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Global Solid-State Battery Market is expected to record a positive CAGR of ~30% during the forecast period 2022-2028: Ken Research

A solid-state battery uses a solid as an electrolyte and has high energy density, better stability, and is safer in comparison to lithium-ion batteries. Different kinds of electrolytes could be used to increase the efficiency of a solid-state battery. Solid-state batteries are less expensive, safer, and more durable.

According to Ken Research Analysis, the Global Solid-State Battery Market is expected to record a positive CAGR of ~30% during the forecast period (2022-2028) and is expected to reach nearly US$ 3,000 million by 2028, owing to an increase in research and development activity on solid-state batteries.

Global Solid-state Battery Market

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The increasing demand for the solid-state battery to offer high energy density is anticipated to propel the growth of the global solid-state battery market during the forecast period.  

  • The surging demand for electric vehicles along with increasing investment and partnerships between battery manufacturers and automobile manufacturers is likely to propel the growth of the global solid-state battery market.

The global solid-state battery market faces challenges due to the high manufacturing cost of solid-state batteries.

  • The availability of other substitutes such as graphene batteries, sand batteries, lithium-sulfur batteries, and others is also expected to restrict the growth of the market.

The COVID-19 pandemic positively impacted the solid-state battery market as countries-imposed lockdowns to curb the situation which resulted in a massive shift to remote and online working and as a result, the demand for electronics increased. Furthermore, the increase in cardiovascular diseases among patients suffering from COVID-19 boosted the demand for pacemakers as well as solid-state batteries.

Key Trends by Market Segment:

By Type: The thin film battery segment held the largest share of the global solid-state battery market by type in 2021, owing to the growing demand for thin film batteries for various applications including wearable devices, and others.

  • The adoption of thin film batteries as they have a low impact on the environment as well as their efficient recharge rate and compact size are expected to fuel the demand for the segment in the global solid-state battery market.

Global Solid-state Battery Market

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By Application: The consumer & portable electronics segment accounted for the largest share of the global solid-state battery market in 2021, attributed to the growing urbanization and increasing disposable incomes.

  • The increase in demand for electronic goods such as mobile phones, laptops, and others among consumers is anticipated to aid the growth of the segment in the global solid-state battery market.

By Geography: Asia-Pacific region accounted for the largest share of the global solid-state battery market in 2021, due to the growing demand for electric vehicles.

  • The increasing focus on the research and development of solid-state batteries along with supportive initiatives by the government to reduce carbon emissions for automobiles, is expected to augment the growth of the region in the solid-state battery market.

Global Solid-state Battery Market

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Competitive Landscape

The solid-state battery market is highly competitive with ~100 players that include globally diversified players, regional players as well as a large number of country-niche players having their niche in the solid-state battery.

Regional players comprise ~45% of the total number of competitors, while the country-niche players comprise the second highest of the total number of competitors. However majority of the regional and country-niche players are suppliers of components or assembling & distribution partners of global players. Some of the major players in the market include Cymbet, Toyota Motor Corporation, Robert Bosch GmbH, Solid Power Inc., Excellatron, BrightVolt Inc., SK Innovation Co. Ltd, STMicroelectronics, Total Energies, and StoreDot, among others.

The leading global solid-state battery companies such as Toyota Motor Corporation, Excellatron, and BrightVolt Inc., are highly focused on the research and development of solid-state batteries.

Global Solid-state Battery Market

Recent Developments Related to Major Players

  • In June 2020, Toyota Motor Corporation and Panasonic Corporation partnered to form Prime Planet Energy and Solutions Inc., to focus on the development, manufacturing, and marketing of solid-state batteries for the automotive industry.
  • In January 2022, SK Innovation Co. Ltd collaborated with a research team led by Professor Lee Seung-woo of Georgia Tech in the USA. The company aimed to advance the era of next-generation all-solid-state batteries.

Conclusion

The global solid-state battery market is forecasted to continue exponential growth, primarily driven by the increasing demand for solid-state batteries due to their high energy density for different applications. Furthermore, supportive government initiatives and increased R&D activities on the solid-state battery is expected to fuel the growth of the market. Though the market is highly competitive with ~100 participants, regional players control the dominant market share.

Note: This is an On-Demand/Planned report, so the figures quoted here for a market size estimate, forecast, growth, segment share, and competitive landscape are based on initial findings and might vary slightly in the actual report. Also, any required customizations can be covered to the best feasible extent for pre-booking clients, and the report delivered within a maximum of two working weeks.

Market Taxonomy

The Global Solid-State Battery market Size, Segments, Outlook, and Revenue Forecast 2022-2028 is segmented by type and application. In addition, the report also covers market size and forecasts for the four region’s solid-state battery market. The revenue used to size and forecast the market for each segment is US$ million.

By Type         

  • Thin Film Battery
  • Portable Battery

By Application

  • Consumer & Portable Electronics
  • Electric Vehicles
  • Energy Harvesting
  • Wearable & Medical Devices
  • Others

By Geography          

  • North America (USA, Canada, Mexico)
  • Europe (Germany, UK, France, Sweden, Italy)
  • Asia-Pacific (China, Japan, South Korea, India, Indonesia, Australia)
  • LAMEA (Latin America, Middle East, Africa)

Key Players  

  • Cymbet
  • TOYOTA MOTOR CORPORATION
  • Robert Bosch GmbH
  • Solid Power Inc.
  • Excellatron
  • BrightVolt Inc.
  • SK Innovation Co. Ltd
  • STMicroelectronics
  • Total Energies
  • StoreDot
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