San Francisco, 20 December 2023: The Report Solid State Battery Market Size, Share & Trends Analysis Report By Application (Energy Harvesting, EVs), By Battery Type (Thin Film, Portable Batteries), By Capacity (Below 20 mAh, Above 500 mAh), And Segment Forecasts, 2021 – 2028

The global solid state battery market size is expected to reach USD 87.5 billion by 2027, escalating at a CAGR of 13% over the forecast period, according to a new report by Grand View Research, Inc. Growing demand for solid-state batteries across end-use markets along with rising R&D focused on developing advanced batteries is likely to drive the market growth over the forecast period.

The market is also driven by the rising deployment of Electric Vehicles (EVs), increasing utility of battery energy storage systems, and the growing adoption of electronic gadgets. Solid-state batteries offer higher electrochemical stability, higher energy density, and low flammability as compared to conventional batteries. These characteristics have widened the application base, thereby enhancing the commercial value of solid-state batteries.

Industry participants are following several strategic initiatives, such as partnerships, joint ventures, and mergers and acquisitions, to enhance their foothold in the market. For instance, in April 2021, Ford Motor Company entered into a partnership with Solid Power to design and develop a product for EVs segment of the automotive sector.

High costs associated with the initial-stage product development are anticipated to hamper the market growth over the forecast period. Moreover, the outbreak of the COVID-19 pandemic has severely impacted the market supply chain that includes electrode material producers, raw material suppliers, battery pack manufacturers, and others.

Rising demand for solid-state batteries among end-use sectors along with the rising research and development activities focused on commercializing the battery cost are expected to propel the market growth over the forecast period. The growing adoption of electronic gadgets, the increasing utility of battery energy storage systems, and the rising deployment of electric vehicles are among the key factors driving the industry. These batteries offer higher energy density, low flammability, and higher electrochemical stability when compared to conventional batteries, thereby enhancing their commercial market value.

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China dominates the global market on account of the bulk manufacturing of batteries and the presence of major market players across the country. Vehicle manufacturers in China, such as Nio, Enovate, and Weltmeister, are focusing on the commercial development of solid-state batteries that can be used in the transportation sector. Moreover, the Chinese government is providing heavy funding to battery production projects, thereby driving market growth across the country.

Solid State Battery Market Report Highlights

• Consumer & portable electronics segment occupied the largest market share in 2021 owing to the high demand for portable electronic devices in various end-use segments
• The EVs segment occupied the second-largest market share in 2021 owing to the increased deployment of clean energy-powered vehicles across major economies
• Below 20 mAh capacity segment is anticipated to register the fastest CAGR over the forecast period owing to the wide scope of application in low drain devices that do not require a high battery capacity
• The thin-film type segment is expected to record the fastest CAGR from 2020 to 2027 owing to the compact design and efficient recharging rate of these products
• Asia Pacific led the global market in 2021 and will retain the dominant position over the forecast years due to rising deployment of EVs across economies, such as China & India

Strategic partnerships among leading industry players are expected to further boost the product demand across several end-use segments. For instance, in February 2020, Panasonic Corp. and Toyota Motor Corp. announced a joint venture named Prime Planet Energy & Solutions, Inc. that will focus on the development, manufacturing, and marketing of solid-state batteries in the automotive sector.

High costs associated with the initial stage development of solid-state batteries are expected to hinder the commercial viability of the product. In addition, the growing impact of the COVID-19 pandemic on the market supply chain is expected to further impede the market growth. Battery pack manufacturers, electrode material producers, raw material suppliers, and others have suffered a major setback and are estimated to take a significant amount of time to recover.

Consumer & portable electronics segment occupied the largest market share of over 33.6% in 2020 owing to the high demand for portable electronic devices in various end-use segments. Rapid urbanization along with rising discretionary expenditures are expected to result in higher purchasing of electronic devices including smartphones, laptops, media players, gaming consoles, and others. This trend is anticipated to stimulate segment growth over the forecast period.

Solid State Battery Market Report Scope

The electric vehicles segment is anticipated to occupy the leading position in the market, in terms of revenue share, by 2028 owing to the rising deployment of clean energy-powered vehicles across major economies of the world. Technological advancements in batteries along with the presence of favorable regulatory policies encouraging the adoption of electric vehicles are expected to boost the segment growth.

Market players are investing in research and development activities to enhance the technical aspects of solid-state cells and modules that offer lower battery cost, longer life, and better performance when compared to conventional batteries. Industry participants have undertaken several strategic initiatives, such as offering diversified product ranges, joint ventures, collaborations, and mergers and acquisitions. These strategies enable companies to enhance their foothold in the global market.

List of Key Players of Solid State Battery Market

• Samsung SDI Co. Ltd.
• Solvay
• Cymbet
• Robert Bosch GmbH
• Saft