Meticulous Research®—a leading global market research company, published a research report titled “Solid-state Battery Market is expected to grow at a CAGR of 58% from 2022 to reach $3.87 billion by 2029. By volume, this market is expected to grow at a CAGR of 72% from 2022 to reach 7.7 GWh by 2029. "
The global Solid-state Battery market is expected to grow at a CAGR of 58% from 2022 to reach $3.87 billion by 2029. By volume, this market is expected to grow at a CAGR of 72% from 2022 to reach 7.7 GWh by 2029. This market is driven by factors, such as the high energy density of Solid-state Battery, 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 Battery in EVs and the increase in R&D investments for the development of Solid-state Battery for consumer electronics devices are expected to provide attractive growth opportunities for players operating in this market.
However, the higher cost of Solid-state Battery 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 Battery 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.
Based on type, the global Solid-state Battery 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 Battery 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 Battery.
Thin film Solid-state Battery 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 Battery 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 consumer electronics 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 small size, more power delivery, and more processing power of Solid-state Battery. Consumer electronics manufacturers are demonstrating Solid-state Battery in their products. For instance, in March 2020, Samsung demonstrated a new prototype of a solid-state battery. This new solid-state battery developed by Samsung using silver-carbon (Ag-C) anode is expected to solve the dendrite problem.
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 Battery in consumer electronics and medical devices and research & development activities focused on the commercialization of Solid-state Battery 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 U.S.-based battery company Solid Power announced its plans to begin pilot production of Solid-state Battery 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 Battery during the forecast period.
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).
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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 Battery 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 Battery market?
What are the recent developments in the global Solid-state Battery 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?
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