by The Solid State Battery Market is estimated to be valued at US$ 730.51 Million in 2022 and is expected to exhibit a CAGR Of 39.2% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Solid state batteries utilize a solid electrolyte instead of a liquid electrolyte. This offers advantages such as higher energy density, safety from fire, and longer battery life. They are being developed for applications in consumer electronics, electric vehicles, medical devices, and grid energy storage. Advances in material science are helping to improve the ionic conductivity of solid electrolytes and enable commercialization of solid state batteries.
Market Dynamics:
The growing demand for longer battery life from end use applications is driving the development of solid state batteries. Conventional lithium-ion batteries using liquid electrolytes have an average life of 500-1000 charge cycles. In contrast, solid state batteries are expected to last over 5000 cycles, reducing cost of ownership. Additionally, solid state batteries are safer than lithium-ion as they do not use flammable organic liquid electrolytes. This makes them suitable for applications with safety-critical needs such as electric vehicles and consumer electronics.
Another major driver is the increasing prevalence of electric vehicles globally. Solid state batteries offer nearly twice the energy density of lithium-ion batteries, allowing electric vehicles to travel longer distances on a single charge. This promotes widespread adoption of electric mobility. Government support through funding and partnerships is also prompting research into solid state battery technologies to accelerate the electrification of transport. Advancements in material science hold potential to address challenges around manufacturing costs and commercialization at scale.
Segment Analysis
The solid state battery market is dominated by the consumer electronics segment. Around 40% of the total solid state battery market share is dominated by the consumer electronics segment. Batteries used in consumer electronics such as smartphones, laptops, wearable devices need high energy density and faster charging capabilities. Solid state batteries fulfill these requirements which makes them highly suitable for use in consumer electronics.
PEST Analysis
Political: The government of various countries are supporting the development of solid state batteries through funding and subsidies. For instance, the US government has launched a program to invest $150 million to support the development of solid state batteries.
Economic: The high demand for long-lasting portable devices is boosting the demand for solid state batteries. Their high safety level also reduces battery replacement costs.
Social: Increased adoption of EVs and demand for portable electronics is driving the need for compact, safe and high energy density batteries like solid state batteries.
Technological: Manufacturers are investing heavily in R&D to improve solid state battery performance, reduce manufacturing costs and achieve commercialization. Advances in materials science will lead to higher energy densities.
Key Takeaways
The global Solid State Battery Market is expected to witness high growth, exhibiting CAGR of 39.2% over the forecast period 2023-2030, due to increasing adoption of EVs and portable electronics. The Asia Pacific region is expected to dominate the market owing to high production of consumer electronics and EVs in countries like China and Japan.
The Asia Pacific region is expected to dominate the solid state battery market during the forecast period. This is attributed to the presence of top consumer electronics and EV manufacturers in countries such as China, South Korea and Japan. China is the largest consumer electronics market globally and is home to top battery manufacturers such as Samsung SDI and Soneng Corporation.
Key players operating in the solid state battery market are Solvay, Samsung SDI Co., Ltd., Cymbet Corporation, Panasonic Corporation, Saft, BrightVolt Inc., and Solid Power. Samsung SDI and Cymbet Corporation are frontrunners in solid state battery production with successful commercialization of products. Panasonic Corporation is also engaged in R&D with an aim to launch EV batteries powered by solid state technology by 2030.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
