Solid State Battery Market Size, Share | Report 2022-2030
The global solid state battery market was estimated at USD 617.7 million in 2021 and it is expected to surpass around USD 7.51 billion by 2030, poised to grow at a CAGR of 31.99% from 2022 to 2030
Report Highlights
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 2019, 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.
Scope of The Report
| Report Coverage | Details |
| Market Size in 2021 | USD 617.7 million |
| Revenue Forecast by 2030 | USD 7.51 billion |
| Growth rate from 2022 to 2030 | CAGR of 31.99% |
| Base Year | 2021 |
| Forecast Period | 2022 to 2030 |
| Segmentation | Application, capacity, battery type, region |
| Companies Covered | Samsung SDI Co. Ltd.; Solvay; Cymbet; Pathion Inc.; Robert Bosch GmbH; Saft; Excellatron Solid-state; Toyota Motor; BrightVolt; Solid Power |
Application Insights
Consumer & portable electronics segment occupied the largest market share of over 33.6% in 2021 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.
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.
The Wearable & medical devices segment accounted for a significant market share and is anticipated to witness prominent growth over the forecast period. Rising demand for small energy storage sources and wearable electronics is projected to favor the segment growth. Moreover, innovations in medical technology are likely to maximize the penetration rate of wearable batteries.
Capacity Insights
Below 20 mAh segment is anticipated to register the fastest CAGR of over 44.3% during the forecast period. The batteries that fall under this category are mainly thin-film batteries that cater to a wide application range including cosmetic and medical patches, wireless sensors, packaging, and others. Limited internal space, compact size, and usage across low drain devices that do not require large battery capacity are among the key factors bolstering the demand for batteries below 20 mAh of capacity.
The above 500 mAh segment accumulated the market of 21.5% in 2021 owing to the increased usage of solid-state batteries in electric vehicles market. Government policies favoring clean energy transportation are driving the current segment demand. In addition, growing demand for battery energy storage systems across commercial and industrial sectors is further expected to augment the segment growth.
Battery Type Insights
The thin-film battery segment is expected to register the highest CAGR of 35.3% from 2022 to 2030 owing to a wide application scope of solid state batteries. These batteries are mainly used in IoT and wearable devices, such as fitness bands, smart clothing, and smartwatches, due to their efficient recharging rate and compact design. Unlike conventional batteries, thin-film batteries have a minimum environmental impact, which is expected to augment the industry growth over the forecast period.
The adoption of solid state batteries in portable devices is expected to grow at a significant rate owing to low maintenance and higher energy densities offered by them. High demand for consumer electronics is expected to propel the segment's growth.
Significant research is being conducted regarding the application of sodium sulfur batteries in consumer electronics and wearable devices. Solid state batteries are now being utilized in portable devices and consumer electronic products. Even though the application of these batteries in electronics is at a nascent stage, their application scope ranges from mobile phones, laptops, computers, tablets, torches or flashlights, to LED lighting, vacuum cleaners, digital cameras, and calculators.
Regional Insights
Asia Pacific emerged as the largest market, accounting for a 53.7% share of the global solid state battery market in 2021. The significant growth of automotive industry in China, India, Japan, and South Korea is expected to promote the demand for solid state batteries. Furthermore, increasing population in China and India coupled with favorable government regulations aimed at lowering carbon emissions from vehicles and promoting the use of electric vehicles are expected to enhance the product demand in the region over the forecast period.
Europe occupied the second-largest market share in 2021 and is anticipated to retain its market position over the forecast period. The growth can be attributed to the strict implementation of favorable regulatory policies regarding the deployment of battery energy storage systems and electric vehicles across the region. In addition, the European Commission funding aimed at battery-specific R&D projects is expected to further boost the regional market growth.
North America, led by the U.S., Mexico, and Canada, accounted for nearly 20.69% of the global solid-state battery market share in 2021. The presence of prominent battery manufacturers and growing demand for end-use industries are the primary driving factors for North America solid-state battery market.
Key Players
Market Segmentation
Chapter 1. Introduction
1.1. Research Objective
1.2. Scope of the Study
1.3. Definition
Chapter 2. Research Methodology
2.1. Research Approach
2.2. Data Sources
2.3. Assumptions & Limitations
Chapter 3. Executive Summary
3.1. Market Snapshot
Chapter 4. Market Variables and Scope
4.1. Introduction
4.2. Market Classification and Scope
4.3. Industry Value Chain Analysis
4.3.1. Raw Material Procurement Analysis
4.3.2. Sales and Distribution Channel Analysis
4.3.3. Downstream Buyer Analysis
Chapter 5. COVID 19 Impact on Solid State Battery Market
5.1. COVID-19 Landscape: Solid State Battery Industry Impact
5.2. COVID 19 - Impact Assessment for the Industry
5.3. COVID 19 Impact: Global Major Government Policy
5.4. Market Trends and Opportunities in the COVID-19 Landscape
Chapter 6. Market Dynamics Analysis and Trends
6.1. Market Dynamics
6.1.1. Market Drivers
6.1.2. Market Restraints
6.1.3. Market Opportunities
6.2. Porter’s Five Forces Analysis
6.2.1. Bargaining power of suppliers
6.2.2. Bargaining power of buyers
6.2.3. Threat of substitute
6.2.4. Threat of new entrants
6.2.5. Degree of competition
Chapter 7. Competitive Landscape
7.1.1. Company Market Share/Positioning Analysis
7.1.2. Key Strategies Adopted by Players
7.1.3. Vendor Landscape
7.1.3.1. List of Suppliers
7.1.3.2. List of Buyers
Chapter 8. Global Solid State Battery Market, By Application
8.1. Solid State Battery Market, by Application, 2022-2030
8.1.1 Consumer & Portable Electronics
8.1.1.1. Market Revenue and Forecast (2017-2030)
8.1.2. Electric Vehicles
8.1.2.1. Market Revenue and Forecast (2017-2030)
8.1.3. Energy Harvesting
8.1.3.1. Market Revenue and Forecast (2017-2030)
8.1.4. Wearable & Medical Devices
8.1.4.1. Market Revenue and Forecast (2017-2030)
8.1.5. Others
8.1.5.1. Market Revenue and Forecast (2017-2030)
Chapter 9. Global Solid State Battery Market, By Capacity
9.1. Solid State Battery Market, by Capacity, 2022-2030
9.1.1. Below 20mAh
9.1.1.1. Market Revenue and Forecast (2017-2030)
9.1.2. 20mAh-500mAh
9.1.2.1. Market Revenue and Forecast (2017-2030)
9.1.3. Above 500mAh
9.1.3.1. Market Revenue and Forecast (2017-2030)
Chapter 10. Global Solid State Battery Market, By Battery Type
10.1. Solid State Battery Market, by Battery Type, 2022-2030
10.1.1. Thin Film
10.1.1.1. Market Revenue and Forecast (2017-2030)
10.1.2. Portable
10.1.2.1. Market Revenue and Forecast (2017-2030)
Chapter 11. Global Solid State Battery Market, Regional Estimates and Trend Forecast
11.1. North America
11.1.1. Market Revenue and Forecast, by Application (2017-2030)
11.1.2. Market Revenue and Forecast, by Capacity (2017-2030)
11.1.3. Market Revenue and Forecast, by Battery Type (2017-2030)
11.1.4. U.S.
11.1.4.1. Market Revenue and Forecast, by Application (2017-2030)
11.1.4.2. Market Revenue and Forecast, by Capacity (2017-2030)
11.1.4.3. Market Revenue and Forecast, by Battery Type (2017-2030)
11.1.5. Rest of North America
11.1.5.1. Market Revenue and Forecast, by Application (2017-2030)
11.1.5.2. Market Revenue and Forecast, by Capacity (2017-2030)
11.1.5.3. Market Revenue and Forecast, by Battery Type (2017-2030)
11.2. Europe
11.2.1. Market Revenue and Forecast, by Application (2017-2030)
11.2.2. Market Revenue and Forecast, by Capacity (2017-2030)
11.2.3. Market Revenue and Forecast, by Battery Type (2017-2030)
11.2.4. UK
11.2.4.1. Market Revenue and Forecast, by Application (2017-2030)
11.2.4.2. Market Revenue and Forecast, by Capacity (2017-2030)
11.2.4.3. Market Revenue and Forecast, by Battery Type (2017-2030)
11.2.5. Germany
11.2.5.1. Market Revenue and Forecast, by Application (2017-2030)
11.2.5.2. Market Revenue and Forecast, by Capacity (2017-2030)
11.2.5.3. Market Revenue and Forecast, by Battery Type (2017-2030)
11.2.6. France
11.2.6.1. Market Revenue and Forecast, by Application (2017-2030)
11.2.6.2. Market Revenue and Forecast, by Capacity (2017-2030)
11.2.6.3. Market Revenue and Forecast, by Battery Type (2017-2030)
11.2.7. Rest of Europe
11.2.7.1. Market Revenue and Forecast, by Application (2017-2030)
11.2.7.2. Market Revenue and Forecast, by Capacity (2017-2030)
11.2.7.3. Market Revenue and Forecast, by Battery Type (2017-2030)
11.3. APAC
11.3.1. Market Revenue and Forecast, by Application (2017-2030)
11.3.2. Market Revenue and Forecast, by Capacity (2017-2030)
11.3.3. Market Revenue and Forecast, by Battery Type (2017-2030)
11.3.4. India
11.3.4.1. Market Revenue and Forecast, by Application (2017-2030)
11.3.4.2. Market Revenue and Forecast, by Capacity (2017-2030)
11.3.4.3. Market Revenue and Forecast, by Battery Type (2017-2030)
11.3.5. China
11.3.5.1. Market Revenue and Forecast, by Application (2017-2030)
11.3.5.2. Market Revenue and Forecast, by Capacity (2017-2030)
11.3.5.3. Market Revenue and Forecast, by Battery Type (2017-2030)
11.3.6. Japan
11.3.6.1. Market Revenue and Forecast, by Application (2017-2030)
11.3.6.2. Market Revenue and Forecast, by Capacity (2017-2030)
11.3.6.3. Market Revenue and Forecast, by Battery Type (2017-2030)
11.3.7. Rest of APAC
11.3.7.1. Market Revenue and Forecast, by Application (2017-2030)
11.3.7.2. Market Revenue and Forecast, by Capacity (2017-2030)
11.3.7.3. Market Revenue and Forecast, by Battery Type (2017-2030)
11.4. MEA
11.4.1. Market Revenue and Forecast, by Application (2017-2030)
11.4.2. Market Revenue and Forecast, by Capacity (2017-2030)
11.4.3. Market Revenue and Forecast, by Battery Type (2017-2030)
11.4.4. GCC
11.4.4.1. Market Revenue and Forecast, by Application (2017-2030)
11.4.4.2. Market Revenue and Forecast, by Capacity (2017-2030)
11.4.4.3. Market Revenue and Forecast, by Battery Type (2017-2030)
11.4.5. North Africa
11.4.5.1. Market Revenue and Forecast, by Application (2017-2030)
11.4.5.2. Market Revenue and Forecast, by Capacity (2017-2030)
11.4.5.3. Market Revenue and Forecast, by Battery Type (2017-2030)
11.4.6. South Africa
11.4.6.1. Market Revenue and Forecast, by Application (2017-2030)
11.4.6.2. Market Revenue and Forecast, by Capacity (2017-2030)
11.4.6.3. Market Revenue and Forecast, by Battery Type (2017-2030)
11.4.7. Rest of MEA
11.4.7.1. Market Revenue and Forecast, by Application (2017-2030)
11.4.7.2. Market Revenue and Forecast, by Capacity (2017-2030)
11.4.7.3. Market Revenue and Forecast, by Battery Type (2017-2030)
11.5. Latin America
11.5.1. Market Revenue and Forecast, by Application (2017-2030)
11.5.2. Market Revenue and Forecast, by Capacity (2017-2030)
11.5.3. Market Revenue and Forecast, by Battery Type (2017-2030)
11.5.4. Brazil
11.5.4.1. Market Revenue and Forecast, by Application (2017-2030)
11.5.4.2. Market Revenue and Forecast, by Capacity (2017-2030)
11.5.4.3. Market Revenue and Forecast, by Battery Type (2017-2030)
11.5.5. Rest of LATAM
11.5.5.1. Market Revenue and Forecast, by Application (2017-2030)
11.5.5.2. Market Revenue and Forecast, by Capacity (2017-2030)
11.5.5.3. Market Revenue and Forecast, by Battery Type (2017-2030)
Chapter 12. Company Profiles
12.1. Samsung SDI Co. Ltd.
12.1.1. Company Overview
12.1.2. Product Offerings
12.1.3. Financial Performance
12.1.4. Recent Initiatives
12.2. Solvay
12.2.1. Company Overview
12.2.2. Product Offerings
12.2.3. Financial Performance
12.2.4. Recent Initiatives
12.3. Cymbet
12.3.1. Company Overview
12.3.2. Product Offerings
12.3.3. Financial Performance
12.3.4. Recent Initiatives
12.4. Robert Bosch GmbH
12.4.1. Company Overview
12.4.2. Product Offerings
12.4.3. Financial Performance
12.4.4. Recent Initiatives
12.5. Saft
12.5.1. Company Overview
12.5.2. Product Offerings
12.5.3. Financial Performance
12.5.4. Recent Initiatives
Chapter 13. Research Methodology
13.1. Primary Research
13.2. Secondary Research
13.3. Assumptions
Chapter 14. Appendix
14.1. About Us
14.2. Glossary of Terms
Cross-segment Market Size and Analysis for
Mentioned Segments
Additional Company Profiles (Upto 5 With No Cost)
Additional Countries (Apart From Mentioned Countries)
Country/Region-specific Report
Go To Market Strategy
Region Specific Market DynamicsRegion Level Market Share Import Export AnalysisProduction AnalysisOthers