Solid-State Battery Market Size, Share, Statistics and Industry Growth Analysis Report by Type (Single-cell, Multi-cell), Capacity (Below 20 mAh, 20–500 mAh, Above 500 mAh), Battery Type (Primary, Secondary), Application (Consumer Electronics, Electric Vehicles, Medical Devices), Region - Global Forecast to 2030
Updated on : Sep 12, 2024
Solid-State Battery Market Size & Growth
[208 Pages Report] The global Solid-State Battery Market Size is expected to grow from USD 85 Million in 2023 to USD 963 Million by 2030, at a CAGR of 41.5% from 2023 to 2030.
The demand for wearable devices is continuously increasing in the consumer electronics and healthcare sectors along with the industrial sector. Moreover, the advent of mobile healthcare devices and wireless healthcare monitoring systems has transformed the global healthcare sector. The market for wearable electronics is continuously flourishing with new product launches and developments. These devices require small and compact form factor batteries such as solid-state batteries, and hence, the demand for solid-state batteries industry is expected to increase in wearable devices.
Solid-State Battery Market Forecast to 2030
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Solid-State Battery Market Dynamics
DRIVERS: Rising demand for miniaturized and compact electronic devices
The ongoing miniaturization of devices such as mobile phones, watches, and medical devices is contributing to the demand for miniaturized electronic components. This miniaturization trend is driving the demand for small and compact solid-state batteries. These batteries offer high energy density, longer lifespan, and are safer than traditional lithium-ion batteries. All these advantages make them an ideal choice for powering small and lightweight devices such as IoT devices, smartphones, wearable devices, and IoT devices.
RESTRAINTS: Complexity of manufacturing processes
There are some issues related to the manufacturing process of solid-state batteries, which makes the process complex. The first one is to develop a solid electrolyte that can be both ionically conductive as well as stable. Moreover, the interface between solid electrolytes and electrodes should be very carefully designed to avoid performance degradation. Another issue is the requirement for specialized equipment and processes to manufacture these batteries. These factors could impact the market growth in a negative manner.
OPPORTUNITIES: Increasing investments in research and development of solid-state batteries
Continuous research and development efforts by market players to develop cost-efficient and advanced solid-state batteries are expected to drive the growth of this market in the near future. These efforts are mainly focused on decreasing production costs, improving stability, and increasing awareness about the benefits of these batteries over conventional lithium-ion batteries. Main efforts are being taken in the field of electrolyte material research to make it safe and stable.
CHALLENGES: High cost of solid-state batteries
Solid-state batteries are presently more expensive than the conventional lithium-ion batteries used in consumer electronics and electric vehicles. Some of the key reasons for the higher costs include expensive raw materials, complex manufacturing processes, and lower production volume at this point in time. The high cost is currently limiting the mass adoption of these batteries in many applications, but market players are continuously working on bringing down the development and production costs.
Solid-State Battery Market Ecosystem
Prominent companies in this market include Blue Solutions (France), QuantumScape Corporation (US), ProLogium Technology Co, Ltd. (Taiwan), and Hitachi Zosen Corporation (Japan). These companies have been operating in the market for several years and possess a diversified product portfolio, state-of-the-art technologies, and strong global sales and marketing networks. Most of the companies in this market are still in the research and development and prototyping phases, with some offering commercial batteries for specific applications.
The market for above 500 mAh is projected to grow with substantial CAGR during the forecast period
Solid-state batteries with a capacity of above 500 mAh are designed for products and devices with high energy requirements and long battery shelf life. The target audience for these batteries includes electric vehicles and energy harvesting, among others. The use cases require high power sources to improve their functionalities and complement the designs of products. These high-power batteries can last longer on a single charge, which makes them ideal for electric vehicles. However, these batteries are currently in the development stage and are expected to be commercialized within three to five years by a few key market players. Growth in the electric vehicles market is expected to fuel the market for solid-state batteries with a capacity range of above 500 mAh in the coming years.
The market for secondary batteries is projected to grow with an impressive CAGR during the forecast period.
Secondary batteries are most suitable for electric vehicles as the complete mechanism of electric vehicles depends on the charging capacity of the battery. Secondary solid-state batteries, having high energy density and charging capabilities, have a huge potential to be employed in electric vehicles. Also, the use of wearable devices and medical devices, such as smartwatches and fitness bands, has increased in recent years, which is expected to drive the market for rechargeable solid-state batteries. Consumer electronic devices also require rechargeable power sources, thus creating an opportunity for market growth.
The market in Asia Pacific is projected to grow with the highest CAGR from 2023 to 2030.
Solid-State Battery Market Statistics by Region
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The market in Asia Pacific has been segmented into China, Japan, India, South Korea, and the Rest of Asia Pacific. The presence of not only developing economies that are witnessing high economic growth but also a number of consumer electronics and wearable devices manufacturers, such as Panasonic Holdings Corporation (Japan), Sony Corporation (Japan, Samsung (South Korea), and LG Electronics Inc. (South Korea), and the increasing demand for IoT and consumer electronics in countries such as Japan, China, and South Korea are expected to boost the growth of the region significantly and pose huge potential for the solid-state battery market.
China, being a global manufacturing hub, holds immense potential for the growth of the solid-state battery market. The expansion in industrial manufacturing and the presence of major wearable manufacturers are creating an opportunity for the solid-state battery market growth. Technological innovation has led to the development of IoT-based medical devices and wireless medical devices.
Top Companies Solid-State Battery - Key Market Players
Blue Solutions (France), Ilika (UK), Solid Power (US), QuantumScape (US), ProLogium Technology Co., Ltd. (Taiwan), BrightVolt (US), Excellatron (US), Sakuu Corporation (US), and Hitachi Zosen Corporation (Japan), are among a few top players in the solid-state battery companies.
Solid-State Battery Market Report Scope
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Report Metric |
Details |
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Estimated Market Size in 2023 |
USD 85 Million |
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Projected Market Size in 2030 |
USD 963 Million |
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Growth Rate |
CAGR of 41.5% |
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Market size available for years |
2019—2030 |
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Base year |
2022 |
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Forecast period |
2023—2030 |
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Forecast Units |
USD Millions/USD Billions and Million Units |
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Segments Covered |
Component, Type, Battery Type, Capacity, and Application |
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Geographic regions covered |
North America, Europe, Asia Pacific, and RoW |
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Companies covered |
Blue Solutions (France), Ilika (UK), Solid Power (US), QuantumScape (US), ProLogium Technology Co., Ltd. (Taiwan), BrightVolt (US), Excellatron (US), Sakuu Corporation (US), Hitachi Zosen Corporation (Japan) and Others A total of 22 players are covered. |
Solid-State Battery Market Highlights
This research report categorizes the solid-state battery market by component, type, capacity, battery type, application, and region.
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Segment |
Subsegment |
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By Component: |
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By Type: |
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By Battery Type: |
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By Capacity: |
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By Application: |
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By Region |
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Recent Developments
- In July 2023, ProLogium Technology Co, Ltd. signed an agreement with MAHLE GmbH for the development of the first thermal management system for ProLogium’s next-generation solid-state batteries. This agreement will help in the commercialization of solid-state battery solutions that offer energy density, improved safety, and lifespan.
- In May 2023, Sakuu Corporation introduced Li-Metal Cypress Battery Cell Chemistry for manufacturing license. Further, this Li-Metal chemistry has the ability to deliver high-power density and high energy density, with a focus on safety.
- In December 2022, Solid Power announced its partnership with BMW Group. Under this partnership agreement, Solid Power, Inc. has granted the BMW Group an R&D license for Solid Power’s all-solid-state cell design and manufacturing know-how.
Frequently Asked Questions:
What is the total CAGR expected to be recorded for the solid-state battery market during 2023-2030?
The global solid-state battery market is expected to record a CAGR of 41.5% from 2023–2030.
What are the driving factors for the solid-state battery market?
The rising adoption of electric vehicles and the rapidly evolving energy harvesting sector are some of the driving factors for the solid-state battery market.
Which application will grow at a fast rate in the future?
The electric vehicle application is expected to grow at the highest CAGR during the forecast period. Solid-state batteries are designed primarily with solid electrolytes, which eliminates battery overheating in the EVs and is the major factor contributing to the segment's growth.
Which are the significant players operating in the solid-state battery market?
Blue Solutions (France), QuantumScape (US), ProLogium Technology Co, Ltd. (Taiwan), and BrightVolt (US) are among a few top players in the solid-state battery market.
Which region will grow at a fast rate in the future?
The solid-state battery market in Asia Pacific is expected to grow at the highest CAGR during the forecast period.
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The study involved four major activities in estimating the current size of the solid-state battery market. Exhaustive secondary research has been done to collect information on the market, peer, and parent markets. The next step has been to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches have been employed to estimate the total market size. After that, market breakdown and data triangulation methods were used to estimate the market size of segments and subsegments. Two sources of information—secondary and primary—have been used to identify and collect information for an extensive technical and commercial study of the solid-state battery market.
Secondary Research:
Secondary sources include company websites, magazines, industry news, associations, and databases (Factiva and Bloomberg). These secondary sources include annual reports, press releases, investor presentations of companies, white papers, certified publications, articles by recognized authors, regulatory bodies, trade directories, and databases.
Primary Research
Primary sources mainly consist of several experts from the core and related industries, along with preferred solid-state battery providers, distributors, alliances, standards, and certification organizations related to various segments of this industry’s value chain.
In the primary research process, various primary sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information on the market. The primary sources from the supply side included various industry experts such as Chief Experience Officers (CXOs), Vice Presidents (VPs), and Directors from business development, marketing, product development/innovation teams, and related key executives from solid-state battery providers, such as Blue Solutions (France), QuantumScape Corporation (US), ProLogium Technology Co, Ltd. (Taiwan), and Hitachi Zosen Corporation (Japan); research organizations, distributors, industry associations, and key opinion leaders. Following is the breakdown of primary respondents.
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Market Size Estimation
Both top-down and bottom-up approaches have been used to estimate and validate the total size of the solid-state battery market. These methods have also been used extensively to estimate the size of various subsegments in the market. The following research methodology has been used to estimate the market size:
- Major players in the industry and markets have been identified through extensive secondary research.
- The industry’s value chain and market size (in terms of value) have been determined through primary and secondary research processes.
- All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources.
Top-Down Approach
In the top-down approach, the overall market size has been used to estimate the size of the individual market segments (mentioned in market segmentation) through percentage splits from secondary and primary research. For specific market segments, the size of the most appropriate immediate parent market has been used to implement the top-down approach. The bottom-up approach has also been implemented for data obtained from secondary research to validate the market size of various segments.
Solid-state Battery Market: Top-down Approach
Bottom-Up Approach
The bottom-up approach has been used to arrive at the overall size of the solid-state battery market from the revenues of the key players and their market shares. Calculations based on revenues of key companies identified in the market led to the estimation of their overall market size.
Solid-state Battery Market: Bottom-up Approach
Data Triangulation
After arriving at the overall market size from the estimation process explained above, the overall market has been split into several segments and subsegments. The market breakdown and data triangulation procedures have been employed, wherever applicable, to complete the overall market engineering process and arrive at the exact statistics for all segments and subsegments. The data has been triangulated by studying various factors and trends from both the demand and supply sides. The market has also been validated using both top-down and bottom-up approaches.
Market Definition
Solid-state batteries use solid electrolytes in place of gel- or liquid-based electrolytes. They are based on the concept of using solid materials in all the components of batteries. These batteries overcome the disadvantages of conventional batteries since they have a long shelf-life, are safe to use, and offer high energy. The solid electrolytes used in these batteries result in their compact packaging and lightweight. These features make solid-state batteries ideal for use in a number of advanced applications that demand next-generation power sources such as electric vehicles and IoT devices.
Key Stakeholders
- Solid-state battery manufacturers
- Technology providers
- Material providers
- Government bodies and industry associations
- Equipment suppliers
- System integrators
- Electronic devices and electric vehicle manufacturers
Report Objectives
- To define and forecast the solid-state battery market regarding component, type, battery type, capacity, and application.
- To describe and forecast the solid-state battery market and its value segments for four regions—North America, Europe, Asia Pacific, and the Rest of the World (RoW), along with their respective countries.
- To provide detailed information regarding the drivers, restraints, opportunities, and challenges influencing the growth of the market
- To strategically analyze micro-markets concerning individual growth trends, prospects, and contributions to the overall market
- To study the complete value chain of the solid-state battery market
- To analyze opportunities in the market for stakeholders by identifying high-growth segments of the market
- To strategically profile key players and comprehensively analyze their market position regarding ranking and core competencies, along with a detailed market competitive landscape.
- To analyze strategic approaches such as agreements, collaborations, and partnerships in the solid-state battery market
- To provide an analysis of the recession impact on the growth of the market and its segments
Available Customizations
Based on the given market data, MarketsandMarkets offers customizations in the reports according to the client’s specific requirements. The available customization options are as follows:
Company Information
- Detailed analysis and profiling of additional market players (up to 5)
Generating Response ...
Growth opportunities and latent adjacency in Solid-State Battery Market
All the solid-state batteries using advanced sulfur-based electrolytes are not complete commercial yet and are still in research phase. The all-solid state lithium-sulfur batteries include various sulfur composite cathodes such as sulfur/carbon composite and sulfur/metal composite, along with lithium metal anode and a solid electrolyte. However, in the recent past, many research institutes and firms have identified and developed high ionic conductivity compounds of lithium, phosphorus, germanium and sulfur to be combined as an efficient electrolyte materials called super-ionic conductors. NEI Corporation (US) one such company who is actively involved in producing different solid electrolyte materials of sulfide-based compositions.
Need details about listed companies in this domain, along with their market share.