Solid State Battery Market Analysis | 2023-2028

“The Solid State Battery Market is expected to grow at a promising CAGR of 6.5% during the forecast period”.

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Market Dynamics

Introduction

The solid-state battery market involves the production and distribution of batteries using solid electrolytes, departing from traditional liquid or gel-based alternatives. Compared to standard lithium-ion batteries, these batteries offer improved safety, longevity, and energy density. The solid-state battery market is rapidly expanding and widely applicable in electric vehicles, consumer electronics, and renewable energy storage.

It represents a pivotal aspect of the evolving landscape of energy storage solutions, with ongoing developments aiming to enhance efficiency and safety across various industries.

Market Drivers

Solid state batteries are expected to gain market share as electric vehicle costs fall and consumers' purchasing power rises. Furthermore, strict government regulations governing carbon emissions in the transportation sector will encourage business growth. For example, the EU updated the Clean Vehicle Directive in 2019, setting a procurement target for green buses ranging from 24 to 45 percent based on member countries' GDP.

The growth of the solid state battery market will be bolstered by rapid technology advancements along with ongoing product design and developments for use in various applications such as consumer electronics and bulk energy storage systems. Increasing expenditures in electric vehicle adoption will give enormous prospects for inorganic growth ventures and considerable R&D activity for key industry organizations.

Segments Analysis

By Product Type

“Thin film type is likely to remain the most utilized product for solid state batteries in the foreseeable future”.

The market is bifurcated into thin film, bulk storage, and others. Thin film type is likely to remain the most utilized product for solid state batteries in the foreseeable future due to the rising demand for smart cards, medically implanted devices, RFID, and other wearable gadgets. These are miniature batteries having components made by using a variety of patterning and deposition techniques compatible with microelectronic fabrication techniques.

The bulk storage solid state battery market will develop as expenditures across numerous industries, such as military, medical, and small-scale manufacturing increase. The development of these units for large-scale energy storage is due to ongoing advancements in technology and materials. In addition, due to its extended operating cycle, non-volatile, efficiency, non-flammability, and high conductivity, the device is becoming more popular as a replacement for traditional systems.

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By Application Type

“The automotive industry will likely remain the biggest demand generator for solid state batteries during the forecast period”.

The market is segmented into industrial, automotive, consumer electronics, energy storage, and others. Among these application types, the automotive industry will likely remain the biggest demand generator for solid state batteries during the forecast period. The industry's growth will be fuelled by a greater emphasis on zero-emission automobiles, as well as significant investments in electric vehicle research.

Furthermore, the rising demand for personal mobility, combined with technological advancements leading to product commercialization, will increase product acceptance. In 2018, the industrial sector accounted for more than a quarter of the worldwide solid state battery market. The industry's growth will be fuelled by the continued acceptance of units in medical, military, and maritime settings. Pacemakers, smart lenses, wireless body area networks (WBAN), implanted devices, and other medical equipment all use these batteries.

In addition, as technology advances, their employment in military vehicles, remote military base stations, and other military operations is becoming more common.

Regional Analysis

“North America is expected to remain the largest market for solid state batteries over the forecast period”.

The market is broken down geographically into areas, namely North America, Europe, Asia-Pacific, and the Rest of the World (RoW). North America is expected to remain the largest market for solid state batteries over the forecast period on account of the paradigm shift toward the deployment of sustainable energy technology, as well as an increase in product use across smart cards, RFID, and other wearable devices. In addition, the solid state battery market will rise due to the increasing use of energy storage systems with various sustainable energy sources.

China's solid state battery industry will benefit from ongoing development and expansion of the automotive manufacturing sector, which includes electric and hybrid vehicles, as well as robust economic growth. According to the International Energy Agency, the number of electric vehicles in the United States reached 2.3 million in 2018, accounting for almost 45% share of the global EV fleet. The solid state battery market will be boosted by increasing government-backed funding programs for the development of safer, more dependable, and efficient battery technologies.

Key Players

Most companies are deploying various strategies regarding product development & differentiation, pricing, branding, technology, and customized products to gain a competitive advantage. 

The following are the key players in the Solid State Battery Market (arranged alphabetically)

• BrightVolt, Inc.
• Cymbet Corporation
• Excellatron Solid State, LLC
• Hitachi Zosen Corporation
• Ilika PLC
• Planar Energy Device, Inc.
• Prieto Battery, Inc.
• Robert Bosch GmbH
• STMicroelectronics N.V.
• Solid Power, Inc.

Note: The above list does not necessarily include all the top players in the market.

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Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

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Research Methodology

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.

More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles have been leveraged to gather the data.

We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.

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Company Profiling

• Detailed profiling of additional market players (up to three players)
• SWOT analysis of key players (up to three players)

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

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