Solid-State Battery Market To Generate $775.2 Million Revenue by 2030
- Published: November 2022
The global solid-state battery market size is likely to generate $775.2 million revenue in 2030, progressing at a CAGR of 32.6% 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 expansion. Moreover, surging investments from top manufacturers, coupled with increasing research activities in this field, are boosting the sales of these energy storage devices.
On the other hand, 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.
Wearable Medical Devices Dominate the Market
In terms of application, the usage of solid-state batteries is the highest in wearable medical devices, due to the sudden increase in the demand for temperature sensors, pacemakers, and pulse oximeters, coupled with the technological advancements in these devices. In addition, the rise in the concerns for safety issues with liquid-based electrolytes in batteries leads to the burgeoning preference for solid-state batteries.
Moreover, the demand for batteries with a capacity of below 20 mAh is 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 industry growth in this category, as these variants are used in different applications, such as transdermal patches, wireless sensors, and smart packaging devices. Furthermore, their 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 54.4%, in the coming years, owing to the presence of a large consumer and portable electronics user base, the expansion of the renewable energy sector, and the increase in the usage of battery energy storage systems. Moreover, the rapid advancement of the automotive industry in China, Japan, India, and South Korea is likely to drive the integration of solid-state batteries. In this regard, government regulations aimed at the reduction of carbon emissions from automobiles and emphasizing the increasing usage of EVs, which, in turn, will boost the demand for such products.
Partnerships and Collaborations Are Most-Effective Strategic Measures
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 partnered 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 N.V., TotalEnergies SE, StoreDot, QuantumScape Corporation, Solid Power Inc., Jiangxi Ganfeng Lithium Co. Ltd., Factorial Inc., Excellatron Solid State LLC, and Toyota Motor Corporation.