Breaking Barriers: The Evolution and Potential of the Solid-State Battery Market

According to a new market research report titled "Solid-State Battery Market by Type (Thin Film Batteries, Bulk Batteries, and Other Batteries), Capacity (Less than 20mAh, 21mAh to 500mAh, and Above 500mAh), Application, and Geography - Global Forecasts to 2029", published by Meticulous Research®, the overall solid-state battery market is expected to grow at a CAGR of 58% from 2022-2029 to reach $3.81 billion by 2029. By volume, this market is expected to grow at a CAGR of 71% from 2021 to reach 7.3 GWh by 2028.

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Solid-state batteries use both solid electrodes and solid electrolytes instead of liquid or polymer electrolytes found in conventional lithium-ion or lithium polymer batteries. Solid-state batteries are more compact, have longer battery life, and recharge faster. Compared to ordinary batteries, solid-state batteries have a higher energy density, lower flammability, and higher electrochemical stability, and increasing their commercial market value. Solid-state batteries find their usage in radio-frequency identification (RFID), pacemakers, and wearable devices.

The growth of the overall solid-state batteries market is driven by the high energy density of solid-state batteries, faster-charging rate compared to Li-ion batteries, and a safer alternative to Li-ion batteries. Moreover, the increasing R&D for the application of solid-state batteries in EVs and increase in R&D investment for the development of solid-state batteries for consumer electronics devices provide significant opportunities for the growth of this market.

However, the higher cost of solid-state batteries and technological challenges hinder the growth of this market to a notable extent. In addition, challenges with the physical properties of ceramic electrolytes, challenges for commercialization, cell architecture challenges, and business transformation challenges are some of the major challenges hampering the growth of the overall solid-state batteries market.

Impact of COVID-19 on the Solid-State Battery Market

The outbreak of the COVID-19 pandemic caused widespread economic downturns as several countries imposed strict lockdowns to contain the infection, resulting in a massive shift to online and remote working, which consequently led to the rising demand for consumer electronics, such as laptops, PCs, smartphones, and other smart devices. As a result, the consumer electronics segment witnessed a surge in demand in 2020. Furthermore, the rise in COVID-19 cases led to a spike in cardiovascular diseases among patients suffering from COVID-19 infections, which boosted the pacemaker market.

In Asia-Pacific, the consumer electronics market moderately declined due to the COVID-19 pandemic. The COVID-19 outbreak also negatively impacted medical devices due to the decline in medical tourism in Southeast Asian countries and patients deferring non-urgent care. Furthermore, the huge number of clinics and hospitals across the Asia-Pacific were restructured to increase the hospital capacity for patients diagnosed with COVID-19. This process led to the cancellation of numerous cardiovascular surgery procedures across the region, resulting in reduced demand for medical devices, affecting the solid-state batteries market.

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However, the increasing disposable income of consumers coupled with growing interest in smart portable devices is expected to stimulate the R&D investments in the solid-state batteries market. The long service life, short recharge times, and enhanced energy storage capacity of solid-state batteries are key features expected to stimulate industry growth. Additionally, the huge potential for providing enhanced safety due to the unique presence of solid electrolytes is expected to boost product adoption in smartphones and action cameras.

Safer Alternative to Li-Ion Batteries

Present-day lithium-ion batteries use an electrolyte made up of ethylene carbonate that provides stability to anode and cathode. Ethylene carbonate is flammable that causes battery fires and consequently toxic gassing. Lithium batteries are capable of spontaneous ignition and subsequent explosion from heating. These problems can be caused by electrical shorting, rapid discharge, overcharging, manufacturers' defects, poor design, or mechanical damage, among many other causes.

The overheating of batteries results in a process called thermal runaway, which is a reaction within the battery causing internal temperature and pressure to rise at a quicker rate than can be dissipated. On the other hand, the glass solid-state battery is designed using an alkali-metal anode (lithium, sodium, or potassium) that provides high energy density and long cycle life. The solid-state electrolyte is considered to be non-combustible or at least resistant to self-ignition. The non-combustible nature of solid-state batteries reduces the thermal runaways that allow for a tighter packaging of cells and improves the design flexibility and volumetric density. The non-combustible and resistance to the self-ignition features of solid-state batteries are expected to boost the global solid-state batteries market.

Solid-State Battery Market Overview

Meticulous Research® has segmented the overall solid-state batteries market based on type (thin film batteries, bulk batteries, and other batteries), capacity (less than 20mAh, 21mAh to 500mAh, and above 500mAh), application (medical devices, automotive, consumer electronics, aerospace, battery energy storage systems, and industrial equipment), and geography (Asia-Pacific, Europe, North America, Latin America, and the Middle East & Africa).

Based on type, the solid-state batteries market is mainly segmented into thin film batteries, bulk batteries, and other batteries. In 2022, the thin film batteries segment is expected to account for the largest share of the overall solid-state batteries market. The large share of this segment is mainly attributed to their smaller size, higher average output voltage, lighter weight, higher flexibility, higher energy density, lower chances of electrolyte leakage, tighter packing, and longer life cycle than bulky solid-state batteries.

Thin film solid-state batteries can be used in various applications, including renewable energy storage devices, smart cards, radio frequency identification (RFID) tags, portable electronics, defibrillators, neural stimulators, pacemakers, and wireless sensors.

Based on capacity, the solid-state battery market is segmented into less than 20mAh, 21mAh to 500mAh, and above 500mAh. In 2022, the 21mAh to 500mAh segment is expected to account for the largest share of the overall solid-state batteries market. The large share of this segment is attributed to the rising demand for small energy storage sources and wearable electronics. Solid-state batteries are widely preferred for consumer electronics as they are safer and more stable than liquid li-ion batteries in which the electrolyte is volatile and flammable at high temperatures.

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Based on application, the solid-state batteries market is segmented into medical devices, automotive, consumer electronics, aerospace, battery energy storage systems, and industrial equipment. In 2022, the medical devices segment is expected to account for the largest share of the overall solid-state batteries market. The large share of this segment is attributed to technological advancements and the penetration of IoT in the medical field. Several battery manufacturers are designing and offering solid-state batteries to power medical devices, such as neural stimulators, pacemakers, and defibrillators.

Based on geography, North America is expected to account for the largest share of the global solid-state batteries market in 2022. The large share of this market is mainly attributed to the growing application and uptake of solid-state batteries in consumer electronics, electric vehicles, and energy harvesting; and the research & development activities focused on the commercialization of solid-state batteries. For instance, in September 2020, The Volkswagen Group invested around $300 million in a U.S.-based solid-state battery startup QuantumScape.

Furthermore, U.S. based battery company Solid Power announced its plans to begin pilot production of solid-state batteries suitable for use in electric vehicles by early 2022, after receiving an additional $130 million in funding from existing investors, including Ford, BMW, and Volta Energy Technologies. These initiatives are expected to boost the demand for solid-state batteries during the forecast period.

The presence of prominent battery manufacturers and growing demand from end-use industries are the key factors driving the growth of the solid-state batteries market in the U.S. Research institutes and universities are also taking initiatives for the advancement of solid-state batteries, which is expected to boost the development of solid-state batteries in the near future.

Key automakers are investing, collaborating, and partnering with U.S.-based solid-state batteries manufacturers for the research and development of solid-state batteries. For instance, in October 2021, Hyundai (South Korea), an automaker, partnered with Factorial Energy (U.S.) to develop solid-state batteries for EVs. Also, in May 2021, Ford and BMW invested $130 million in solid-state battery startup Solid Power to develop a solid-state battery that can be used to reduce cost and increase the range of electric vehicles.

Furthermore, in December 2021, Mercedes-Benz collaborated with Factorial Energy (U.S.) to jointly develop next-generation battery technology with the goal of testing prototype cells. The two companies aimed at the development of solid-state batteries and work together on integrating them into Mercedes-Benz vehicles. Such initiatives by the automakers are expected to boost the demand for solid-state batteries in the forecast period.

The top five players that dominated the global solid state battery market in 2021 were Ilika plc (U.K.), Solid Power, Inc. (U.S.), BrightVolt, Inc., (U.S.), Cymbet Corporation (U.S.), and Hitachi Zosen Corporation (Japan).

The other players operating in the global EV battery market are QuantumScape Corporation (U.S.), Ilika plc (U.K.), Solid Power, Inc. (U.S.), BrightVolt, Inc., (U.S.), Cymbet Corporation (U.S.), Prieto Battery Inc. (U.S.), Sion Power Corporation (U.S.), Hitachi Zosen Corporation (Japan), ProLogium Technology CO., Ltd. (Taiwan), Johnson Energy Storage, Inc. (U.S.), PJP Eye LTD. (Japan), Factorial Inc. (Spain), Volkswagen AG (Germany), Front Edge Technology, Inc. (U.S.), and I-TEN S.A. (Italy) among others.

To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/solid-state-battery-market-5246

Report Scope:

Solid-State Battery Market, by Type
Thin Film Batteries
Bulk Batteries
Other Batteries

Solid-State Battery Market, by Capacity
Less than 20mAh
21mAh to 500mAh
Above 500mAh

Solid-State Battery Market, by Application
Medical Devices
Automotive
Consumer Electronics
Aerospace
Battery Energy storage systems
Industrial Equipment

Solid-State Battery Market, by Geography
Asia-Pacific (APAC)
China
Japan
South Korea
India
Rest of Asia-Pacific
Europe
Germany
U.K.
France
Italy
Spain
Rest of Europe (RoE)
North America
U.S.
Canada
Latin America
Middle East & Africa

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This release was published on openPR.