The Solid State Battery Market Report share is estimated to be USD 58 million in 2022 and expected to reach USD 314 million by 2028, at a CAGR of 32.5% from 2022 to 2028.
Longer shelf life offered by solid-state batteries than traditional batteries, and surge in demand for solid-state batteries in electric vehicles are some major factors driving the market growth. Moreover, increasing global demand for electric vehicles, and growing applications of implants and wearable devices with lightweight and flexible batteries are expected to provide growth opportunities for market players.
Top Key Market Players in Solid State Battery Market
Cymbet (US),
Robert Bosch (Germany),
Toyota Motor (Japan),
Solid Power (US),
Excellatron Solid State (US), and
BrightVolt (US)
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Ongoing Miniaturization Of Electronic Devices
The growing trend of miniaturization of devices such as mobile phones, watches, and medical devices has led to an increase in demand for compact electronic systems and devices; however, several times.
It becomes difficult for the designers to develop miniaturized products owing to the size of batteries. A major portion of any system is occupied by its battery, which is the main reason for its increased size. This has led to a rise in demand for solid-state batteries as they enable the miniaturization and portability of systems. These batteries are flexible and thin, and hence, can be fitted in any small-sized electronic device.
Solid State Battery Market for primary batteries accounted for the largest share in 2021
Primary or single-use solid-state batteries are non-rechargeable batteries that are discarded once used.
These batteries are inbuilt in devices where recharging the battery is not possible or not feasible—for instance, in pacemakers and smart meters.
Also, these batteries are disposable and less hazardous as they do not contain cadmium, lead, and mercury, which are hazardous not only to the environment but also to human health. Primary solid-state batteries are mainly used in RFID tags, smart sensors, medical patches, cosmetic patches, and entertainment applications since these products or applications do not require high power and batteries with a long lifespan. They are suitable for long-term applications including metering, tracking, electronic toll collection, and the Internet of Things (IoT) as they last for up to five to twenty years.
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Solid State Battery Market for electric vehicles to register highest CAGR during the forecast period
The electric vehicle (EV) is anticipated to be one of the major segments for the adoption of solid-state batteries.
Cost, safety, and driving range are a few of the major concerns associated with electric vehicles. Over the past few years, manufacturers have had to work with the restraints of the conventional battery composed of liquid- or gel-based electrolytes that overheat and cause explosions. Moreover, the liquid electrolyte in a battery requires many layers of packaging, which adds to the size and weight of the battery. Anticipating the tremendous growth of electric vehicles in the coming years, several major companies are developing solid-state batteries to address the current problems of the market.
Asia Pacific to dominate the Solid State Battery Market
Increasing demand for IoT and consumer electronics in countries such as China, Japan, and South Korea are expected to drive the growth of the region significantly and pose huge potential for the solid-state battery market.
The presence developing economies that are witnessing high economic growth, such as China and India, and a number of consumer electronics and wearable devices manufacturers, such as Panasonic (Japan), Sony (Japan, Samsung (South Korea), and LG Electronics (South Korea).
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