Solid state batteries provide higher energy density as compared to traditional lithium-ion batteries. They utilize solid electrolytes instead of liquid or polymer electrolytes. This provides advantages like increased stability, longer battery life, higher energy density, and increased safety as no short circuits occur. Rapid adoption of consumer electronics such as smartphones, laptops, and electric vehicles is fueling demand for higher performance batteries.
The global Solid State Battery Market is estimated to be valued at US$ 1171.44 Bn in 2024 and is expected to exhibit a CAGR of 9.3% over the forecast period 2024-2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Increased demand for high energy density batteries is one of the major trends spurring growth of the solid state battery market. Conventional lithium-ion batteries have reached their energy density limits, while demand for longer battery life in various applications including electric vehicles continues to grow. Solid state batteries can provide higher energy and power density compared to lithium-ion batteries due to better safety profiles and use of solid electrolytes. This makes them an ideal alternative for use in electric vehicles to increase driving range. Continuous research and development to make solid state batteries commercially viable and inexpensive is expected to boost their adoption in coming years.
Strength: Solid state batteries offer improved safety as they do not use flammable organic liquid electrolytes. They also have higher energy density compared to lithium-ion batteries.
Weakness: High production cost compared to lithium-ion batteries. Technical challenges remain in achieving high battery performance needed for commercialization.
Opportunity: Growing demand for high performance batteries in electric vehicles provides major market opportunity. Adoption in portable electronics and grid storage applications also presents opportunities.
Threats: Established lithium-ion battery technology has significant cost and performance advantages currently. Delays in overcoming technical challenges for solid state batteries will allow lithium-ion batteries to dominate for longer.
The Global Solid State Battery Market Size is expected to witness high growth driven by the electric vehicle industry.
Regional analysis shows that Asia Pacific currently dominates the market led by countries like China, Japan and South Korea. The region is expected to continue its lead through 2030 backed by strong government support and presence of key battery players in the region.
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.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it