Lithium Solid-State Battery Market to Grow by USD 0.39 Million (2024-2028) as Vendor Launches Drive Growth, AI Impact on Market Trends Report - Technavio

NEW YORK, Oct. 30, 2024 /PRNewswire/ -- Report on how AI is redefining market landscape -The global lithium solid-state battery market size is estimated to grow by USD 0.39 million from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 42% during the forecast period. Launch of lithium solid-state battery by market vendors is driving market growth, with a trend towards growing requirement for long-range EVS. However, lack of EV charging infrastructure poses a challenge.Key market players include Altairnano, Ampcera Inc., Beijing Weilan New Energy Technology Co., Ltd, Bollore SE, BYD Co. Ltd., Future Electronics, Ganfeng Lithium Group Co., Ltd, Hitachi Zosen Corp., Ilika, Ion Storage Systems, Johnson Energy Storage Inc., LG Energy Solution Ltd., Murata Manufacturing Co. Ltd., Poly Plus Battery Co., ProLogium Technology Co. Ltd., Samsung SDI Co. Ltd., Solid Power Inc., STMicroelectronics International N.V., TDK Corp., and Toyota Motor Corp..

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Market Driver

The global lithium solid-state battery market is experiencing substantial growth due to the rising demand for long-range electric vehicles (EVs) in the automotive industry. Traditional lithium-ion batteries have limitations, such as limited range and long charging times, which have fueled intense research and development to overcome these challenges. Solid-state batteries (SSBs) are emerging as a promising solution. Toyota Motor Corp., a leading Japanese automaker, plans to commercialize SSBs by 2027, offering batteries that are cheaper to produce, faster to recharge, and capable of delivering significantly longer driving ranges. Toyota aims to manufacture SSBs at the same scale as current lithium-ion batteries, a critical factor in their commercial viability. This production readiness is a significant milestone in bringing solid-state battery technology to the mass market. The anticipated improvements in EV performance, with minimum ranges of 600 miles per charge and potential advancements to 745 miles or more, will significantly enhance the appeal of EVs to consumers, addressing a major concern related to EV adoption. These factors are expected to positively impact the growth of the global lithium solid-state battery market during the forecast period. 

The Lithium Solid-State Battery market is gaining significant traction due to its potential to offer higher energy density, improved safety, and longer battery life compared to traditional Lithium-ion batteries. Solid electrolytes are the key to these advancements, enabling the development of high-performance batteries for various applications. The market is driven by the growing demand for electric vehicles and consumer electronics, as well as the renewable energy sector. Government funding and venture capital investments are fueling innovation in this space, with companies focusing on manufacturing capabilities and technological expertise to build pilot production lines. Solid-state batteries offer several advantages, including shorter charging times, safety features, and extended range. They are also more environmentally friendly, as they do not contain liquid electrolytes. The market is expected to grow rapidly in the transportation sector, particularly in electric vehicles, as they offer extended range and lighter weight. Additionally, solid-state batteries are ideal for wearable devices, medical devices, and other applications where lightweight and long-lasting batteries are essential. Regulatory support and safety concerns are critical factors in the market's growth. Manufacturers are focusing on meeting regulatory criteria and improving safety features to address concerns around charging times and potential risks. The market is also seeing advancements in battery types, such as silicon anode batteries and thin-film batteries, which offer improved capacity and flexibility. In summary, the Lithium Solid-State Battery market is poised for significant growth due to its potential to offer higher energy density, improved safety, and longer battery life. The market is driven by the demand for electric vehicles, consumer electronics, and renewable energy, with government funding and venture capital investments fueling innovation. Manufacturers are focusing on meeting regulatory criteria and improving safety features while developing new battery types to meet the diverse needs of various applications. 

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Market Challenges

• The EV industry is experiencing a plateauing growth rate due to consumer concerns over insufficient charging infrastructure. According to recent reports, 27% of potential buyers cited this issue as their primary concern, surpassing range anxiety and long charging times. In the US, the intention to buy an EV has declined from 48% to 34% due to this challenge. European markets, such as the UK and Norway, have seen an increase in car-buying intent but continue to grapple with inadequate charging infrastructure. High fuel prices remain a significant motivator for consumers, but the importance of environmental concerns has decreased from 49% in 2021 to 34% in 2024. These factors are expected to negatively impact the growth of the global lithium solid-state battery market, as the lack of charging infrastructure persists as a major deterrent.
• The Lithium Solid-State Battery market is gaining momentum as businesses seek more efficient, sustainable, and environmentally friendly rechargeable battery solutions. Challenges include setting up pilot production lines, ensuring regulatory support, and addressing charging times and safety features. As electric vehicles become more popular, extended range and longer shelf life are crucial. Solid electrodes in solid-state batteries offer advantages like improved safety and flexibility. These batteries are also suitable for transportation, renewable energy, and various devices such as medical, smart gadgets, and wearables. Regulatory criteria, electrolyte type, battery capacity, and supply chain efficiencies are key considerations. Emerging countries and urbanization are driving demand for lightweight, high-energy-density batteries like lithium polymer and silicon anode batteries. The shift towards sustainable energy and reducing carbon emissions makes solid-state batteries an attractive option.

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Segment Overview 

This lithium solid-state battery market report extensively covers market segmentation by

1. Type 
• 1.1 Polyethylene-oxide
• 1.2 Lithium phosphorus oxy-nitride
• 1.3 Sulfide glass
2. End-user 
• 2.1 Transportation
• 2.2 Consumer electronics
3. Geography 
• 3.1 APAC
• 3.2 Europe
• 3.3 North America
• 3.4 South America
• 3.5 Middle East and Africa

1.1 Polyethylene-oxide- The lithium solid-state battery market is experiencing notable progress, with polyethylene oxide (PEO)-based materials gaining prominence. PEO materials, recognized as polymer hosts in solid-state electrolytes, offer distinct advantages in high energy density secondary lithium batteries. Their high safety profile, ease of fabrication, and low cost make them an attractive choice for battery manufacturing. PEO materials boast a superior energy density, crucial for efficient and long-lasting batteries. Their excellent electrochemical stability ensures consistent performance over extended periods. Moreover, PEO materials exhibit compatibility with lithium salts, a vital requirement for lithium batteries. However, challenges persist, primarily the insufficient ionic conductivity of typical linear PEO. This limitation stems from the high crystallinity of ethylene oxide (EO) chains, which can hinder ionic transition. The stiff structure of these chains at low temperatures further restricts ion movement, impacting battery performance. Despite these challenges, the advantages of PEO-based materials are expected to fuel demand for polyethylene oxide, positively influencing the growth of the PEO segment in the global lithium solid-state battery market. This trend is anticipated to continue during the forecast period.

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Research Analysis

The Lithium Solid-State Battery market is gaining significant attention due to its potential to revolutionize the energy storage landscape. These batteries offer several advantages over traditional Lithium-ion batteries, including higher energy density, improved safety, and increased longevity. The use of solid electrolytes enables better thermal stability and reduces the risk of thermal runaway. The market spans various sectors, including electric vehicles, consumer electronics, and the renewable energy sector. Government funding and venture capital investments are driving innovation in this space, with a focus on developing high-performance batteries, thin-film batteries, and energy storage systems. Manufacturing capabilities and technological expertise are crucial factors, with companies investing in pilot production lines to bring these advanced batteries to market. The benefits of solid-state batteries extend to clean energy, with faster charging times, safety features, and extended range, making them an attractive option for transportation applications. As electric vehicle adoption continues to grow, supply chain efficiencies and environmentally friendly options are becoming increasingly important, further fueling the demand for solid-state batteries.

Market Research Overview

The Lithium Solid-State Battery market is experiencing significant growth due to the increasing demand for high-performance, safe, and long-lasting energy storage solutions. These batteries offer several advantages over traditional Lithium-ion batteries, including higher energy density, improved safety, and longer shelf life. Solid electrolytes are a key component of solid-state batteries, enabling faster charging times and longer cycle life. The market is driven by various sectors, including electric vehicles, consumer electronics, renewable energy, and transportation. Government funding and venture capital investments are also fueling research and development in this area. The use of solid electrodes, thin-film batteries, and high-energy-density batteries is expected to expand in the coming years. Safety features, regulatory support, and charging times are critical factors influencing the adoption of solid-state batteries in electric vehicles and other applications. The market is also witnessing the emergence of new battery types, such as silicon anode batteries, and the development of flexible, lightweight, and wearable batteries for various applications. The shift towards clean energy and sustainable energy sources is further driving the demand for solid-state batteries in the energy storage systems market. The regulatory landscape is evolving to support the adoption of solid-state batteries, with new standards and criteria being established for battery safety and performance. The market is expected to witness significant growth in the coming years, driven by advancements in manufacturing capabilities, technological expertise, and pilot production lines. The potential for extended range, reduced carbon emissions, and environmentally friendly options is also attracting significant attention from various industries.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Type
• Polyethylene-oxide
• Lithium Phosphorus Oxy-nitride
• Sulfide Glass
• End-user
• Transportation
• Consumer Electronics
• Geography
• APAC
• Europe
• North America
• South America
• Middle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/

SOURCE Technavio

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