Solid State Battery Market Size - By Product (Portable, Thin-Film), By Application (Industrial, Automotive, Consumer Electronics, Energy Storage), By Capacity, Regional Outlook & Forecast, 2024 – 2032

Solid State Battery Market Size

Solid State Battery Market was valued at USD 826.8 million in 2023 and is anticipated to grow at a CAGR of 38.2% from 2024 to 2032. Continuous research and development in solid-state battery technology have led to improvements in energy density, safety, and longevity. Innovations in materials science, particularly in solid electrolytes, are critical for overcoming the limitations of conventional liquid electrolyte batteries. The automotive industry's shift towards electric vehicles is a major driver for solid-state battery demand. These batteries offer higher energy densities, faster charging times, and improved safety profiles compared to traditional lithium-ion batteries, making them an attractive option for EV manufacturers.
 

Key players in the industry are forming strategic partnerships and collaborations to accelerate the development and commercialization of solid-state batteries. These alliances are crucial for pooling resources, sharing expertise, and reducing time-to-market. There is a substantial increase in investment from both public and private sectors to support solid-state battery research and development. Government funding and venture capital are playing significant roles in driving innovation and scaling production capabilities.
 

Solid State Battery Market Trends

The demand for more efficient, longer-lasting batteries in consumer electronics such as smartphones, laptops, and wearable devices is also contributing to the growth of the solid-state battery market. Therefore, efforts are being made to scale up the production of solid-state batteries to meet the growing demand. Companies are focusing on improving manufacturing processes and establishing pilot production lines to transition from laboratory-scale to commercial-scale production. Favorable government policies and regulatory support for clean energy and sustainable technologies are boosting the adoption of solid-state batteries. Incentives for electric vehicles and renewable energy storage solutions are particularly influential in driving market growth.
 

Solid State Battery Market Analysis

Based on product, the thin-film battery product is anticipated to cross more than USD 6.3  billion by 2032. The ongoing trend towards smaller, lighter, and more powerful electronic devices necessitates compact and efficient energy storage solutions. Thin-film batteries, with their thin profiles and ability to conform to various shapes, are ideally suited for applications where space is at a premium. Furthermore, the proliferation of IoT devices, which require reliable and long-lasting power sources, is a significant driver for the thin-film battery market.
 

Based on application, the industrial segment is set to grow at a CAGR of over 32.3% through 2032. Industrial applications require batteries that offer high safety standards and efficiency. Solid-state batteries, with their non-flammable solid electrolytes, provide enhanced safety features and improved performance, making them ideal for industrial use. Moreover, the growing adoption of electric vehicles in industrial sectors, such as logistics and transportation, is a major driver for solid-state batteries.
 

Asia Pacific solid state battery market is expected to surpass USD 6.5 million by 2032. Countries in the Asia-Pacific region, notably China, Japan, and South Korea, have a strong industrial and manufacturing base. This infrastructure supports the large-scale production and commercialization of solid-state batteries, reducing costs and improving supply chain efficiencies. Additionally, the automotive sector in Asia-Pacific is rapidly adopting electric vehicles (EVs). Solid-state batteries, offering higher energy densities and improved safety, are becoming increasingly attractive for EV manufacturers looking to extend driving ranges and reduce charging times.
 

The U.S. is increasing its investments in renewable energy infrastructure. Solid-state batteries are becoming key components for energy storage systems that manage the intermittent nature of renewable sources like solar and wind power due to their high energy density and long cycle life.
 

Solid State Battery Market Share

Companies including Ilika Ltd., Hitachi Zosen Corporation, and BrightVolt Solid State Batteries are leaders in the solid-state battery market, thanks to their extensive manufacturing capabilities, technological expertise, and significant investments in research and development. They consistently innovate to deliver high-performance solid-state batteries that offer superior energy density, faster charging capabilities, and enhanced safety features.
 

Solid State Battery Market Companies

Eminent players operating in the solid state battery industry include:

• Altairnano
• Beijing Weilan New Energy Technology Co., Ltd.
• BrightVolt Solid State Batteries
• Cymbet
• Hitachi Zosen Corporation
• Ilika Ltd.
• Ion Storage Systems
• ITEN
• Johnson Energy Storage, Inc.
• Prieto Battery Inc
• QuantumScape Corporation
• Samsung SDI Co., Ltd.
• Solid Power
• STMicroelectronics
• Toyota
   

Solid State Battery Industry News

• In September 2022, Ilika has initiated equipment assembly trials to market its solid-state batteries for electric vehicles (EVs). Ilika has developed a proprietary technology based on an oxide solid electrolyte and a silicon anode. Unlike lithium-ion batteries, these solid-state batteries do not contain liquid electrolytes, making them a safer and more environmentally friendly option. They address key consumer concerns by offering an extended range and faster charging times.
   
• In May 2022, Samsung SDI in South Korea has commenced the construction of a pilot facility for next-generation solid-state batteries. These batteries boast a higher energy density than traditional lithium-ion batteries, potentially significantly increasing the driving range of electric vehicles (EVs). However, the technology has been challenging to develop, indicating that battery manufacturers must make substantial advancements in this field.
   

This solid state battery market research report includes in-depth coverage of the industry with estimates & forecast in terms of “USD Million” from 2021 to 2032, for the following segments:

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Market, By Product

• Portable
• Thin-Film

Market, By Capacity

• Below 20 mAh
• 20 - 500 mAh
• Above 500 mAh

Market, By Application

• Industrial
• Automotive
• Consumer Electronics
• Energy Storage
• Others

The above information has been provided for the following countries across the regions:

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Austria
  • Sweden
• Asia Pacific
  • China
  • Japan
  • South Korea
  • India
  • Australia
• Rest of World
  • Brazil
  • UAE
  • Saudi Arabia
  • Others