Solid State Battery Market: Current Analysis and Forecast (2022-2028)

Solid-state batteries (SSBs) are distinguishable from other batteries by their lack of a liquid electrolyte, their potential to store significantly more energy for any specific volume, and their improvements in safety given that the solid-state electrolyte used is non-flammable. Further, solid state battery substantially surpasses the performance, safety, and processing limitations of lithium-ion batteries. In contrast to research into lithium-ion batteries, which will provide incremental gains in performance toward theoretical limits, research into solid-state batteries is long-term and high-risk but also has the potential to be high-reward.

Besides, solid state battery key players across the globe are investing in research and development and filling patent SSBs for mass production of batteries. For instance: Toyota has planned for mass production of SSB EVs from the mid-2020s and a joint venture with Panasonic researching SSBs. However, it got delayed due to some technical issues. In 2022, Toyota confirms the production of solid-state battery cars by 2025 which inturn would accelerate the growth of solid state battery.

Based on the type, the solid state battery market is segmented into thin film battery and portable battery. The portable battery caters dominant share of the global solid state battery market in 2020. The soaring adoption of solid state batteries in a variety of portable gadgets and consumer electronics despite the fact that the use of these batteries in electronics is still in its early stages. They have a wide range of applications, including cameras, mobile phones, laptops, calculators, and torches which in turn is accentuating its growth in the market.

Based on capacity, the solid state battery market is categorized into below 20mAh, 20mAh-500mAh, and above 500mAh. The 20mAh capacity segment caters to a significant market share in 2020. It is mainly owing to the mainly thin-film batteries that cater to a wide application range including cosmetic and medical patches, wireless sensors, packaging, and others. In addition, 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.

Based on application, the solid state battery market is classified into consumer & portable electronics, electric vehicles, energy harvesting, wearable & medical devices, and others. The consumer & portable electronics segment acquired the highest share in the solid state battery market in 2020. The soaring demand for small energy storage sources and wearable electronics is creating demand for solid state battery market. In addition, solid-state Batteries are widely preferred for consumer electronics as they are safer and more stable than liquid li-ion batteries in which the electrolyte is volatile and flammable at high temperatures.

For a better understanding of the market adoption of the Solid State Battery market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, and the Rest of North America), Europe (Germany, U.K., France, Spain, Italy, and Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. Asia Pacific is anticipated to grow at a substantial CAGR during the forecast period. This is mainly attributed to the favorable government regulations aimed at reducing carbon emissions from automobiles and encouraging the usage of electric vehicles, which is likely to boost the growth of the solid state battery market. In addition, the significant presence of huge consumer and portable electronics coupled with development in the renewable power sector and growth in the use of battery energy storage systems.

Some of the major players operating in the market include: BrightVolt Inc., Cymbet Corporation, Solid Power Inc., Toyota Motor Corporation, Johnson Energy Storage, Inc., Robert Bosch GmbH, Altair Nanotechnologies, Quantumscape Corporation, Apple Inc., Dyson Ltd.