Solid-state battery, also known as lithium-ion battery, is a higher storage and cost-effective alternative to liquid-based lithium-ion batteries. They find applications in consumer electronics, pacemakers, wearable devices, and RFID. The global solid-state battery market report by Market Research Future (MRFR) covers dynamic variables affecting the industry for the period of 2019 to 2027 (forecast period). MRFR is a research and consultancy firm delivering reliable data on emerging and developed industries using proprietary models.
Solid-state battery market has a CAGR of 28.01% until 2027. The market is expected to be worth USD 411.48 million in 2027, according to Market Research Future (MRFR). This is attributed to investments in electric car production units and large potential in electric vehicles (EVs). According to the International Energy Agency (IEA) report of 2018, electric cars numbers can rise up to 5.1 million. Miniaturization of consumer electronics and wireless sensor applications can bring new opportunities to the market.
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But high capital investments required at initial development stages can hinder market growth. The COVID-19 pandemic had hurt the market with electrode material producers, raw material suppliers, and others suffering a setback.
By type, the global market has been segmented into portable battery, thin-film battery, and others. The thin-film battery segment is expected to hold the largest share during the forecast period owing to the growing adoption of solid-state battery materials and thin-film solid-state batteries in applications like packaging, smart cards, medical devices, wearable devices, and wireless communication.
By capacity, the global market is segmented into less than 20 mAH, 20 mAH – 300 mAH, 301 mAH – 500 mAH, and above 500 mAH. The above 500 mAH segment is expected to grow with the highest CAGR during the forecast period owing to its increasing use in high energy internet of things (IoT) applications. Government policies doled out encouraging clean energy and rise in battery storage capacities can drive the segment demand.
By application, the global solid-state battery market has been segmented into electric vehicles, electronics, medical devices, wearable devices, smart cards, and others. The electric vehicles segment is expected to hold the largest share within the global solid-state battery market. A huge potential in clean energy-driven vehicles and technological advances in batteries can bolster market growth.
North America, Asia Pacific (APAC), Europe, and Rest-of-the-World (RoW) are major regions analyzed for measuring the growth of the global solid-state battery market.
North America is anticipated to lead the global market over the assessment period due to high market demand from electric vehicle, smart cards, and packaging sectors. Investments in R&D coupled with encouragement for electric vehicle production by governments can drive the need for solid-state batteries.
APAC is deemed to capture a large market share owing to demand for portable electronic devices coupled with increased energy density and simple battery design. Partnerships and investments in battery manufacturing companies by conglomerates such as BMW, Bosch, and Hyundai can bode favorably for the solid-state battery market.
Brightvolt Inc., Toyota Motor Corporation, Excellatron Solid State, LLC, Planar Energy Devices, Inc., Infinite Power Solution, Inc., STMicroelectronics N.V., Cymbet Corporation, Altairnano, Apple Inc., Solid Power, Inc., Quantumscape Corporation, and Robert Bosch GmbH are prominent players of the global solid-state battery market.
Partnerships and collaborations are major strategies of players aiming to take the lead in the market. Recently, Toyota Motor Corporation and Panasonic Corporation joined hands to create a joint venture, Prime Planet Energy & Solutions, Inc., that focuses on development and manufacture of solid-state batteries targeted at the automotive sector.
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Hitachi Zosen Corporation, a Japanese industrial engineering company, has developed a solid-state battery with a capacity of 1,000 milliamp hours and an operating mode between 100 degrees to -40 degrees Celsius. It has recently reached an agreement with Japan Aerospace Exploration Agency to test applications of solid-state battery in space.
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