Solid State Battery Market to Grow by USD 554.8 Million from 2024-2028, as Demand for Long-Range EVs with AI Impact on Trends - Technavio

NEW YORK, Nov. 7, 2024 /PRNewswire/ -- Report on how AI is redefining market landscape - The global solid state battery market  size is estimated to grow by USD 554.8 million from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  44.97%  during the forecast period. Growing requirement for long-range evs is driving market growth, with a trend towards rising vendor collaborations. However, declining li-ion battery prices  poses a challenge.Key market players include AMP Inc, Ampcera Inc., BrightVolt, BYD Co. Ltd., Factorial Energy, General Motors Co., Hitachi Zosen Corp., Ilika, Ion Storage Systems, Johnson Energy Storage Inc., LG Chem Ltd., Murata Manufacturing Co. Ltd., Poly Plus Battery Co., ProLogium Technology Co. Ltd., QuantumScape Corp, Robert Bosch GmbH, Samsung SDI Co. Ltd., STMicroelectronics International N.V., TDK Corp., and Toyota Motor Corp..

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Key Market Trends Fueling Growth

Several new vendors are entering the global solid state battery market due to the expanding automotive sector. Notable battery manufacturers are securing investments from prominent investors and forming alliances to advance solid state battery technology. This innovation poses a significant challenge to conventional battery technologies. The growing adoption of start-stop systems has instigated businesses to develop efficient models for solid state batteries. Ilika, a pioneer in solid state battery technology, leads a USD10 million collaboration project, the Faraday Battery Challenge, with Nexeon, HSSMI, three top UK universities, CPI, and BMW Group and WAE Technologies. Ilika will receive a USD3.5 million grant and collaborate with these partners to create an automotive-defined solid state battery by the project's end. Factorial, a lithium-ion solid state battery provider, partners with battery recycling company Young Poong to research lithium-metal recycling for solid state batteries. Factorial will provide leftover lithium-metal material from its production process to Young Poong, which will create a recycling process for lithium metal, enabling a circular economy. German automotive supplier MAHLE and Taiwan-based battery manufacturer ProLogium have signed a Memorandum of Understanding to develop and evaluate thermal management solutions for next-generation solid-state batteries. These cells offer advantages in safety and energy density, enhancing driving ranges and safety standards. The collaboration will focus on customized thermal management solutions for ProLogium's technology, supporting competitive battery systems with high efficiency, energy density, longevity, and fast-charging capabilities. The increasing number of new players and their collaborations will intensify market competition, leading to more R&D activities for a competitive edge. These alliances facilitate the sharing of manpower and technical expertise, fostering the innovation of new technologies and boosting the sales of solid state batteries, ultimately driving the growth of the global solid state battery market.

The Solid State Battery market is experiencing significant growth, particularly in sectors like wearable devices, consumer electronics, and mobile healthcare devices. Solid-state batteries, which use a solid electrolyte instead of a liquid or polymer one, offer several advantages, including increased energy density, improved safety, and longer cycle life. This makes them ideal for high-performance applications in electric vehicles (EVs), IoT devices, wireless medical devices, and smart devices. Manufacturers of electronic components are focusing on developing solid-state batteries to meet the demands of the automotive sector, renewable energy storage, and high-power sources. Companies like Solid Power, Thin Film Batteries, and Solid Energy are leading the charge in this area. Despite the benefits, challenges remain, such as performance degradation and the need for new electrolyte materials. However, advancements in technology and raw material sourcing, including the use of wood-derived batteries, are helping to address these issues. With the increasing importance of energy harvesting, charging stations, and lightweight batteries, the future looks bright for solid-state batteries in various industries, including electric vehicles, aerospace and defense, and microgrid applications.

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Market Challenges

• The lithium-ion battery market currently dominates the global energy storage landscape due to its advantages, including low maintenance, long life, and high energy density. However, the safety concerns associated with the use of lithium metal in these batteries, such as fire and explosion risks, have led to the development of next-generation solid state batteries. Solid state batteries offer improved safety and longer cycle life, making them an attractive alternative. However, the widespread use and affordability of lithium-ion batteries pose a challenge to the growth of the solid state battery market. The declining prices of lithium-ion batteries will boost their sales, potentially hindering the market expansion of solid state batteries in the forecast period.
• The Solid State Battery market is experiencing significant growth due to its potential to address the power needs of various industries. IoT devices, wireless medical devices, and consumer electronics require long-lasting, lightweight batteries. Solid-state batteries offer a solution with their high rechargeability and volumetric energy density. In the automotive sector, solid-state batteries are expected to revolutionize electric vehicles (EVs) by providing longer ranges and faster charging times. Renewable energy storage and grid stability also benefit from solid-state batteries' high power output and charge cycles. However, challenges such as raw material shortages, high production costs, and the need for advanced charging stations remain. Companies like Solid Power, Thin Film Batteries, and Wood-derived batteries are working to overcome these hurdles. Applications include EVs, portable batteries, and industrial equipment, as well as aerospace and defense, microgrid applications, and energy harvesting devices. Solid-state batteries offer high-performance energy storage for various industries, making them a promising solution for the future.

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Segment Overview 

This solid state battery market report extensively covers market segmentation by

1. Application 
• 1.1 Transportation
• 1.2 Grid storage
• 1.3 Others
2. Type 
• 2.1 Portable
• 2.2 Thin film
3. Geography 
• 3.1 APAC
• 3.2 Europe
• 3.3 North America
• 3.4 South America
• 3.5 Middle East and Africa

1.1 Transportation-  The solid state battery market is experiencing significant growth due to its advantages over traditional lithium-ion batteries. These batteries offer increased energy density, longer cycle life, and improved safety. Major industries such as automotive and consumer electronics are investing in solid state battery technology to enhance their product offerings. Companies like Toyota, Panasonic, and Samsung SDI are leading the charge in research and development. The global market for solid state batteries is projected to reach USD22.8 billion by 2027, growing at a CAGR of 21.5% from 2020 to 2027.

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Research Analysis

Solid State Batteries (SSBs) are the next generation of energy storage solutions, offering several advantages over traditional Lithium-ion batteries. SSBs utilize a solid electrolyte instead of a liquid or gel electrolyte, resulting in increased energy density, improved safety, and enhanced performance. These batteries are gaining significant attention in various industries, including wearable devices, consumer electronics, and mobile healthcare devices, due to their high-performance and long-lasting capabilities. In the automotive sector, SSBs are expected to revolutionize the electric vehicle (EV) industry by providing lightweight batteries with high power output and longer range. The solid-state battery market is also expanding in the renewable energy storage sector, providing a reliable and efficient solution for storing excess energy generated from solar and wind power. SSBs come in various forms, including thin-film batteries, single-cell batteries, and multi-cell batteries. They offer rechargeability, making them a versatile option for various applications. Companies are investing heavily in research and development to improve the performance and reduce the production cost of SSBs. Wood-derived batteries and charging stations are also emerging as potential alternatives in the solid-state battery market.

Market Research Overview

Solid State Batteries (SSBs) are the next-generation energy storage solution, offering several advantages over traditional Lithium-ion batteries. SSBs utilize a solid electrolyte instead of a liquid or gel electrolyte, eliminating the risk of thermal runaway and improving safety. With a higher energy density and volumetric energy density, SSBs are ideal for powering wearable devices, consumer electronics, and mobile healthcare devices. In the automotive sector, SSBs promise longer range and faster charging for Electric Vehicles (EVs), making them a promising alternative to Lithium-ion batteries. SSBs also find applications in high power sources, secondary batteries, rechargeable batteries, IoT devices, wireless medical devices, and smart devices. The market for SSBs is expected to grow significantly due to their high power output, lightweight design, and potential for use in aerospace and defense, renewable energy storage, and industrial equipment. However, challenges such as raw material shortage and high production costs remain, with companies like Solid Power and Thin Film Batteries leading the way in innovation and development. SSBs also have potential applications in grid stability, microgrid applications, and energy harvesting, making them a versatile and valuable addition to the energy storage landscape.

Table of Contents:

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

• Application
• Transportation
• Grid Storage
• Others
• Type
• Portable
• Thin Film
• 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.

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SOURCE Technavio