Solid State Battery Market Size & Share, by Type (Portable, Thin Film); Capacity (Less than 20 mAH, 20 mAH to 500 mAH, More than 500 mAH); Category (Single-Cell Battery, Multi-Cell Battery); Application (Consumer Electronics, Wearables Devices, Electric Vehicles, Medical Devices, Packaging, Wireless Sensors) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2023-2035

  • Report ID: 1966
  • Published Date: May 03, 2023
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2023 - 2035

Solid State Battery Market size is expected to reach USD 40.6 Billion by the end of 2035, witnessing around 35.5% during the forecast period, i.e., 2023 - 2035. In the year 2022, the industry size of solid state battery was over USD 1.33 Billion. The market growth can be attributed to the rising focus on clean energy and higher integration of electric vehicles pushed by governments all across the globe. Governments all over the globe are enacting laws and regulations to cut carbon emissions and encourage the use of renewable energy sources, which is fostering an atmosphere that is conducive to the expansion of the solid state battery industry.

Moreover, the rising demand for renewable energy storage is anticipated to boost industry growth. These batteries have the capacity to store excess energy generated during times of high production and release it during emergencies.


Solid State Battery Market size
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Solid State Battery Sector: Growth Drivers and Challenges

Growth Drivers

  • Growing Demand for Wireless Communications – All-solid-state batteries are expected to power wireless sensors in IoT devices. A long service life of up to 10 years makes it even more practical.
  • Growing Need for Emergency Backup Power – Solid-state batteries are often used in inverters to provide power in emergencies.
  • Increased Smart Infrastructure Development - Increased smart city development is likely to increase power demand for connected infrastructure. By 2030, it is predicted that there will be 43 large cities with over 10 million people in the world, most of them in developing countries.
  • Increased Use of Portable Devices – Solid-state slate batteries enable smaller and higher-capacity portable devices such as wearables, IoT-connected devices, mini gadgets, and others.
  • Increased EV sales – The battery technology is estimated to have twice the energy density of existing lithium-ion batteries used to power EVs. Solid-state batteries could be an important development for electric vehicles (EVs), as it holds more energy, charge faster, and provide greater safety than liquid lithium-ion batteries.  According to statistical data, nearly 2 billion electric vehicles will need to be deployed for the world to reach net zero emissions by 2050, with EV sales totaling 6.6 million in 2021. 

Challenges

  • High Manufacturing Cost - Solid-state batteries are still in the process of development, and the process of production is much more complicated a. expensive than traditional lithium-ion batteries. This high cost of manufacturing makes them less cost-competitive in the market.
  • Not fully scalable
  • Strict manufacturing and transportation regulations

 

Solid State Battery Market: Key Insights

Base Year

2022

Forecast Year

2023-2035

CAGR

~35.5%

Base Year Market Size (2022)

~ USD 1.33 Billion

Forecast Year Market Size (2035)

~ USD 40.6 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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Solid State Battery Segmentation

Application (Consumer Electronics, Wearable Devices, Electric Vehicles, Medical Devices, Packaging, Wireless Sensors)

The consumer electronics segment in the solid state battery market is estimated to reach the largest revenue share of around 40% by the end of 2035. The growth of this market can be ascribed on account of the increase in electronics manufacturing. Solid-state batteries are used in smartphones, laptops, and electrical components. They are safe, reliable, and offer high performance.

Higher purchase of consumer electronics by people and escalating urbanization all across the globe is also driving the demand for this segment in the predicted time frame. Moreover, growing concerns over safety issues related to liquid electrolytes in batteries have increased the demand for all-solid-state batteries for consumer electronics applications, which in turn influences market expansion during the forecast time period.

Category (Single-Cell Battery, Multi-Cell Battery)

The multi-cell battery segment is predicted to hold 60% share of the global solid state battery market in the projection time period i.e. between 2023 - 2035. Multi-cell batteries have a much longer lifespan than single-cell batteries and are a major growth driver in this sector. These batteries are equipped with a more efficient thermal management system that prevents overheating and extends life.

Our in-depth analysis of the global market includes the following segments:

    Type

  • Portable
  • Thin Film

    Capacity

  • Less Than 20 mAH
  • 20 mAH to 500 mAH
  • More than 500 mAH

    Category

  • Single-Cell Battery
  • Multi-Cell Battery

 

 

    Application

  • Consumer Electronics
  • Wearable Devices
  • Electric Vehicles
  • Medical Devices
  • Packaging
  • Wireless Sensors

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Solid State Battery Industry- Regional Scope

North America Market Forecasts

The solid state battery market in North America is expected to exceed 34% by the end of 2035. The growth can be attributed to the rising demand for wearable devices in the region, followed by the surging disposable income of the population.

Europe Market Forecast

Europe region's solid state battery sector is expected to reach more than 30% market share between the time period 2023-2035. This is due to the increasing focus on reducing CO2 emissions and accelerating the transition to electric vehicles. The European Union has set a goal of becoming climate neutral by 2050. This has led to increased investment in energy storage technologies such as renewable energy, and all-solid-state batteries. 

Research Nester
Solid State Battery Market
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Companies dominating the Global Solid State Battery Landscape

top-features-companies
    • Bodycote Plc.
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • QuantumScape Corporation
    • Solvay S.A.
    • Cymbet Corporation
    • Pathoin Inc.
    • Robert Bosch GmbH
    • Saft Groupe SAS
    • Excellatron Solid-state
    • BrightVolt Solid State Batteries
    • Solid Power Inc.

In the News

  • QuantumScape Corporation announced the agreement with Volkswagen Group of America, Inc. to locate their Joint-venture solid state battery pilot-line plant by the end of 2021. The corporations are now considering the location of Salzgitter, Germany. They also intend to expand the production of 1 gigawatt-hour (GWh).

  •  Solid Power came in partnership and signed an agreement and memorandum with 5K Innovation to Invest USD 30 million into Solid Power for developing energy density of at least 930WH/L.

Author Credits:  Harshita Srivastava, Saima Khursheed


  • Report ID: 1966
  • Published Date: May 03, 2023
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

The growing sales of electric vehicles and the increasing development of smart cities are some of the major factors anticipated to drive the growth of the solid state battery market.

The market is anticipated to attain a CAGR of ~35.5% over the forecast period, i.e., 2023 - 2035.

The major players in the market are QuantumScape Corporation, Solvay S.A., Cymbet Corporation, Pathoin Inc., Robert Bosch GmbH, Saft Groupe SAS, Excellatron Solid-state, Toyota Motor Corporation, and others.

The consumer electronics segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.

The market in North America is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.
Solid State Battery Market Report Scope
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