by Traditional rechargeable batteries are typically packaged batteries that are placed into a device separately from the structural components of the device itself. In contrast, structural batteries have electrodes and electrolytes integrated into the physical structure of the device, allowing the structural and battery functions to be integrated into a single component. This results in advantages such as increased energy density and lower costs as separate battery modules are not required. The increasing demand for electric vehicles has driven significant research into developing structural batteries that can be integrated into vehicle components like frames, leading to lighter, longer range EVs.
The structural battery market is estimated to be valued at US$ 1.84 Bn in 2024 and is expected to exhibit a CAGR of 20.% over the forecast period of 2024 to 2030.
The global structural battery market is driven by the need for advanced battery technologies that can power next-generation electric vehicles. Structural batteries offer numerous advantages over conventional lithium-ion batteries such as higher energy density, decreased costs through integration of structural and battery components, and potential for safer designs
Key Takeaways
Key players: Key players operating in the Structural Battery Market Size are Tesla, Inc. (United States), BMW AG (Germany), Airbus SE (France), Volkswagen AG (Germany), Samsung SDI Co., Ltd. (South Korea), Saft Groupe S.A. (France), Northvolt AB (Sweden), LG Chem Ltd. (South Korea), Farasis Energy, Inc. (China), Solid Power, Inc. (United States), Cadenza Innovation, Inc. (United States), Blue Solutions SA (France), Oxis Energy Ltd. (United Kingdom), Excellatron Solid State, LLC (United States), Amprius, Inc. (United States).
Key opportunities: Increased research and funding into structural battery technologies from automakers is expected to open up new opportunities. Advancements enabling structural batteries for larger vehicles like trucks and aircraft could present a substantial market opportunity.
Technological advancements: Significant research is being conducted into new electrode and electrolyte materials that allow for better integration with structural materials. Technologies enabling durable and flexible structural batteries are advancing.
Market drivers: The growing electric vehicle market is a key driver as automakers seek to develop lighter, higher range vehicles. Demand for next-generation batteries from industries like aviation and maritime is also fueling research. Advancements enabling scalability of structural battery production will further accelerate commercialization and market growth.
Current Challenges in Structural Battery Market
The structural battery market faces several challenges currently including higher costs compared to traditional batteries, limited charge-discharge cycles and shorter battery life. Current structural batteries have significantly higher manufacturing costs than conventional batteries. The integration of battery components like electrodes, electrolytes and current collectors within structural materials like composites or concrete further adds to production costs. The ability for charge-discharge cycles in structural batteries is also limited compared to regular lithium-ion batteries restricting its usage. The battery life is relatively shorter than traditional batteries posing replacement and maintenance challenges. Improving cost-effectiveness through scaling up of manufacturing and developing more durable and longer lasting battery materials will be crucial to address the existing challenges in this evolving market.
SWOT Analysis
Strength: Structural batteries offer dual functionality of energy storage and load bearing structure enabling novel product designs. Integration within buildings, vehicles and electronic devices creates design flexibility.
Weakness: Higher costs and limited economies of scale presently. Technology still at a nascent stage with performance constraints.
Opportunity: Growing focus on green buildings and electric vehicles to drive demand. Can replace existing structural materials and power electronic devices creating new revenue streams.
Threats: Established conventional battery manufacturers pose competition. Stringent performance and safety standards add compliance challenges.
Geographical Regions
Currently, North America dominates the structural battery market in terms of value attributed to high adoption of EVs and renewable energy focus in the US. Asia Pacific is the fastest growing regional market led by increasing investments in green construction projects in China. Countries like Japan, South Korea are also picking up momentum in structural battery innovations.
Europe is another major geographical market driven by stringent government policies promoting net-zero structures and smart cities development especially in Germany, UK, France.
The structural battery market is witnessing increased penetration in developing economies as well due to conducive industrial policies and off grid energy access initiatives in countries like India, Brazil, South Africa, GCC nations.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
