Meticulous Research®, a renowned global market research firm, released a report indicating that the Solid-state Battery Market is projected to expand at a CAGR of 58% from 2022, aiming to reach $3.87 billion by 2029. Moreover, in terms of volume, this market is anticipated to grow at a CAGR of 72%, reaching 7.7 GWh by 2029.
The global solid-state battery market is forecasted to expand at a CAGR of 58% from 2022, projected to reach $3.87 billion by 2029. In terms of volume, the market is poised to grow at a CAGR of 72%, reaching 7.7 GWh by 2029. This growth is propelled by factors such as the high energy density of solid-state batteries, faster charging rates compared to Li-ion batteries, and their perceived safety advantages. Additionally, increasing research and development (R&D) efforts for integrating solid-state batteries into electric vehicles (EVs) and rising investments in R&D for consumer electronics devices are expected to create lucrative growth opportunities for market players.
However, the elevated cost of solid-state batteries and the technological hurdles concerning electrode stabilization during charging/discharging cycles are anticipated to impede the market's growth significantly. Additionally, challenges related to commercialization, the physical properties of ceramic electrolytes, cell architecture, and business transformation pose major obstacles to the expansion of the global solid-state battery market.
The global study of the solid-state battery market is segmented into segments based on type, capacity, application, and geography. Additionally, it assesses competitors within the industry and conducts analyses at the national level.
Based on type, the global market for solid-state batteries is primarily divided into thin film batteries, bulk batteries, and other battery types. As of 2022, it is projected that the thin film batteries segment will hold the largest share of the global solid-state battery market. This dominance is primarily attributed to their compact size, higher average output voltage, lighter weight, greater flexibility, higher energy density, reduced risk of electrolyte leakage, more efficient packing, and longer lifespan compared to bulkier solid-state batteries.
Thin film solid-state batteries have been widely adopted across various electronic applications, including renewable energy storage devices, smart cards, radio frequency identification (RFID) tags, portable electronics, defibrillators, neural stimulators, pacemakers, and wireless sensors. Their extensive usage in these diverse sectors contributes significantly to the substantial market share held by this segment.
Based on capacity, the worldwide solid-state battery market is divided into three categories: less than 20mAh, 21mAh to 500mAh, and above 500mAh. As of 2022, it is projected that the 21mAh to 500mAh segment will dominate the global solid-state battery market. This dominance is primarily driven by the increasing demand for compact energy storage solutions and wearable electronics. Solid-state batteries are favored in consumer electronics due to their superior safety and stability compared to liquid lithium-ion batteries, where the electrolyte can be volatile and flammable at high temperatures.
Based on application, the global solid-state battery market is segmented into medical devices, automotive, consumer electronics, aerospace, battery energy storage systems, and industrial equipment. As of 2022, it is anticipated that the consumer electronics segment will hold the largest share of the global solid-state battery market. This significant share is primarily attributed to the compact size, higher power delivery, and increased processing power of solid-state batteries. Consumer electronics manufacturers are actively integrating solid-state batteries into their products. For example, in March 2020, Samsung showcased a new prototype of a solid-state battery. This innovative solid-state battery developed by Samsung, utilizing a silver-carbon (Ag-C) anode, is expected to address the issue of dendrites.
Based on geography, in 2022, North America is projected to hold the largest share of the global solid-state battery market. This substantial market share is primarily driven by the increasing adoption of solid-state batteries in consumer electronics and medical devices, as well as the ongoing research and development efforts aimed at commercializing solid-state batteries for electric vehicles. For example, in September 2020, The Volkswagen Group invested approximately $300 million in QuantumScape, a U.S.-based solid-state battery startup.
Furthermore, Solid Power, a U.S.-based battery company, announced its intention to commence pilot production of solid-state batteries suitable for electric vehicles by early 2022, following an additional $130 million in funding from existing investors such as Ford, BMW, and Volta Energy Technologies. These initiatives are expected to drive the demand for solid-state batteries throughout the forecast period.
Key Players
Key players in the global solid-state battery market include QuantumScape Corporation (U.S.), Ilika plc (U.K.), Solid Power, Inc. (U.S.), BrightVolt, Inc. (U.S.), Cymbet Corporation (U.S.), Prieto Battery Inc. (U.S.), Sion Power Corporation (U.S.), Hitachi Zosen Corporation (Japan), ProLogium Technology CO., Ltd. (Taiwan), Johnson Energy Storage, Inc. (U.S.), PJP Eye LTD. (Japan), Factorial Inc. (Spain), Volkswagen AG (Germany), Front Edge Technology, Inc. (U.S.), and I-TEN S.A. (Italy).
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Key Questions Answered in the Report:
• What are the high-growth market segments based on type, capacity, application, and geography?
• What has been the historical market size of the global solid-state battery market?
• What are the market forecasts and projections for the period from 2022 to 2029?
• What are the main drivers, restraints, opportunities, and challenges in the global solid-state battery market?
• Who are the leading players in the market, and what are their respective market shares?
• What does the competitive landscape of the global solid-state battery market look like?
• What are the latest developments in the global solid-state battery market?
• What strategies are the major players in the market adopting?
• What are the key geographic trends, and which countries are experiencing high growth?
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