Solid State Battery Global Market Report 2024

A solid-state battery refers to a battery technology that utilizes solid electrodes and a solid electrolyte instead of the liquid or polymer gel electrolytes found in traditional lithium-ion or lithium polymer batteries. This innovation is anticipated to enhance safety, battery lifespan, and heat resistance by replacing conventional liquid electrolytes. Solid-state batteries offer notable benefits such as excellent energy density, enhanced safety efficiency, and a broad operating temperature range, albeit generally at a higher cost compared to conventional batteries.

The primary types of solid-state batteries include single-cell batteries and multi-cell batteries. Single-cell batteries consist of a single cell and find application in small electronic devices such as toys, clocks, watches, and others. These batteries are further categorized based on rechargeability into primary (non-rechargeable) and secondary (rechargeable) batteries, and by material into thin film batteries and portable batteries. Solid-state batteries find applications across various industries, including consumer and portable electronics, electric vehicles, energy harvesting, wearable and medical devices, among other diverse applications.

The solid state battery market research report is one of a series of new reports from The Business Research Company that provides solid state battery market statistics, including solid state battery industry global market size, regional shares, competitors with a solid state battery market share, detailed solid state battery market segments, market trends and opportunities, and any further data you may need to thrive in the solid state battery industry. This solid-state battery market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The solid state battery market size has grown exponentially in recent years. It will grow from $0.51 billion in 2023 to $0.77 billion in 2024 at a compound annual growth rate (CAGR) of 50.2%. The expansion observed in the historical period can be attributed to the growth of emerging markets, a heightened demand for consumer electronics, and an increase in disposable income.

The solid state battery market size is expected to see exponential growth in the next few years. It will grow to $3.37 billion in 2028 at a compound annual growth rate (CAGR) of 44.7%. Forecasted growth is spurred by government support, population growth, and the demand for electric vehicles, with trends including innovative polymer materials for solid electrolytes, increased investments in solid-state battery technology, advanced aviation battery packs, and strategic partnerships for product portfolio enhancement.

The upward trajectory of electric vehicle (EV) adoption is poised to be a catalyst for the expansion of the solid-state battery market. While the economic repercussions of COVID-19 have subdued the demand for traditional petrol and diesel cars, the surge in EV demand has been noticeable. This shift is primarily fueled by escalating concerns about climate change and the collective ambition to achieve net-zero emissions, steering the global automotive landscape toward emission-free driving. The transition to EVs not only contributes to environmental goals but also fosters economic growth by redirecting consumption away from imported oil, thereby reducing fuel costs and embracing more locally generated power sources. Notably, in March 2023, as reported by the International Energy Agency, the electric car market witnessed remarkable growth, surpassing the 10 million mark in sales during 2022. A notable 14% of all newly sold cars were electric in 2022, marking a substantial surge from the approximately 9% recorded in 2021. Consequently, the increasing adoption of electric vehicles is expected to act as a significant impetus propelling the solid-state battery market forward.

Government backing is anticipated to play a pivotal role in propelling the growth trajectory of the solid-state battery market. Various governments worldwide are extending support to the manufacturing sector, facilitating the development of innovative solutions tailored to fortify the solid-state battery segment. For instance, in August 2023, the French government is slated to endorse an R&D project in collaboration with Prologium, a Taiwan-based energy innovation company specializing in solid-state batteries. With approved funding totaling €1.5 billion ($1.65 billion), France aims to bolster Prologium's research endeavors focused on enhancing current-generation solid-state batteries. The objective is to address prevailing limitations associated with lithium-ion batteries while ushering in a new era of batteries boasting higher energy density and enhanced sustainability. Additionally, emphasis will be placed on devising novel recycling processes for these advanced batteries. Furthermore, in January 2023, the US Department of Energy's EVs4ALL program, managed by its Advanced Research Projects Agency, allocated $42 million toward next-generation battery research grants, with a specific focus on 12 promising projects. Among these, four grants were earmarked for advancing solid-state battery development conducted by US-based companies or educational institutions. Hence, government backing is poised to play a pivotal role in propelling the solid-state battery market's growth within the forecast period.

Technological advancement stands out as a predominant trend gaining momentum within the solid-state battery market. Leading entities operating in this domain are strategically focused on delivering cutting-edge solutions to fortify their market presence. These industry players are actively integrating next-generation solid-state battery technologies into their offerings, incorporating advancements in electrochemical processes, electrolytes, Li-ion batteries, cathodes, anodes, among other aspects. The primary objective is to render solid-state batteries more cost-effective and lightweight. Notably, a noteworthy development unfolded in September 2021, where LG Energy Solution collaborated with researchers from the University of California, San Diego, culminating in the creation of a pioneering battery design. This battery stands out as an all-silicon solid-state battery, owing to its utilization of a solid-state electrolyte in conjunction with an all-silicon anode, marking a significant stride in battery innovation.

Entities within the solid-state battery market are directing their efforts towards pioneering battery pack innovations, intensifying their foothold in the market landscape. The recent surge in battery innovations has been catalyzed, in part, to drive advancements in electric aircraft and vehicles. Major corporations are channeling investments into solid battery technology, seeking seamless integration into existing systems. A noteworthy case surfaced in October 2022, when NASA (National Aeronautics and Space Administration), a prominent US government agency engaged in aeronautics and space research, unveiled an innovative battery pack exhibiting superior traits of reduced weight, heightened safety, and enhanced performance compared to conventional batteries widely used in vehicles and large-scale electronic devices. With a commitment toward environmentally conscious aviation, NASA is actively exploring the utilization of solid-state batteries in aviation contexts, particularly in advanced air mobility and electric-propelled aircraft applications. A pivotal aspect for the creation of more eco-friendly electric aircraft revolves around battery performance. The critical requisite in aviation circles is the ability of these batteries to efficiently store substantial energy required to power aircraft while concurrently maintaining lightweight characteristics.

In November 2021, Hyundai, a South Korea-based automotive manufacturer, unveiled a strategic partnership with Factorial. Within this collaboration, Hyundai is set to incorporate Factorial's solid-state battery technology at various levels, including the cell, module, and system stages. The partnership extends to vehicle-level integration, and both companies will work jointly to co-develop specifications for the implementation of Factorial's advanced battery technology. Factorial Batteries, the technology provider in this collaboration, is a US-based company specializing in solid-state battery technology.

Major companies operating in the solid state battery market report are TDK Corporation, Murata Manufacturing Co. Ltd., Ganfeng Lithium Group Co. Ltd, Qingdao Energy Development, ProLogium Technology Co. Ltd., Cymbet Corporation, STMicroelectronics, Brightvolt Inc., Solid Power Inc., Ilika, QpiVolta, NGK Insulators Ltd, Toyota, Panasonic, SK Innovation, HiNa Battery Technology Co. Ltd, Contemporary Amperex Technology Co. Limited, Great Wall Motors, Tianjin Lishen Battery Joint-Stock Co. Ltd., Basquevolt, BlueSolutions, Nawa Technologies, Rosen battery, AKOM, InoBat Auto, Samsung SDI, LG Chem, Quantumscope, Factorial energy, Electrovaya, Sakuu, Cuberg, Brightvolt, SEEO, YPF Tecnologia (Y-TEC), Acumuladores Moura S.A., Clarios Energy Solutions Brasil Ltda, Heidron Energy Solutions, Zoxcell, Saudi Aramco, Abdullah Al-Barrak & Sons Co.

Asia-Pacific was the largest region in the solid state battery market in 2023. The regions covered in the solid state battery market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the solid state battery market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.

The solid-state battery market consists of sales of bulk solid-state batteries and thin-flim solid batteries. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

Solid State Battery Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on solid state battery market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

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Where is the largest and fastest growing market for solid state battery? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The solid state battery market global report from the Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

• The market characteristics section of the report defines and explains the market.
• The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
• The forecasts are made after considering the major factors currently impacting the market. These include:

The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.

The impact of higher inflation in many countries and the resulting spike in interest rates.

The continued but declining impact of covid 19 on supply chains and consumption patterns.

• Market segmentations break down the market into sub markets.
• The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
• The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
• The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.

Scope

Markets Covered:

• 1) By Type: Single-Cell Battery; Multi-Cell Battery
• 2) By Rechargeability: Primary Battery; Secondary Battery
• 3) By Material Type: Thin Film Batteries; Bulk Batteries
• 4) By Application: Consumer And Portable Electronics; Electric Vehicle; Wearable And Medical Devices; Other Applications
• Companies Mentioned: TDK Corporation; Murata Manufacturing Co. Ltd.; Ganfeng Lithium Group Co. Ltd; Qingdao Energy Development; ProLogium Technology Co. Ltd.
• Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
• Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
• Time series: Five years historic and ten years forecast.
• Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
• Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
• Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
• Delivery Format: PDF, Word and Excel Data Dashboard.