Solid State Battery Market worth $963 million by 2030 - Exclusive Report by MarketsandMarkets™

CHICAGO, Oct. 6, 2023 /PRNewswire/ -- The Solid State Battery Market is expected to reach USD 963 million by 2030 from USD 85 million in 2023, at a CAGR of 41.5 % during the 2023-2028 period according to a new report by MarketsandMarkets™. Although solid-state batteries have a higher energy density, a solid structure, better stability, and are safer compared to lithium-ion batteries, they have a few limitations, such as low ionic conductivity, highly reactive, and overall high cost. These limitations can be addressed by introducing different solid-state electrolytes (SSEs) made up of a variety of materials. Continuous research and development efforts are expected to drive the growth of the solid-state battery market.

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The market for the multi-cell battery segment is expected to gain a significant market share during the forecast period.

Multi-cell batteries are designed to be used in electric vehicles, energy harvesting, and portable devices. A multi-cell battery pack is a group of solid-state batteries industry. Battery packs are designed and connected in parallel, series, or a mixture of both for delivering the required voltage, capacity, and power density. Battery packs are usually used in high-voltage and power applications. Conventional batteries tend to perform poorly at high temperatures and require expensive, heavy protective materials for safety. These batteries can catch fire in case of an extreme rise in temperature. On the other hand, solid-state batteries are safe since they have no liquid electrolytes, are reliable, less flammable, and have high energy density and long shelf lives, which makes them ideal for high-temperature applications. Additionally, the modification of liquid electrolytes into solid electrolytes in these batteries eliminates the need for an individual casing, making these batteries compact and lightweight, which prevents overheating.

Below 20 mAh capacity batteries are expected to hold a substantial market share during the forecast period.

Solid-state batteries that fall under the capacity range of below 20 mAh are comparatively light in weight, smaller in size, have a lesser voltage range, and have a short shelf life as compared to their higher-capacity counterparts. These batteries are usually designed to complement applications that require a nominal amount of power for operations. Such batteries are ideal for applications such as wearables, wireless sensor nodes, IoT devices, and others, as these devices do not require high-power batteries and can only accommodate compact batteries.

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Consumer Electronics applications grow at an impressive CAGR during the forecast period.

Solid-state batteries are compact; however, their application areas are not limited to small devices. These batteries can power consumer electronics, such as mobile phones, laptops, tablets, and digital cameras, in the near future. Integrating a solid-state battery instead of a conventional battery not only makes the product lighter, thereby increasing its efficiency but also allows the manufacturers to design a slim and lightweight product, enabling them to keep up with the emerging trends in the market. These batteries can also be recharged, making them compatible with electronic devices. Solid-state batteries are also safer as they use solid electrolytes instead of liquid- or gel-based electrolytes, which prevents overheating.

North America is expected to hold a significant market share of the solid-state battery market during the forecast period.

The US is one of the major contributors to the North American solid-state battery market. A few of the key players in the solid-state battery market-based in North America are QuantumScape (US), Solid Power (US), BrightVolt (US), and Excellatron (US). There is a significant increase in the adoption of electric vehicles (EVs) in the US owing to several factors, including the availability of battery-powered car models, the switch from gasoline to EVs by mass-premium buyers, and favorable government policies. With the increase in demand for EVs, the demand for solid-state batteries is also expected to increase in the future.

The key players in this solid-state battery companies include 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) and others.

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