by The global solid state battery market is witnessing significant growth on account of the increasing demand for solid state batteries from consumer electronics and electric vehicles industry. Solid state batteries offer advantages like higher energy density, improved safety, and longer battery life as compared to conventional lithium ion batteries. They can potentially power smartphones, laptops and electric vehicles for longer duration without compromising on performance. The increasing R&D towards developing cost competitive solid state batteries to meet the growing demand from various applications is fuelling this market.
The global Solid State Battery Market is estimated to be valued at US$ 1016.87 Bn in 2023 and is expected to exhibit a CAGR of 9.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the major trends in the solid state battery market size is the significant R&D towards developing affordable and commercialised solid state batteries. While research has made considerable progress, bringing down the costs to make solid state batteries economically viable for electric vehicles and consumer electronics remains a challenge. Many companies are investing in developing new electrode and electrolyte materials as well as manufacturing processes to address this challenge. Another key trend is the focus on developing solid state batteries that can offer higher energy density compared to lithium ion batteries. This is important for enabling longer range in electric vehicles.
Porter’s Analysis
Threat of new entrants: The threat of new players entering the solid state battery market is moderate due to high costs involved in R&D and infrastructure required. However, the growing demand for solid state batteries along with technological advancements may attract new players in coming years.
Bargaining power of buyers: The bargaining power of buyers is high due to presence of numerous established players providing solid state batteries. Buyers can negotiate on price and demand other benefits.
Bargaining power of suppliers: The power of suppliers is moderate as raw material providers have limited number of options to sell their materials. However, suppliers may consolidate to enhance their position.
Threat of new substitutes: Threat from substitutes is low as solid state batteries have significantly higher energy density and longer lifespan than conventional lithium-ion batteries, lowering chances of replacement.
Competitive rivalry: The competitive rivalry in the market is high owing to presence of major companies competing on the basis of pricing, innovation and quality.
Key Takeaways
The global solid state battery market is expected to witness high growth at a CAGR of 9.3% during the forecast period. The global Solid State Battery Market is estimated to be valued at US$ 1016.87 Bn in 2023 and is expected to exhibit a CAGR of 9.3% over the forecast period 2023 to 2030.
North America region is expected to dominate the market owing to presence of major players and increasing investments in R&D of solid state batteries by companies. Asia Pacific region is anticipated to grow at fastest pace during the forecast period due to rising adoption of electric vehicles and increasing investments by China and South Korea in development of solid state battery technologies. Countries like China, Japan and South Korea are focusing on lowering dependence on imported batteries and technologies.
Key players: Key players operating in the solid state battery market are Stallergenes Greer, ALK-Abello A/S, Allergy Therapeutics, Allergopharma, HAL Allergy Group, Aimmune Therapeutics, DBV Technologies, Leti Pharma, and Jubilant HollisterStier. Stallergenes Greer and ALK-Abello A/S dominate the market owing to their diverse product portfolio and strong global presence.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
