PUBLISHER: The Business Research Company | PRODUCT CODE: 1673994
PUBLISHER: The Business Research Company | PRODUCT CODE: 1673994
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 $0.76 billion in 2024 to $1.13 billion in 2025 at a compound annual growth rate (CAGR) of 49.4%. The growth in the historic period can be attributed to emerging markets growth, increasing demand for consumer electronics and rise in disposable income.
The solid state battery market size is expected to see exponential growth in the next few years. It will grow to $4.63 billion in 2029 at a compound annual growth rate (CAGR) of 42.1%. The growth in the forecast period can be attributed to government support, global population growth and urbanization, growing demand for electric vehicles (EVs), growing research and development (R&D) activities. Major trends in the forecast period include innovative polymer materials to improve solid electrolytes, growing investments to meet rising solid-state battery technology demand, advanced battery packs for aviation app development of all-silicon solid-state batteries and strategic partnerships to improve product portfolio.
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.
Major companies in the solid-state battery market are concentrating on product innovations and technologies, such as groundbreaking advancements to improve energy density, safety, and charging speeds, ultimately enhancing overall battery performance and longevity. Groundbreaking technology refers to innovative developments that significantly transform existing processes or create entirely new opportunities, often resulting in revolutionary changes across various industries. For example, in January 2024, Toyota, a Japanese automotive manufacturer, introduced vehicles powered by solid-state batteries. These batteries use solid electrolytes instead of liquid ones, leading to improved performance and safety.
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 July 2022, Solid State, a UK-based manufacturer and distributor of electronic components, acquired Custom Power for $45 million. This acquisition is intended to enhance Solid State's product offerings, broaden its market presence, and solidify its position within the technology sector. Custom Power is a US-based company that specializes in battery manufacturing.
Major companies operating in the solid state battery market include 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, InoBat Auto, Samsung SDI, LG Chem, Quantumscope, Factorial energy, Electrovaya, Sakuu, Cuberg, SEEO, YPF Tecnologia (Y-TEC)
Asia-Pacific was the largest region in the solid state battery market in 2024. 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 2025 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.
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 forecasts are made after considering the major factors currently impacting the market. These include the Russia-Ukraine war, rising inflation, higher interest rates, and the legacy of the COVID-19 pandemic.