Solid-State Battery Market Is Projected To Reach $3,915 Million by 2030, says P&S Intelligence

NEW YORK, May 13, 2022 /PRNewswire/ -- In 2021, the global solid-state battery market accounted for $290 million in revenue, and it is expected to reach $3,915 million by 2030, advancing at a huge CAGR of 33.5% from 2021 to 2030, according to P&S Intelligence. The solid-state battery technology may become the future of electric transportation, as it is envisioned to be more energy-efficient than Li-ion batteries.

In this regard, extensive R&D will help the solid-state battery market grow in the next years by enhancing the potential of these energy storage devices. For example, in July 2021, the Deutsch government allocated $2.1 million funding for a research project that is aimed at bringing at under-development battery technology to the application stage.

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Key Findings of Solid-State Battery Market Report

• In 2021, the 20 mAh–500 mAh battery capacity category had the largest market share. These variants are required for a range of applications, including energy storage systems, household appliances, and wearable medical devices.
• These energy storage systems are also rapidly being employed in electric vehicles, which will contribute to this application category's fastest growth in the near future. The developments in automotive batteries and advantageous rules for electric vehicles are pushing the use of the latter over diesel, gasoline, CNG, and LPG vehicles.
• Thin-film batteries have generated the highest solid-state battery market revenue in recent years, and the demand for them is also expected to grow at a significant rate. These variants are widely used in smart AI devices and IoT applications, such as fitness bands and smartwatches, with higher average output voltage, because of their effective revitalization rate and lower weight.
• Harvard University researchers invented a durable and efficient solid-state lithium battery in May 2021. At a high current density, their charge can be replenished a minimum of 10,000 times. The researchers combined the novel battery architecture with a commercially available highly dense cathode material.
• APAC dominated the market with a share of about 50% in 2021, and the same situation is expected over the projection period. The usage of these batteries in this region is being fueled by a big customer base for portable gadgets and improvements in the renewable energy industry.
• Due to the large-scale production of batteries and the existence of a significant car manufacturer base, China is the biggest customer of solid-state batteries. Toyota, for example, presented a solid-state battery with a 1,000-mAh capacity in December 2020.

Moreover, Murata Manufacturing Co. Ltd. developed a high-energy-density solid-state battery in 2019. This novel battery has a longer endurance and is safer than the Li-ion secondary batteries currently in use. It is perfect for wearable devices that demand a high degree of safety; it can also fulfill the diversifying IoT applications.

Browse detailed report on Global Solid-State Battery Market Size, Growth and Demand Forecast to 2030

To achieve a substantial position in the solid-state battery market, major companies have repeatedly participated in product launches. These companies are STMicroelectronics, QuantumScape Corporation, Jiangxi Ganfeng Lithium Co. Ltd., Solid Power Inc., Excellatron Solid State LLC, Toyota Motor Corporation, Factorial Inc., SK Innovation Co. Ltd., TotalEnergies SE, and StoreDot.

Solid-State Battery Market Segmentation Analysis

By Capacity

• Below 20 mAh
• 20m–500 mAh
• Above 500 mAh

By Battery Type

• Thin-Film Battery
• Portable Battery

By Application

• Portable Consumer Electronics
• Electric Vehicles
• Energy Harvesting
• Wearable & Medical Devices

Regional Outlook

• North America
• U.S.
• Canada
• Europe
• Germany
• France
• U.K.
• Italy
• Spain
• Asia-Pacific
• China
• India
• Japan
• Australia
• South Korea
• Latin America
• Brazil
• Mexico
• Middle East and Africa
• Saudi Arabia
• South Africa

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SOURCE P&S Intelligence