Solid State Battery Market 2021-2030: Innovation and Product Optimization to Boost Growth

Global solid state battery market size was valued at $0.5 billion in 2020, and is estimated to reach $3.4 billion by 2030, growing at a CAGR of 18% from 2021 to 2030. Solid state battery is a technology, which utilizes both solid electrodes and solid electrolytes. It is an ideal substitute of conventional lithium-ion battery. Solid state batteries are smaller, have higher capacity, and cheaper compared to current liquid-based lithium-ion batteries. Industry giants focus on developing a battery, which contains solid electrolyte and is non-inflammable. Current lithium-ion batteries are flammable and produce lot of heat. As a result, manufacturers focus on developing and using improved solid-state batteries.

Increase in application of solid state batteries in the healthcare, wearable, and drones' sectors drive the growth of the global solid state rechargeable batteries. Moreover, rise in need for solid state batteries in electric vehicle boosts the market growth. 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, including Samsung and Hyundai are anticipated to offer future solid state battery market growth opportunities for the market.

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Depending on the type, the portable battery segment garnered the highest market share of about 68.1% in 2020, and is expected to maintain its dominance during the solid state battery market forecast period. This is attributed to rise in adoption of solid state batteries in portable devices. In addition, continuous increase in usage of portable devices has fueled the demand for portable solid state batteries. Moreover, with growth in demand for tablet, laptop, smartphone, and e-reader or a MP3 player, it is expected that demand for portable solid state battery will increase.

On the basis of application, consumer & portable electronics segment held the largest share in 2020, in terms of revenue, and is expected to maintain its dominance during the forecast period. This growth is attributed to rapid urbanization and consumer expenditure toward consumer electronics applications, including laptop, smartphones, and computers across developing countries. In addition, rise in concern toward safety issues associated with liquid-based electrolytes in batteries is expected to increase demand for solid state batteries from consumer electronics applications, which, in turn, drive the market growth during the forecast period.

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Based on region, Asia-Pacific, followed by North America, held the highest market share in terms of revenue 2020, accounting for nearly two-fifths of the global solid state battery market, due to the presence of huge consumer base, rapid development of the solid state battery sector, and the existence of key players in the region. Moreover, the Europe region is expected to witness the fastest CAGR of 18.5% during the forecast period. This is attributed to rise in demand for solid state batteries in a range of wide applications such as consumer electronics, electric vehicles, and medical device.

The global solid state battery market analysis covers in-depth information of the major solid state battery industry participants. The key players operating and profiled in the report include Cymbet Corporation Front Edge, Infinite Power Solution, Inc., Seeo Inc. (Robert Bosch GmbH Subsidiary) Saft, Excellatron Solid state, Brightvolt, Inc., LG Energy Solution Ltd. Solid Power, Inc., Pathion Inc., and Samsung SDI Co., Ltd.

The other players operating in the solid state battery market are STMicroelectronics N.V., Toyota Motor Corporation, Sakti3 Inc. (Dyson Ltd. Subsidiary), Planar Energy Devices, Inc., QuantumScape, and Altairnano.

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Covid-19 Scenario
• Lockdown imposed due to the outbreak of COVID-19 pandemic resulted in temporary ban on import & export and manufacturing & processing activities across various industries in battery sector, which decreased the demand for solid-state rechargeable batteries from consumers, including portable electronics and electric vehicles.
• In addition, closure of renewable power plants, automotive manufacturing industries, and consumer electronics manufacturing industries hampered the solid-state battery market growth during the pandemic period.

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