Solid-State Battery Market Surpasses $589.8 Million in 2022, Fueled by Consumer Electronics Dominance and Safety Concerns

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Nov 07, 2023, 13:45 ET

DUBLIN, Nov. 7, 2023 /PRNewswire/ -- The "Solid-State Battery Market - A Global and Regional Analysis: Focus on Electrolyte Type, Battery Type, Capacity, Application, and Region - Analysis and Forecast, 2023-2032" report has been added to ResearchAndMarkets.com's offering.

The global solid-state battery market, valued at $589.8 million in 2022, is poised for remarkable growth, with a projected CAGR of 33.54% during the forecast period from 2023 to 2032. The surge in market demand is driven by various factors, including the expanding consumer base for consumer electronics and portable devices, the increasing adoption of advanced battery technologies in electric vehicles, the rapid development of the renewable energy sector, and the rising popularity of battery energy storage systems.

Introduction to Solid-State Battery

Solid-state batteries represent the next frontier in high-energy cells, boasting a structure and operation similar to Li-ion batteries but with a critical distinction—solid electrolytes instead of liquid ones. These batteries are renowned for their exceptional safety standards, being flame-retardant or non-flammable and possessing high thermal stability. Consequently, solid-state batteries are the ideal choice for use in electric vehicles (EVs).

Market Expansion Driven by Key Factors

The solid-state battery market is experiencing substantial growth due to various influential factors. These include:

Government Support and Innovation Initiatives: Government policies and incentives supporting solid-state battery technology advancement and adoption, such as Batteries Europe in Europe and Germany's 'Battery 2020' initiative, have played a pivotal role in fostering innovation and market growth.
Investment from Major Players: Major companies, particularly from the automotive industry, including Ford, Hyundai, Nissan, BMW, Toyota, and Volkswagen, have been investing in startups and smaller companies working on solid-state battery technology, further fueling market expansion.

Market Segmentation

Segmentation 1: by Application

Electric Vehicle
Consumer Electronics
Medical Devices
Energy Storage System
Others

Consumer Electronics to Dominate the Market under the Application Segment

The consumer electronics segment secured the largest share of the solid-state battery market in 2022, driven by urbanization and increased consumer spending on gadgets like laptops, smartphones, and computers. Safety concerns associated with liquid-based electrolytes in batteries are also pushing demand for solid-state batteries in consumer electronics.

Segmentation 2: by Electrolyte Type

Polymer
Sulfide
Oxide
Others

Polymer to Dominate the Market under the Electrolyte Type Segment

Polymer solid electrolytes dominated the market in 2022, with polyethylene oxide (PEO) leading the way. Ongoing research aims to create innovative polymers, further propelling market growth.

Segmentation 3: by Battery Type

Thin Film
Bulk
Others

Thin Film to Dominate the Market under the Battery Type Segment

Thin-film batteries dominated the market in 2022 due to their diverse applications across sectors like consumer electronics, wireless sensors, smart cards, medical devices, and energy storage solutions.

Segmentation 4: by Capacity

Below 20mAh
20mAh to 500mAh
Above 500mAh

20mAh to 500mAh to Dominate the Market under the Capacity Segment

The 20mAh to 500mAh capacity segment held the largest market share in 2022 due to demand in health monitoring, wearable devices, consumer electronics, and access control systems.

Segmentation 5: by Region

North America
Europe
China
U.K.
Asia-Pacific
Rest-of-the-World

North America and Europe Expected to Drive Demand

North America and Europe are projected to witness significant demand for solid-state batteries during the forecast period. Key players and mature electric vehicle markets in these regions are contributing to this growth.

Key Players and Recent Developments

Key players in the solid-state battery market include STMicroelectronics N.V., Toyota Motor Corporation, SAMSUNG SDI CO., LTD, Hitachi Zosen Corporation, and ProLogium Technology Co., Ltd. These companies are actively pursuing partnerships, collaborations, and acquisitions to expand their product offerings and market presence.

Market Demand Drivers, Challenges, and Opportunities

Growing Concerns Related to Lithium-Ion Battery Safety: The demand for solid-state batteries is fueled by concerns about lithium-ion battery failures and explosions, especially in applications like electric vehicles, where safety is paramount.
Lack of Industrial Supply Chain: The absence of an established industrial supply chain presents a challenge to the solid-state battery market, requiring investment in manufacturing infrastructure and material sourcing.
Rising Popularity in the Medical Sector: Solid-state batteries offer significant opportunities in the medical sector due to their safety, reliability, and customization potential for implantable and portable medical devices.

In summary, the global solid-state battery market is on a rapid growth trajectory, driven by increased demand across various sectors and supported by government initiatives and major investments from industry leaders. The industry's focus on safety and performance is propelling solid-state batteries to the forefront of energy storage technology.

Key Market Players and Competition Synopsis

The companies that are profiled have been selected based on inputs gathered from primary experts and analyzing company coverage, product portfolio, and market penetration.

Of the top players profiled in the report, the private companies operating in the global solid-state battery market accounted for around 55% of the market share in 2022, while the public companies operating in the market captured around 45% of the market share.

Some Prominent Names Established in the Market are:

Company Type 1: Public Companies

Bollore Group
QuantumScape Corporation
Toyota Motor Corporation
STMicroelectronics N.V.
SAMSUNG SDI CO., LTD.
Solid Power, Inc.
Hitachi Zosen Corporation
Ilika plc
Ganfeng Lithium Group Co., Ltd.

Company Type 2: Private Companies

ProLogium Technology Co., Ltd.
Ionic Materials Inc
Prieto Battery Inc.
BrightVolt Solid State Batteries
StoreDot
Factorial Inc.
theion GmbH
Sakuu Corporation
Ion Storage Systems
SK on Co., Ltd.
Natrion Inc.

For more information about this report visit https://www.researchandmarkets.com/r/63x62y

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