China
        1. By Capacity
        2. By Applications
      4. Australia
        1. By Capacity
        2. By Applications
      5. India
        1. By Capacity
        2. By Applications
      6. South Korea
        1. By Capacity
        2. By Applications
      7. Rest of Asia-Pacific
        1. By Capacity
        2. By Applications
    5. Middle East & Africa
      1. Market Size & Forecast
      2. Saudi Arabia
        1. By Capacity
        2. By Applications
      3. South Africa
        1. By Capacity
        2. By Applications
      4. Kuwait
        1. By Capacity
        2. By Applications
      5. Rest of Middle East & Africa
        1. By Capacity
        2. By Applications
  7. Company Profile
    1. Cymbet
      1. Company Overview
      2. Financial Performance
      3. Recent Developments
      4. Product Portfolio
    2. Robert Bosch
      1. Company Overview
      2. Financial Performance
      3. Recent Developments
      4. Product Portfolio
    3. Toyota Motor
      1. Company Overview
      2. Financial Performance
      3. Recent Developments
      4. Product Portfolio
    4. Solid Power
      1. Company Overview
      2. Financial Performance
      3. Recent Developments
      4. Product Portfolio


Table of Content and Figure @ https://straitsresearch.com/report/solid-state-battery-market/toc 


Market News

  • In April 2022, S.K. Innovation signed a business agreement with the Korea Automotive Inspection and Warranty Association to establish evaluation standards for the use of car batteries.
  • In March 2022, QuntumScape Corporation announced that it would sell its solid-state batteries to a fourth carmaker. 
  • In January 2022, Factorial Inc raised USD 200 Million to accelerate the commercialization of its Novel Solid-state batteries for electric vehicles.

News Media

Graphene Batteries Introduction and Industry Analysis

Solid-State Battery —Replacement for Conventional Liquid Lithium-ion Batteries


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