Solid-State Battery Market Report: By Capacity (Below 20 mAh, 20m–500 mAh, Above 500 mAh), Battery Type (Thin-Film Battery, Portable Battery), Application (Portable Consumer Electronics, Electric Vehicles, Energy Harvesting, Wearable & Medical Devices) – Global Industry Size and Growth Forecast to 2030

Market Overview

The solid-state battery market size is forecast to reach $3,915 million in 2030 from $290 million in 2021, at a 33.5% CAGR during 2021–2030. The rising adoption of electronic gadgets, surging deployment of EVs, and rising utility of battery management and energy storage systems are the key factors driving the industry.

In addition, the market is likely to be influenced by the increasing number of robot shipments globally. Moreover, the rising R&D activities associated with solid-state batteries, surging deployment of IoT, and miniaturization of electronic devices have emerged as major driving forces.

However, the COVID-19 pandemic impacted the market supply chain and production plants, which is hindering the market growth. Manufacturers of battery packs, producers of electrode material, suppliers of raw material, and other participants in the value chain have suffered a major setback, and they are expected to take significant time to recover.

20mAh–500mAh Battery Capacity Category Accounted for Largest Market Share

The 20mAh–500mAh battery capacity category held the greatest share, of 62%, in 2021. All solid-state battery applications, such as energy storage systems, wearable medical devices, and domestic appliances, require these variants. In addition, the consumer electronics sector’s swift growth results in a rise in these products’ demand.

Demand for Solid-State Batteries in EVs to Grow Fastest in Coming Years

These energy storage devices are increasingly being used in EVs, which will result in the fastest growth of this application category in the foreseeable future. The technological advancements in automotive batteries, as well as the favorable regulations, for EVs are encouraging the deployment of the former over gasoline, diesel, LPG, and CNG vehicles.

On the other hand, portable consumer electronics dominated the solid-state battery market in the past, and they are also expected to maintain their lead in the coming years, owing to the rising demand for smart wearables, laptops, and smartphones.

Following consumer and portable electronics were wearable & medical devices, with around 24% market share in 2021, due to the sudden increase in the demand for temperature sensors, pacemakers, and pulse oximeters, coupled with the technological advancements in these devices.

Thin-Film Battery Production Rising to Meet Demands of Widening Consumer Base

Thin-film batteries accounted for the majority of the solid-state battery market share over the past years, and they would advance at a healthy CAGR, to reach $3,486 million by 2030. These variants are generally employed in IoT and smart AI devices, such as smartwatches and fitness bands, owing to their effective revitalization rate, smaller size, higher average output voltage, lower weight, higher energy density, higher flexibility, lower chances of electrolyte leakage, longer shelf life, tighter packing, and condensed structure.

APAC Market Is Principal Generator of Revenue

In 2021, APAC claimed the largest market share, of around 50%, and it is forecast to hold on to its supremacy throughout the forecast period. A large consumer base for portable electronics, advancements in the renewable energy sector, and growth in the utilization of battery management systems are the major factors prompting these batteries’ sales growth in this region. Moreover, public authorities in China and India intend to lower the carbon footprint of vehicles and boost the usage of EVs.

In the APAC region, China has been the largest consumer of solid-state batteries, owing to their bulk manufacturing by major battery companies and the presence of a large automotive manufacturer base. For instance, in December 2020, Toyota unveiled a solid-state battery with a capacity of 1,000 mAh.

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Research on Solid-State Batteries Will Advance Market Growth

Extensive R&D is leading to the improving capability of these batteries, which will boost the expansion of the solid-state battery market in the years ahead. For instance, in July 2021, the German government provided funds of around $2.1 million (EUR 1.8 million) for a research project, namely SoLiS – Development of Lithium-Sulphur Solid State Batteries in Multilayer Pouch Cells. This project aims to transfer a promising battery concept from fundamental research to industrial application. This research includes the basic possibility of a Li-S solid-state battery, which has already been verified on the laboratory scale.

Similarly, in May 2021, researchers at Harvard University innovated a long-lasting, stable, solid-state lithium battery, to fix a 40-year problem. These batteries can be charged at least 10,000 times at a high current density. The researchers paired the new design of the battery with a commercial high-density cathode material. Likewise, most of the top manufacturers are working on the improvement of these batteries, which will likely boost their demand across industries.

Introduction of High-Energy-Density Solid-State Batteries To Support Their Demand

Solid-state batteries are being developed to deliver higher energy densities, which will improve their capabilities, thus resulting in higher sales. For instance, in September 2021, researchers from the University of California, San Diego, developed a novel solid-state battery that blends a solid-state electrolyte with an all-silicon anode, to give a higher energy density. Silicon anodes have a 10-times higher energy density than graphite anodes, which are commonly used in lithium-ion batteries. Furthermore, for applications such as grid storage and EVs, these batteries are safe and long-lasting.

Similarly, Murata Manufacturing Co. Ltd. created a solid-state battery with a high energy density in 2019. This new battery outperforms traditional lithium-ion secondary batteries in terms of safety and durability; therefore, are ideal for wearable devices, such as wireless earphones, that require a high level of safety and are intended to be used for long periods; the battery can also meet the diverse needs of the emerging IoT society. Similarly, the development of high-energy-density batteries for EVs has resulted in a considerable increase in the solid-state battery market growth.

Key Players in Solid-State Battery Market Are:

• SK Innovation Co. Ltd.
• STMicroelectronics
• TotalEnergies SE
• StoreDot
• QuantumScape Corporation
• Solid Power Inc.
• Factorial Inc.
• Jiangxi Ganfeng Lithium Co. Ltd.
• Toyota Motor Corporation
• Excellatron Solid State LLC

Market Size Breakdown by Segment

The research offers market size of the global solid state battery market for the period 2017–2030.

Based on Capacity

• Below 20 mAh
• 20m–500 mAh
• Above 500 mAh

Based on Battery Type

• Thin-Film Battery
• Portable Battery

Based on Application

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

Geographical Analysis

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • France
  • U.K.
  • Italy
  • Spain
• Asia-Pacific
  • China
  • India
  • Japan
  • Australia
  • South Korea
• Latin America
  • Brazil
  • Mexico
• Middle East and Africa
  • Saudi Arabia
  • South Africa