Solid State Battery Market Growth Must Triple Due to Technology Innovation By 2025

Global solid-state battery market was valued at $53 million in 2017 and is projected to reach $1,407.69 million by 2025, growing at a CAGR of 49% from 2018 to 2025. Increase in application of solid state batteries in the healthcare, wearable, and drone sectors boosts the growth of the solid state battery market. Moreover, rise in need for solid state batteries in electric vehicle also contributes toward the growth of the global market. However, complex manufacturing process and high cost of solid state battery restrain the market growth. Conversely, increase in investment in the market, by industry giants such as Samsung and Hyundai is anticipated to offer future growth opportunities for the market.

The global solid state battery market is segmented based on type, capacity, application, and region. Based on type, the market is bifurcated into thin film and portable battery. In 2017, the portable battery segment led the market owing to the growth in demand for tablet, laptop, smartphone, and e-reader or a MP3 player, which subsequently increases the demand for solid state battery in portable electronics. The thin film battery segment is expected to grow with a highest CAGR during the forecast period.

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Among product types, the portable segment accounted for 86% of the total market share in 2017 and would continue its dominance through 2025. Need for greater battery back-up in tablets, laptops, smartphones, e-readers and even MP3 players has bolstered the demand for portable battery. Nonetheless, the thin-film battery segment is expected to register the fastest CAGR of 51.5% from 2018 to 2025 owing to increase in the use of thin-film batteries in implantable medical devices such as defibrillators & neural stimulators, smart cards, RFID, wireless sensors, and radio-frequency identification.

By capacity, the market is divided into less than 20 mAh, between 20 mAh & 500 mAh, and 500 mAh & above capacity batteries. Based on capacity, the 500 mAh and above segment is the most lucrative segment in the market. Depending on application, it is fragmented into consumer & portable electronics, electric vehicle, energy harvesting, wearable & medical devices, and others. The solid state battery market for medical devices is expected to hold the largest market size in 2020.

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Currently, solid state batteries have been commercialized significantly in the medical devices industry. The electric vehicle segment is expected to grow with the highest CAGR as many major players such as Toyoto, Volkswagen, Hyundai, and BMW in the industry are developing solid state batteries for electric vehicle application. Rising deployment of clean energy-powered vehicles across major economies of the world.

Based on region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA. North America accounts for major share in the global solid state battery market due to increase in demand for batteries from packaging, smart cards, and electric vehicle sectors.

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The key market players analyzed in the report include Cymbet Corporation, Seeo Inc. (Robert Bosch GMBH subsidiary), StmicroElectronics N.V., Toyota Motor Corporation, Sakti3 Inc. (Dyson Ltd subsidiary) and Brightvolt, Inc. The other key players include Excellatron Solid State, LLC, Infinite Power Solution, Inc., Planar Energy Devices, Inc., Quantum Escape, Altairnano, and Solid Power, Inc. These companies have implemented various strategies including expansions, mergers & acquisitions, partnerships, joint ventures, collaborations, and others to gain a stronghold in the industry.

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