Solid-State Battery Market is Expanding Rapidly and Expected to Grow at a 32.1% CAGR to 2031 | Latest InsightAce Study

Jersey City, NJ, Nov. 21, 2023 (GLOBE NEWSWIRE) -- InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Solid-State Battery Market- (By Application (Electric Vehicle (Passenger Vehicle, Commercial Vehicle), Consumer Electronics, Medical Devices, Energy Storage System, Others), By Electrolyte Type (Polymer, Sulfide, Oxide, Others), By Battery Type (Thin Film, Bulk, Others), By Capacity (Below 20mAh, 20mAh to 500mAh, Above 500mAh)), Trends, Industry Competition Analysis, Revenue and Forecast To 2031."

According to the latest research by InsightAce Analytic, the Global Solid-State Battery Market is valued at US$ 573.2 Mn in 2022, and it is expected to reach US$ 6.94 Bn by 2031, with a CAGR of 32.1% during the forecast period of 2023-2031.

Solid-state batteries, the next generation of rechargeable batteries, will replace Li-ion cells in many applications because they are physically and functionally equivalent. The primary benefit of these batteries is the extreme security they provide. They are ideal for battery-powered vehicles due to their high resistance to heat and flame. Solid-state batteries have higher energy densities, greater safety, and stability than standard Li-ion batteries that use liquid electrolytes. This market is projected to expand due to ongoing R&D efforts by key manufacturers to perfect innovative, cost-effective solid-state batteries.

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The major goals of these initiatives are to reduce manufacturing costs, enhance battery stability, and raise awareness of the advantages of these batteries over standard lithium-ion batteries. The field of electrolyte material research is where the bulk of the work is done to ensure its safety and stability.

However, most solid-state electrolytes, and especially the inorganic solid-state electrolyte, are denser than the polyolefin separator. It's also common for them to be thicker than the separators found in regular lithium-ion batteries.

Recent Developments:

• In March 2022, MAHLE and ProLogium entered into a memorandum of understanding about the creation of the initial thermal management system tailored to ProLogium's solid-state batteries of the next generation. The implementation of commercially viable solid-state battery solutions with enhanced safety, energy density, and lifespan was facilitated by collaborative efforts.

• In Aug 2022, The National Research and Development Agency, Japan Aerospace Exploration Agency and Hitachi Zosen Corporation collaborated to conduct a demonstration experiment on the charge and discharge operation of all-solid-state lithium-ion batteries installed in the Japanese Module "Kibo" on the International Space Station (ISS).   Their performance in the space environment was verified to be suitable, establishing it as the world's first successful endeavor of its nature. 

List of Prominent Players in the Solid-state battery market:

• Bollore Group
• Toyota Motor Corporation
• STMicroelectronics N.V.
• SAMSUNG SDI CO., LTD.
• Solid Power, Inc.
• Hitachi Zosen Corporation
• Ilika plc
• Ganfeng Lithium Group Co., Ltd.
• ProLogium Technology Co., Ltd.
• Ionic Materials Inc
• Prieto Battery Inc.
• BrightVolt Solid State Batteries
• Factorial Inc.
• theion GmbH
• Sakuu Corporation
• Ion Storage Systems
• SK on Co., Ltd.
• Natrion Inc.
• Blue Solutions
• Prologium Technology Co., Ltd.
• Excellatron
• Quantumscape
• Ampcera
• Factorial Inc.
• Lg Energy Solution
• Lionvolt
• Niterra Co., Ltd.
• Storedot
• Others

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Solid-State Battery Market Report Scope:

Market Dynamics:

Drivers-

The growing demand for the solid-state battery market is fueled by the need for tiny electronic components as more and more gadgets, like mobile phones, watches, and medical equipment, shrink in size. The current trend toward miniaturization is fueling the need for lightweight and compact solid-state batteries. Compared to standard lithium-ion batteries, these have better energy density, increased longevity, and a lower risk of explosion. For these reasons, they are a great option for powering portable gadgets like smartphones, wearables, and Internet-of-Things.

Challenges:

The prime challenge is high cost, a shortage of competent individuals, and a lack of norms and protocol because of lockdowns and isolation in emerging countries, which is predicted to slow the growth of the solid-state battery market. Solid-state battery production might be difficult due to a few problems that arise during the process. The first is to create a solid electrolyte that is stable and conducts ions. Furthermore, solid electrolytes and electrodes should have a highly optimized interface design to prevent performance loss. Another problem is that unique machinery and procedures are needed to create these batteries. These elements may have a chilling effect on market expansion. In response to the COVID-19 pandemic, several countries instituted strict lockdowns to contain the infection, which caused a massive shift to online and remote working and, in turn, increased demand for consumer electronics like laptops, P.C.s, smartphones, and other smart devices. 

Regional Trends:

The North American solid-state battery market is anticipated to record a significant market share in revenue. It is projected to grow at a high CAGR in the near future because its people tend to be well-off and educated. Better and more powerful batteries are needed for this purpose. This kind of battery is a solid-state battery. Packaging, smart cards, and electric vehicles are examples of high-demand electronics. Besides, Europe had a considerable share in the market because many different factories had put a lot of money into the area. Another factor driving up demand for antifog ingredients is the abundance of packaged food producers in the region.

In addition, the participation of major industry actors and the growing cooperation between major players for market penetration in the area enables an opportunity to grow the global solid-state battery market. The expansion is a direct result of the area's proactive regulatory framework supporting the widespread adoption of battery energy storage systems and electric automobiles.

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Segmentation Of The Solid-State Battery Market-

By Application-

• Electric Vehicle
  • Passenger Vehicle
  • Commercial Vehicle
• Consumer Electronics
• Medical Devices
• Energy Storage System
• Others

By Electrolyte Type-

• Polymer
• Sulfide
• Oxide
• Others

By Battery Type-

• Thin Film
• Bulk
• Others

By Capacity-

• Below 20mAh
• 20mAh to 500mAh
• Above 500mAh

By Region-

North America-

• The US
• Canada
• Mexico

Europe-

• Germany
• The UK
• France
• 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 the Middle East and Africa

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