Breaking Ground: Solid State Battery Market Poised to Reach $963 Million by 2030
According to projections, the Solid State Battery Market is expected to rise significantly, from USD 85 million in 2023 to an anticipated USD 963 million by 2030. This trajectory shows an astounding 41.5% Compound Annual Growth Rate (CAGR) from 2023 to 2028. Due to the growing need for renewable energy storage, consumer electronics, and electric cars, there is a spike in the market value of sophisticated energy storage systems. With their superior safety, increased energy density, and longer lifespan over conventional lithium-ion batteries, solid-state batteries are expected to significantly alter the energy storage technologies landscape and fuel the solid state battery market's predicted robust growth.
Solid-state batteries have a number of difficulties in addition to its advantages over conventional lithium-ion batteries in terms of energy density, safety, and structural integrity. These difficulties include low ionic conductivity, reactivity, and high production costs. One possible way to get around these restrictions is to combine different solid-state electrolytes (SSEs) made of different materials. It is expected that ongoing research and development initiatives will be crucial in tackling these issues, which will promote innovation and propel the solid-state battery market's expansion.
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Solid State Battery Market Report Scope:
Report Coverage | Details |
Estimated Value in 2030 | $963 million |
Market Revenue by 2023 | $85 million |
Growth Rate | Poised to grow at a CAGR of 41.5% |
Market Size Available for | 2019–2030 |
Forecast Period | 2023–2030 |
Forecast Units | Value (USD Million) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | Component, Type, Battery Type, Capacity, and Application |
Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
Key Market Challenge | High cost of solid-state batteries |
Key Market Opportunity | Increasing investments in research and development of solid-state batteries |
Key Market Drivers | Rising demand for miniaturized and compact electronic devices |
The market for the multi-cell battery segment is expected to gain a significant market share during the forecast period.
Multi-cell batteries are designed to be used in electric vehicles, energy harvesting, and portable devices. A multi-cell battery pack is a group of solid-state batteries industry.Battery packs, which can be arranged in parallel, series, or a mix of the two, are essential for providing the necessary voltage, capacity, and power density for a range of applications. Conventional batteries have drawbacks in high-voltage and high-power applications, including poor performance at high temperatures, the need for pricey protective layers, and potential safety hazards including fires. However, solid-state batteries present a more secure option. They are naturally dependable, less flammable, have a high energy density, long shelf life, and don't require liquid electrolytes, which makes them ideal for high-temperature settings. Furthermore, the lack of liquid electrolytes permits a lighter and more compact design, doing away with the requirement for separate casings and reducing the possibility of overheating.
Below 20 mAh capacity batteries are expected to hold a substantial market share during the forecast period.
When compared to their higher-capacity counterparts, solid-state batteries with capacities less than 20 mAh have features including reduced size, weight, voltage range, and shelf life. These batteries are perfect for use in wearables, wireless sensor nodes, and Internet of Things devices since they are designed to fulfil the demands of applications that require nominal power levels. Due to their small size and low weight, these batteries are ideal for a variety of small-sized electronic applications since they meet the needs of devices that do not require high-power batteries.
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Consumer Electronics applications grow at an impressive CAGR during the forecast period.
Solid-state batteries are not limited to use in tiny devices, despite their small size. In the near future, they may be used to power consumer gadgets like tablets, laptops, mobile phones, and digital cameras. Using solid-state batteries instead of conventional ones not only makes a product lighter and more efficient, but it also gives manufacturers the freedom to build sleek, light products that suit changing consumer preferences. Moreover, these batteries are compatible with a wide range of electrical gadgets due to their support for rechargeability. Notably, their safety features—using solid electrolytes rather than their liquid or gel counterparts—help to keep the energy source safe and dependable by minimising overheating.
North America is expected to hold a significant market share of the solid-state battery market during the forecast period.
With major firms like QuantumScape, Solid Power, BrightVolt, and Excellatron, the US stands out as a major contributor to the North American solid-state battery market. The nation's market domination is driven by an explosion in the adoption of electric vehicles (EVs), which is being spurred by a number of causes including the expanding number of battery-powered car models, the growing preference of mass-premium customers for EVs over conventional petrol automobiles, and government regulations that are supportive of EV adoption. Solid-state battery consumption is expected to rise in tandem with the growing demand for electric vehicles (EVs), indicating a positive trend for environmentally friendly transportation options in the US market.
The key players in this solid-state battery companies include Blue Solutions (France), Ilika (UK), Solid Power (US), QuantumScape (US), ProLogium Technology Co., Ltd. (Taiwan), BrightVolt (US), Excellatron (US), Sakuu Corporation (US), and Hitachi Zosen Corporation (Japan) and others.
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