The global solid-state battery market size is likely to be $3,915 million in 2030, progressing at a CAGR of 33.5% during 2021–2030. The rising sales of these products for various applications, including consumer electronics, EVs, energy harvesting, medical devices, smart cards, and wireless communications, are driving the market’s expansion. Moreover, the rising investments from top manufacturers, coupled with the increasing research activities in the field, are boosting the sales of these energy storage devices.
On the other hand, the limited consumer and corporate spending, lockdown measures, and supply chain disruptions due to the closure of multiple SMEs; logistical disruptions, and shutdown of factories, warehouses, and research institutions during the pandemic led to a negative impact on the market growth.
In terms of application, the usage of solid-state batteries is the highest in portable consumer electronics. Because of the rapid urbanization and rising disposable income, the demand for smartphones, wearables, laptops, PCs, and smartwatches is surging, which is, in turn, resulting in the rising requirement for solid-state batteries. In addition, the rise in the concerns for the safety issues with liquid-based electrolytes in batteries leads to the burgeoning preference for solid-state batteries.
Moreover, batteries with a capacity of below 20 mAh are projected to attain the fastest growth in the solid-state battery market in the years ahead. The rising demand for thin-film batteries, which have a capacity of less than 20 mAH, would influence the growth in this category, as these variants are used in different applications, such as transdermal patches, wireless sensors, and smart packaging. Furthermore, the compact design, and use in low-drain devices, which do not require a high battery capacity, are driving the demand for batteries with capacities less than 20 mAh.
Geographically, the APAC market is likely to grow at the highest rate, of over 34%, in the coming years, owing to the presence of a large consumer and portable electronics user base, expansion of the renewable energy sector, and increase in the usage of battery energy storage systems. Moreover, the rapid advance of the automotive industry in China, Japan, India, and South Korea is likely to drive the integration of solid-state batteries. in this regard, the government regulations aimed at the reduction of carbon emissions from automobiles and achieving a rise the usage of EVs will the boost demand for such products.
Major solid-state battery market players have been extensively involved in partnerships and collaborations. For instance, in April 2022, Nissan Motor Co. Ltd. collaborated with NASA to develop a new kind of solid-state battery for future EVs. These devices would be lighter, safer, and much quicker to charge than the lithium-ion batteries currently in use.
Similarly, in February 2022, Mercedes-Benz AG partners with ProLogium Technology Co. Ltd. to develop next-generation solid-state battery cells for EVs. Through this, Mercedes has planned to turn all its automobiles into EVs by 2030.
Key enterprises of the market include SK Innovation Co. Ltd., STMicroelectronics, TotalEnergies SE, StoreDot, QuantumScape Corporation, Solid Power Inc., Jiangxi Ganfeng Lithium Co. Ltd., Factorial Inc., Ilika plc, Prieto Battery, Excellatron Solid State LLC, Toyota Motor Corporation, Robert Bosch GmbH, Altair, Nanotechnologies, and Dyson Ltd.