The Promising Future of Solid-State Batteries

 

Meticulous Research^®—a leading global market research company, published a research report titled “Solid-State Batteries Market by Type (Thin Film Batteries, Bulk Batteries, and Other Batteries), Capacity (Less than 20mAh, 21mAh to 500mAh, and Above 500mAh), Application, and Geography — Global Forecasts to 2029”.

The Solid-State Battery Market is expected to grow at a CAGR of 58% from 2022 to reach $3.81 billion by 2029. By volume, this market is expected to grow at a CAGR of 71% from 2022 to reach 7.3 GWh by 2029. This market is driven by factors, such as the high energy density of solid-state batteries, faster-charging rate compared to Li-ion batteries, and a safer alternative to Li-ion batteries. Moreover, increasing R&D for the application of solid-state batteries in EVs and the increase in R&D investments for the development of solid-state batteries for consumer electronics devices are expected to provide attractive growth opportunities for players operating in this market.

However, the higher cost of solid-state batteries and technological challenges regarding the stabilization of electrodes during charging/discharging cycles are expected to restrain the growth of this market to a notable extent. In addition, the challenge for commercialization, challenges with physical properties of ceramic electrolyte, challenge with cell architecture, and business transformation challenges are the major challenges for the growth of the global Solid-State Battery Market.

The global solid-state batteries market study is segmented based on type, capacity, application, and geography. The study also evaluates industry competitors and analyses the market at the country level.

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Scope of the Report

Solid-State Battery Market, by Type

• Thin Film Batteries
• Bulk Batteries
• Other Batteries

Solid-State Battery Market, by Capacity

• Less than 20mAh
• 21mAh to 500mAh
• Above 500mAh

Solid-State Battery Market, by Application

• Medical Devices
• Automotive
• Consumer Electronics
• Aerospace
• Battery Energy storage systems
• Industrial Equipment

Solid-State Battery Market, by Geography

• Asia-Pacific (APAC)
• China
• Japan
• South Korea
• India
• Rest of Asia-Pacific
• Europe
• Germany
• U.K.
• France
• Italy
• Spain
• Rest of Europe (RoE)

• North America
• U.S.
• Canada
• Latin America
• Middle East & Africa

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Based on type, the global solid-state batteries market is mainly segmented into thin film batteries, bulk batteries, and other batteries. In 2022, the thin film batteries segment is expected to account for the largest share of the global solid-state batteries market. The large share of this segment is mainly attributed to their smaller size, higher average output voltage, lighter weight, higher flexibility, higher energy density, lower chances of electrolyte leakage, tighter packing, and longer life cycle than bulky solid-state batteries.

Thin film solid-state batteries have found numerous applications in electronic devices, including renewable energy storage devices, smart cards, radio frequency identification (RFID) tags, portable electronics, defibrillators, neural stimulators, pacemakers, and wireless sensors, contributing to the large market share of this segment.

Based on capacity, the global Solid-State Battery Market is segmented into less than 20mAh, 21mAh to 500mAh, and Above 500mAh. In 2022, the 21mAh to 500mAh segment is expected to account for the largest share of the global Solid-State Battery Market. The large share of this segment is mainly attributed to the rising demand for small energy storage sources and wearable electronics. Solid-state batteries are widely preferred for consumer electronics as they are safer and more stable than liquid li-ion batteries in which the electrolyte is volatile and flammable at high temperatures.

Based on application, the global Solid-State Battery Market is segmented into medical devices, automotive, consumer electronics, aerospace, battery energy storage system, and industrial equipment. In 2022, the medical devices segment is expected to account for the largest share of the global solid-state batteries market. The large share of this segment is mainly attributed to technological advancements and the penetration of IoT in the medical field. Several battery manufacturers are designing and offering solid-state batteries to power medical devices, such as neural stimulators, pacemakers, and defibrillators. Solid-state batteries offer safer power solutions for pacemakers and defibrillators than liquid Li-ion batteries. For instance, in April 2019, Ilika, a U.S. company, launched its new Stereax M50, a miniaturized solid-state lithium-ion cell designed for the needs of the medical device industry.

Based on geography, North America is expected to account for the largest share of the global Solid-State Battery Market in 2022. The large share of this market is mainly attributed to the growing application and uptake of solid-state batteries in consumer electronics and medical devices and research & development activities focused on the commercialization of solid-state batteries for electric vehicles. For instance, in September 2020, The Volkswagen Group invested around $300 million in the U.S.-based solid-state battery startup QuantumScape.

Additionally, a US-based battery company Solid Power announced its plans to begin pilot production of solid-state batteries suitable for use in electric vehicles by early 2022, after receiving an additional $130 million in funding from existing investors, including Ford, BMW, and Volta Energy Technologies. These initiatives are expected to boost the demand for solid-state batteries during the forecast period.

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Key Players

The key players operating in the global Solid-State Battery Market are QuantumScape Corporation (U.S.), Ilika plc (U.K.), Solid Power, Inc. (U.S.), BrightVolt, Inc., (U.S.), Cymbet Corporation (U.S.), Prieto Battery Inc. (U.S.), Sion Power Corporation (U.S.), Hitachi Zosen Corporation (Japan), ProLogium Technology CO., Ltd. (Taiwan), Johnson Energy Storage, Inc. (U.S.), PJP Eye LTD. (Japan), Factorial Inc. (Spain), Volkswagen AG (Germany), Front Edge Technology, Inc. (U.S.), and I-TEN S.A. (Italy).

Key Questions Answered in the Report:

• Which are the high-growth market segments in terms of type, capacity, application, and geography?
• What is the historical market size for global solid-state batteries across the globe?
• What are the market forecasts and estimates for the period 2022–2029?
• What are the major drivers, restraints, opportunities, and challenges in the global Solid-State Battery Market?
• Who are the major players in the market, and what are their market shares?
• How is the competitive landscape for the global solid-state batteries market?
• What are the recent developments in the global solid-state batteries market?
• What are the different strategies adopted by the major players in the market?
• What are the key geographic trends, and which are the high-growth countries?
• Who are the local emerging players in the global solid-state batteries market, and how do they compete with other players?

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