Solid State Battery Market by Type (Lead Acid, Nickel Metal Hybrid Battery, Lithium-Ion, and Lithium Metal Battery), Capacity (Less than 20 mAh, 20 mAh - 500 mAh, and Above 500 mAh), and Application (Electric Vehicles, Smart Card, Medical Devices, Consumer Electronics, and Wireless Devices): Global Market Size Estimates and Forecast (2022-2030)

BMIRE00026211 | Pages: 100 | Electronics and Semiconductor | Sep 2022 | Type: Global | Status: Published

The solid-state battery market is expected to cross US$ 2.12 billion in 2022 and is expected to hit US$ 6.45 billion by 2030, recording a CAGR of 9.02% during the forecast period.

Solid state battery market has been significantly growing with the high adoption of gadgets such as mobile phones, watches, and medical equipment.

The growing trend of miniaturisation of gadgets such as mobile phones, watches, and medical equipment has increased demand for tiny electronic systems and devices; yet, the size of batteries frequently makes it difficult for designers to build miniaturised items. The battery occupies a significant section of any system, which is the primary reason for its increased size. This has increased demand for solid-state batteries, which enable system downsizing and portability. Because these batteries are flexible and thin, they can be used in any small electrical gadget.

Within the report, the market is segmented into type, capacity, application and geography. By type, the market is further segmented into lead acid, nickel metal hybrid battery, lithium-ion, and lithium metal battery. On the basis of the capacity, the market is categorized into less than 20 mAh, 20 mAh - 500 mAh, and above 500 mAh). Based on application, the market is divided into electric vehicles, smart card, medical devices, consumer electronics, and wireless devices. Geographically, the market is segmented into North America, Europe, Asia Pacific, South & Central America, and Middle East & Africa.

Solid state battery market is highly popular and frequently used in consumer electronics, electric automobiles, energy harvesting, and medical equipment sectors due to the abundance of plants and increasing activities

Solid-state batteries are more secure, less expensive, and last longer. Sodium-ion chemistries are particularly promising since sodium is cheap and plentiful, in contrast to lithium, which is mined at a great environmental cost. The ultimate goal is to develop batteries for large-scale grid energy storage applications, specifically to reduce peak demand using renewable energy sources. Solid-state batteries have higher energy density, a solid structure, and better stability than lithium-ion batteries; however, they have significant disadvantages, such as limited ionic conductivity, being extremely reactive, and being more expensive. These constraints can be overcome by using alternative solidstate electrolytes (SSEs) constructed of different materials.

Rising adoption in various industries is one of the major factors accelerating market growth.

Solid-state batteries are increasingly being used in fields such as consumer electronics, electric automobiles, energy harvesting, and medical equipment. The advantages of solid-state batteries over conventional lithium-ion batteries, such as high energy density, long shelf life, and fast charging capacity, have resulted in significant acceptance of solid-state batteries in various applications. The market's major players are concentrating on commercialising solid-state batteries. Because of the increasing need for solid-state batteries, several companies throughout the world are investing in battery manufacturing enterprises as part of their growth strategies. Companies' investments are projected to strengthen research and development activities linked to solid-state batteries and their manufacture. Automobile manufacturers are increasingly investing in and collaborating with solid state battery manufacturers.

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Recent strategic developments in the solid-state battery market

The solid-state battery market has undergone several significant developments, and a few of these have been mentioned below:

  • In May 2021, QuantumScape and Volkswagen Group of America, Inc. have agreed to identify the location of their joint-venture solid-state battery pilot-line facility by the end of 2021. The QS-1 pilotline facility will initially be a 1-gigawatt hour (GWh) commercial production plant for battery cells for electric vehicles. At the same area, the company plans to increase production capacity by 20 GWh.
  • In October 2021, Hyundai Motors, Kia, and Factorial Motors have formed a strategic alliance to develop solid-state battery technology for Hyundai Motors' electric vehicles.
  • In October 2021, Solid Power, a solid-state battery industry leader, has collaborated with SK Innovation to manufacture all-solid-state batteries. SK Innovation has committed to investing USD 30 million in Solid Power via a subscription to purchase a share in DCRC's previously announced PIPE transaction.

The solid state battery market is driven by several players by implementing strategic activities such as investments, new launches, mergers & acquisitions, and partnerships Cymbet, BrightVolt Solid State Batteries, STMicroelectronics, QuantumScape Corporation, ProLogium Technology CO., Ltd. are among the prominent players operating in the market.

The target audience for the report:

  • Raw material providers
  • Battery panel providers
  • Electronics providers
  • Solid state battery-related service providers
  • Solid state battery -related associations, organizations, forums, and alliances
  • Government bodies, such as regulating authorities and policy makers
  • Venture capitalists, private equity firms, and start-up companies
  • Electronics component suppliers
  • Solid state battery distributors and sales firms
  • End users of solid state battery
  • Research institutes, organizations, and consulting companies

Scope of the report:

  • Type:
    • ESD Lead Acid
    • Nickel Metal Hybrid Battery
    • Lithium-Ion
    • Lithium Metal Battery
  • Capacity
    • Safety Sensors
    • Less than 20 mAh
    • 20 mAh-500 mAh
    • Above 500 mAh
  • Application:
    • Electric Vehicles
    • Smart Card
    • Medical Devices
    • Consumer Electronics
    • Wireless Devices
  • Region
    • North America
    • Europe
    • Asia Pacific (APAC)
    • South & Central America
    • Middle East & Africa
  • Companies profiled
    • BrightVolt Solid State Batteries
    • Cymbet
    • STMicroelectronics
    • ProLogium Technology CO., Ltd.
    • QuantumScape Corporation

Companies profiled

- BrightVolt Solid State Batteries

- Cymbet

- STMicroelectronics

- ProLogium Technology CO., Ltd.

- QuantumScape Corporation

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