The Global Solid State Battery Market size is expected to reach $294.1 million by 2027, rising at a market growth of 35.0% CAGR during the forecast period.
Due to their increased energy density, lithium-ion batteries (LIBs) are regarded as one of the most promising energy storage technology. LIBs are used in a wide range of applications, including mobile electronics, electric and hybrid cars, and fixed energy storage systems, among others. Because of their inexpensive cost and abundant sodium supplies, sodium-ion batteries have lately got a lot of interest as a substitute to LIBs for electric energy storage applications. Aluminum ion batteries are a potential option because of their inexpensive cost, benign nature, and availability on the planet, and the three electron redox couples which enable a competitive storage capacity when compared to single-electron lithium-ion storage.
Traditional LIBs using organic liquid electrolytes have a number of disadvantages, including safety concerns and a poor energy density. Owing to the need for non-flammable solid electrolytes, allowing permit a large improvement in energy density, solid-state Li batteries are projected to utilise metallic Li anodes. Solid-state batteries (SSBs) are becoming more attractive as next-generation high-energy density batteries thanks to the addition of metal anodes. Lithium metal, in particular, has a high theoretical specific capacity, low density, and the lowest electrochemical potential of all the metals.
SSBs are thought to be safe and secure, offering longer life cycles, better energy density, and need less packaging than Li-ion batteries with a liquid electrolyte. As a result, SSBs have gotten a lot of attention in recent decades. In this brief overview, we summarise recent developments in solid-state Li, Na, and Al batteries, as well as current problems, and suggest various viable research avenues to address these issues.
SSBs are thought to be safe and secure, offering longer life cycles, better energy density, and need less packaging than Li-ion batteries with a liquid electrolyte. As a result, SSBs have gotten a lot of attention in recent decades. In this brief overview, we summarise recent developments in solid-state Li, Na, and Al batteries, as well as current problems, and suggest various viable research avenues to address these issues.
The existence of Covid-19 outbreaks can be used to forecast solid-state battery industry growth. The Covid-19 epidemic forced the closure or partial closure of industries, warehouses, enterprises, and educational institutions throughout the world. Other lockdown measures were implemented as well, including stringent social distance standards, restricted travel, and limited access to public areas, restaurants, theme parks, movie theatres, and shopping malls.
Supply chain operations and logistics-related services were disrupted in almost every industry throughout the world. The solid-state battery market's development has also been hampered by limited consumer and business investment, lockdown efforts, and supply chain interruptions. The market is experiencing a downturn as a result of the Covid-19 epidemic, which has resulted in the closure of many SMEs, logistical difficulties, lockdowns, and other issues.
The development of solid-state batteries necessitates large capital expenditures for research and development as well as the establishment of production facilities. It necessitates the use of complex gear as well as the inclusion of cutting-edge solid-state battery production technology. It's difficult to develop a solid electrolyte that's stable, chemically inert, and nevertheless a good conductor of ions between both the electrodes of a solid-state battery. When compared to lithium-ion batteries, they are more expensive to manufacture and are more prone to breaking due to the brittleness of the electrolytes when they expand and compress during usage. A solid-state cell now costs around eight times as much to manufacture as a liquid Li-ion battery.
One of the biggest development prospects for the solid-state battery industry is the employment of these batteries in electric cars. Due to the introduction of favourable legislation in countries such as the United States, the United Kingdom, China, Germany, and Japan, worldwide demand for electric cars is steadily expanding. Moreover, the adoption of electric cars in nations such as the United States, the United Kingdom, and Germany, among others, is assisting them in reducing their reliance on imported oil and lowering greenhouse gas emissions in the transportation sector. Every year, the worldwide sales of light electric vehicles increase significantly. China, the United States, the United Kingdom, Germany, France, and Japan are just a handful of the important countries driving up electric car sales. The rising popularity of electric cars is propelling the development of solid-state batteries.
The development of solid-state batteries necessitates large capital expenditures for research and development as well as the establishment of production facilities. It necessitates the use of complex gear as well as the inclusion of cutting-edge solid-state battery production technology. It's difficult to develop a solid electrolyte that's stable, chemically inert, and nevertheless a good conductor of ions between both the electrodes of a solid-state battery. When compared to lithium-ion batteries, they are more expensive to manufacture and are more prone to breaking due to the brittleness of the electrolytes when they expand and compress during usage. A solid-state cell now costs around eight times as much to manufacture as a liquid Li-ion battery.
Based on Type, the market is segmented into Single-cell Battery and Multi-cell Battery. During the forecast period, the single-cell battery category is likely to lead the solid state battery market. For more than a decade, single-cell batteries, also called as thin-film batteries, have been in use. They're the best choice for little gadgets. Micro batteries are preferred by manufacturers of portable items with limited interior space over regular batteries for increased safety and battery life. Smart packaging, smart cards, wearable gadgets, and medical equipment all employ thin-film batteries. The trend of electronic device shrinking has boosted demand for thin-film solid-state batteries, propelling the single-cell battery market to new heights.
Based on Capacity, the market is segmented into Below 20 mAh, Between 20 mAh and 500 mAh, and Above 500 mAh. The market's most lucrative sector is the 500 mAh and above segment, based on capacity. It is divided into consumer and portable electronics, electric vehicles, energy harvesting, wearable and medical devices, and others, depending on the use. Many key participants in the industry, such as Toyota, Volkswagen, Hyundai, and BMW, are designing solid state batteries for electric vehicle applications; therefore the electric vehicle segment is predicted to expand at the fast rate.
Based on Battery Type, the market is segmented into Portable and Thin Film. The portable type market registered the major share in the solid state battery market worldwide in 2020. The market for portable batteries was led by the need for tablet, laptop, smartphone, e-reader, and MP3 player, which raised the demand for solid state batteries in portable devices. Because of their cheap maintenance and better energy densities, solid state batteries are predicted to become increasingly popular in portable electronics. Consumer electronics are predicted to increase at a rapid pace due to high demand.
Based on Application, the market is segmented into Medical Devices, Consumer Electronics, Energy Harvesting, Wireless Sensors, Electric Vehicles, and Others. During the projected period, the consumer electronics category is predicted to increase at the fastest rate. The increased demand for compact energy storage sources and wearable electronics is linked to this segment's strong growth rate. Solid-state batteries are extensively used in consumer electronics because they are safer and much more stable than liquid li-ion batteries, which have a volatile electrolyte that can catch fire at high temperatures.
| Report Attribute | Details |
|---|---|
| Market size value in 2020 | USD 43.1 Million |
| Market size forecast in 2027 | USD 294.1 Million |
| Base Year | 2020 |
| Historical Period | 2017 to 2019 |
| Forecast Period | 2021 to 2027 |
| Revenue Growth Rate | CAGR of 35% from 2021 to 2027 |
| Number of Pages | 261 |
| Number of Tables | 454 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Competitive Landscape, Companies Strategic Developments, Company Profiling |
| Segments covered | Type, Capacity, Battery Type, Application, Region |
| Country scope | US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria |
| Growth Drivers |
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| Restraints |
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Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. During the predicted period, Europe is anticipated to expand at the fastest rate. Consumer electronics, Packaging, electric cars, and medical devices are among the application areas of the solid-state battery industry in Europe. Companies like Robert Bosch (Germany), Blue Solutions (France), Ilika (UK), and are creating next-generation flexible devices. To match the product design, these gadgets need power sources which are not only compact but also have a high power density; thin-film batteries meet these criteria.
Free Valuable Insights: Global Solid State Battery Market size to reach USD 294.1 Million by 2027
The major strategies followed by the market participants are Partnerships. Based on the Analysis presented in the Cardinal matrix; Toyota Motor Corporation is the forerunners in the Solid State Battery Market. Companies such as Robert Bosch GmbH, Ilika plc, and LG Chem Ltd. are some of the key innovators in the Market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Robert Bosch GmbH, Toyota Motor Corporation, Ilika plc, Samsung SDI Co., Ltd. (Samsung Electronics Group), LG Chem Ltd. (LG Corporation), Contemporary Amperex Technology Co., Limited, Solid Power, Inc., Cymbet Corporation, Quantumscape Corporation, and Prieto Battery, Inc.
By Type
By Capacity
By Battery Type
By Application
By Geography
The global solid state battery market size is expected to reach $294.1 million by 2027.
Solid-State battery manufacturing costs are quite high are driving the market in coming years, however, solid-State battery manufacturing costs are quite high limited the growth of the market.
Robert Bosch GmbH, Toyota Motor Corporation, Ilika plc, Samsung SDI Co., Ltd. (Samsung Electronics Group), LG Chem Ltd. (LG Corporation), Contemporary Amperex Technology Co., Limited, Solid Power, Inc., Cymbet Corporation, Quantumscape Corporation, and Prieto Battery, Inc.
The Single-cell Battery segment has high growth rate of 33.9% during the forecast period.
The Below 20 mAh segment is leading the Global Solid State Battery Market by Capacity in 2020, and would continue to be a dominant market till 2027.
The North America is the fastest growing region in the Global Solid State Battery Market by Region in 2020, and would achieve a market value of $92.4 million by 2027.
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