About Solid State Battery
Solid State Battery is an emerging option for next-generation batteries with low cost, high performance, and high safety. The advancement of solid state batteries helps in overwhelming the main issues of batteries containing liquid electrolytes for example spillage as well as corrosion at the electrodes. These batteries substitute the liquid or polymer electrolyte found in current lithium-ion batteries with a solid. These batteries are widely used in pacemakers, RFID, and wearable devices. The increasing use of solid state batteries in electric vehicles is expected to open new market expansion opportunities in upcoming years.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
High Growth Market | Asia Pacific |
Largest Market Share | 36.94% |
Unit | Value (USD Million) |
CAGR | 41.52% |
In Solid State Battery Market, it has been observed that most of the companies are upgrading or introducing innovative products. They rely on strategies such as mergers & acquisitions, product development, geographical expansion, technological innovation and sourcing strategies to enhance their market share.The Manufacturers having a strong hold in the market are Cymbet, Robert Bosch, Sakti2, STMicroelectronics N.V. Analyst at AMA Research estimates that United States Manufacturers will contribute the maximum growth to Global Solid State Battery market throughout the forecasted period. Established and emerging Manufacturers should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Cymbet Corporation (United States), Robert Bosch GmbH (Germany), STMicroelectronics N.V. (Switzerland), Toyota Motor Corporation (Japan), Sakti3 Inc. (United States), BrightVolt, Inc. (United States), Excellatron Solid State, LLC (United States), Infinite Power Solution, Inc. (United States), Planar Energy Devices, Inc. (United States), Solid Power, Inc. (United States), GMB Co. Ltd. (China), Front Edge Type, Inc. (United States), Contemporary Amperex Technology Co., Limited (China), BYD (China), LG Chem (South Korea), Panasonic Holdings Corporation (Japan), Quantum Scape (United States), Wellon (China), Ampcera (United States) and ProLogium Technology CO., Ltd. (Taiwna) are some of the key players that are part of study coverage. Additionally, the Manufacturers which are also part of the research coverage are Altair Nanotechnologies Inc. (United States), Hitachi Zosen Corporation (Japan), 24M Technologies, Inc. (United States), Prieto Battery Inc. (United States), Ilika plc (United Kingdom), PolyPlus Battery Company (United States) and Johnson Battery Technologies (United States).
Segmentation Overview
AMA Research has segmented the market of Global Solid State Battery market by Type (Thin-Film Batteries, Portable Batteries and Other Batteries), Application (Consumer Electronics, Automotive, Industrial, Marine, Aviation and Others) and Region.
On the basis of Type, Thin-Film Batteries are dominating the market and held 55.91% of market share in the year 2023 where as Thin-Film Batteries stood as second largest market share and accounted for 34.18%.
On the basis of application, Consumer Electronics segment is dominating the market and held 28.14% of market share in the year 2023 where as Automotive segment stood as second largest market .On the basis of geography, the market of Solid State Battery has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). North America region held largest market share in the year 2023. Europe, on the other hand, stood as the second largest market due to the presence of key companies in the region and high technological advancement. If we see Market by Battery Capacity, the sub-segment i.e. Less Than 20 mAh will boost the Solid State Battery market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. Asia Pacific is projected to be the fastest-growing market, expanding at a CAGR of 48.62% from 2023 to 2030.
Influencing Trend:
Increasing Trend of Miniaturization of Electronic Devices
Market Growth Drivers:
Increasing Use in Electric Vehicles, The Benefit of Prolonged Shelf Life and Growing R&D Activities
Challenges:
Manufacturing Cost-Effective Solid State Battery
Restraints:
Complexities in the Manufacturing Process and High Setup and Installation Cost
Market Leaders and their expansionary development strategies
In April 2023, Solid Power, Inc. and Ford Motor Company announced a multi-year collaboration to develop and commercialize solid-state batteries for EVs. This agreement aimed to bring Solid Power's proprietary solid-electrolyte technology to Ford's future EVs.
In October 2023, ProLogium Technology Inc., a Taiwanese solid-state battery manufacturer, announced the mass production of its solid-state battery cells, claiming they offered superior safety and performance compared to lithium-ion batteries.
Growth of Electric Vehicles Market, Advancement in Wearable Devices and Increasing Investment in Solid State Battery by Key Players
Key Target Audience
Associations Working On Solid State Batteries, Battery Manufacturers, Battery Technology Providers, End Users, Electrical Device Manufacturers, Investors/ Equity Fund, Research and Development Organizations and Raw Chemical Suppliers
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.