2030 Vision: Solid-State Battery Market to Skyrocket to $963 Million
The report "Solid-State Battery Market by Type (Single-cell, Multi-cell), Capacity (Below 20 mAh, 20–500 mAh, Above 500 mAh), Battery Type (Primary, Secondary), Application (Consumer Electronics, Electric Vehicles, Medical Devices), Region - Global Forecast to 2030" highlights the tremendous growth potential of the global solid-state battery industry. The market size is expected to surge from USD 85 million in 2023 to USD 963 million by 2030, reflecting an impressive compound annual growth rate (CAGR) of 41.5% over the forecast period.
This growth is driven by the increasing demand for solid-state batteries in various applications, including consumer electronics, electric vehicles, and medical devices. Solid-state batteries offer numerous advantages, such as higher energy density, improved safety, and longer lifespan compared to traditional lithium-ion batteries, making them an attractive option for these industries. As technological advancements continue and production costs decrease, the adoption of solid-state batteries is expected to accelerate, contributing to the rapid expansion of the market.
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Although solid-state batteries offer higher energy density, a solid structure, better stability, and enhanced safety compared to lithium-ion batteries, they face several limitations, such as low ionic conductivity, high reactivity, and overall high costs. These challenges can be mitigated by developing different solid-state electrolytes (SSEs) made from a variety of materials. Continuous research and development efforts focused on optimizing SSEs are crucial to overcoming these obstacles. Innovations in material science and battery technology are expected to drive significant growth in the solid-state battery industry, making these advanced batteries more viable and cost-effective for a wide range of applications.
Multi-cell Battery is expected to gain a significant market share during the forecast period.
Multi-cell batteries are essential for applications in electric vehicles, energy harvesting, and portable devices. A multi-cell battery pack, composed of several solid-state batteries, is configured in parallel, series, or a combination of both to meet specific voltage, capacity, and power density requirements. These packs are particularly suited for high-voltage and power-demanding applications. Traditional batteries often underperform at high temperatures and necessitate heavy, costly protective materials to ensure safety, as they are prone to catching fire under extreme heat. In contrast, solid-state batteries, devoid of liquid electrolytes, are inherently safer, less flammable, and offer higher energy density and longer shelf lives, making them ideal for high-temperature environments. The transition from liquid to solid electrolytes in these batteries not only enhances safety but also eliminates the need for bulky casings, resulting in more compact and lightweight batteries that resist overheating.
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Below 20 mAh capacity batteries are expected to hold a substantial market share during the forecast period.
Solid-state batteries with capacities below 20 mAh are notably lightweight, compact, and possess a lower voltage range and shorter shelf life compared to higher-capacity alternatives. These batteries are specifically designed for applications needing minimal power, making them ideal for wearables, wireless sensor nodes, IoT devices, and similar applications. Their small size and lower power requirements align perfectly with these devices, which do not need high-power batteries and can only accommodate compact power sources. Consequently, these solid-state batteries are a perfect match for ensuring efficient and reliable operation in low-power, space-constrained applications.
Consumer Electronics grow at an impressive CAGR during the forecast period.
Solid-state batteries, while compact, have versatile application potential beyond small devices. They are poised to power consumer electronics such as mobile phones, laptops, tablets, and digital cameras. Replacing conventional batteries with solid-state alternatives not only reduces product weight and enhances efficiency but also allows manufacturers to design slimmer, lighter products that align with market trends. Additionally, these batteries are rechargeable, ensuring compatibility with a wide range of electronic devices. Importantly, solid-state batteries use solid electrolytes, which enhance safety by preventing overheating, making them a superior choice for modern electronic applications.
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North America is expected to hold a significant market share during the forecast period.
The US is a significant player in the North American solid-state battery industry, home to key companies such as QuantumScape, Solid Power, BrightVolt, and Excellatron. The adoption of electric vehicles (EVs) in the US is rising rapidly, driven by the availability of diverse battery-powered car models, a shift from gasoline to EVs among mass-premium buyers, and favorable government policies. This increase in EV demand is expected to propel the solid-state battery market, as these batteries offer enhanced safety, efficiency, and energy density compared to traditional lithium-ion batteries. Consequently, the solid-state battery industry in the US is poised for substantial growth in the coming years.
Solid-State Battery Companies:
- Blue Solutions (France),
- Ilika (UK),
- Solid Power (US),
- QuantumScape (US),
- ProLogium Technology Co., Ltd. (Taiwan),
- BrightVolt (US),
- Excellatron (US),
- Sakuu Corporation (US),
- Hitachi Zosen Corporation (Japan).
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