Solid State Battery Market Size & Share, by Product (Portable Battery, Thin-Film Battery), Application (Industrial, Automotive, Consumer Electronics, Energy Storage), Capacity, Regional Forecast, Industry Players, Growth Statistics Report 2024-2033

Market Outlook:

Solid State Battery Market size exceeded USD 624.75 Million in 2023 and is anticipated to cross USD 16.68 Billion by 2033, registering a CAGR of more than 41.25% during the forecast period. Within the larger energy storage and electric vehicle (EV) business, the solid state battery market is a quickly developing and attractive subsector. In contrast to the liquid or gel-like electrolytes used in conventional lithium-ion batteries, solid electrolytes are used in solid-state batteries.

Additionally, consumer electronics like smartphones, laptops, and wearables use solid-state batteries. These batteries are appealing for a variety of portable electronic gadgets since they can deliver more power for a longer period of time and lower the risk of overheating. Solid-state batteries are being investigated by the aerospace and defence industries for their potential to offer high-energy-density and lightweight power sources for aircraft, drones, and military apparatus.

• Base Year Value (2023): USD 624.75 Million
• CAGR (2024-2033): 41.25%
• Forecast Year Value (2033): USD 16.68 Billion
• Historical Data Period: 2019-2022
• Largest Region: North America
• Forecast Period: 2024-2033

Market Dynamics:

Growth Drivers and Opportunities:

Development in the renewable energy sector

The solid state battery market is significantly impacted by the growth of the renewable energy industry. In comparison to conventional lithium-ion batteries, solid-state batteries have the potential for a higher energy density, better safety, and a longer lifespan, making them a viable technology for energy storage. Solid-state batteries have the potential to be a key component in the growth of the renewable energy industry as it continues to expand and change. Modern energy storage technologies are necessary for the grid's integration of renewable energy sources. Fast response times and high energy density from solid-state batteries can help grid managers better manage the swings in renewable energy generation.

Increasing investment on consumer electronics

Due to the fact that they don't employ flammable liquid electrolytes, solid-state batteries are typically seen as being safer than conventional lithium-ion batteries. As a result, they are less likely to overheat, catch fire, or explode—all major concerns with consumer electronics. Higher energy density, or the ability to store more energy in a more compact and lightweight form factor, is a potential benefit of solid-state batteries. Longer battery life and smaller, lighter gadgets are possible outcomes of this, which are crucial elements in the consumer electronics market. Consumers are demanding more from their electronics in terms of performance, battery life, and safety as the market for consumer electronics continues to expand. In order to meet these needs and promote innovation in the consumer electronics market, solid-state batteries can be used.

Report Scope

Report Coverage	Details
Segments Covered	Product, Application
Regions Covered	• North America (United States, Canada, Mexico)   • Europe (Germany, United Kingdom, France, Italy, Spain, Rest of Europe)   Asia Pacific (China, Japan, South Korea, Singapore, India, Australia, Rest of APAC)   • Latin America (Argentina, Brazil, Rest of South America)   • Middle East & Africa (GCC, South Africa, Rest of MEA)
Company Profiled	Panasonic Corporation (Japan), SAMSUNG SDI CO., LTD. (South Korea), LG Chem. (South Korea), NEXEON LTD. (United Kingdom), Los Angeles Cleantech Incubator (U.S.), Enevate Corporation (U.S.), Zeptor Corporation (U.S.), CONNEXX SYSTEMS Corp. (Japan), XGSciences (U.S.), California Lithium Battery (U.S.), City of Irvine (U.S.), Amprius Technologies (U.S.), Solid Energy A/S (Denmark), ActaCell, Inc. (U.S.), OneD Material, Inc. (U.S.), Hitachi Chemical Co., Ltd. (Japan), and Huawei Technologies Co., Ltd. (China)

 

Industry Restraints & Challenges

High initial cost to hamper the market growth

Exotic materials like solid electrolytes, which can be more expensive than the liquid electrolytes used in conventional batteries, are frequently employed in solid-state batteries. It can be hard to maintain a steady supply of these minerals. Solid-state battery technology needs to be developed and optimised, which will cost a lot of money. Early adopters often pay for these expenditures, which raises the initial cost of solid-state battery-powered products.

Regional Forecast:

North American Market

North America Solid State Battery market is projected to grow by 40.7% between 2024 to 2033. Both the public and corporate sectors have made considerable investments to assist the creation and widespread use of solid-state batteries. The potential of this technology has been acknowledged by governments and venture capitalists, who have contributed financing to hasten its development. The market for solid-state batteries has been significantly fueled by the automobile sector. To increase range, safety, and performance, a number of North American automakers have revealed intentions to use solid-state batteries in their electric cars (EVs).  Solid-state batteries are used in energy storage systems, such as grid-scale energy storage and domestic energy storage options, in addition to electric vehicles. As renewable energy sources continue to expand, these applications are becoming more popular in North America.

Asia Pacific Market

Asia Pacific is witnessing the fastest market growth up to 2024 to 2033. The Asia Pacific region has been at the forefront of research and development in solid-state battery technology, particularly in nations like China, South Korea, and Japan. Due to the rising demand for electric vehicles (EVs), portable gadgets, and renewable energy storage options, the market was anticipated to experience significant development. For the EV market, solid-state batteries were predicted to be a game-changer. In comparison to conventional lithium-ion batteries, these batteries offer a better energy density, quicker charging, and improved safety. To obtain a competitive edge in the EV industry, Asian manufacturers were looking at partnerships and investments in solid-state battery technologies.

Segmentation Analysis:

Insights by Product

The portable battery segment is expected to reach 38.5% growth rate between 2024 to 2033. Comparing solid-state batteries to conventional lithium-ion batteries, which offer various benefits like increased energy density, improved safety, and longer lifespan, solid-state batteries are regarded as a next-generation technology. Solid-state batteries are appealing for a variety of applications, such as electric vehicles (EVs), consumer electronics, and renewable energy storage, due to these advantages. When compared to conventional lithium-ion batteries, solid-state batteries often have a longer cycle life, which is essential for portable devices that are regularly charged and drained.

Insights by Application

The Consumer Electronics segment market value was USD 273 Million in 2023. Since solid-state batteries are more compact and offer the possibility for flexible form factors, manufacturers may be able to create products that are thinner and smaller. This is especially enticing for electronics that are portable. Rapid charging for consumer gadgets could be made possible by solid-state batteries, which is a key selling factor for many customers. Their adoption in this market was anticipated to be significantly influenced by their fast-charging characteristics. One of the possible markets for solid-state batteries was the consumer electronics sector. In 2021, the technology was still in its early phases of commercialization, and it was anticipated that it would take some time before it was widely used.

Competitive Landscape:

Major players in the market

• Panasonic Corporation (Japan)
• SAMSUNG SDI CO., LTD. (South Korea)
• LG Chem. (South Korea)
• NEXEON LTD. (United Kingdom)
• Los Angeles Cleantech Incubator (U.S.)
• Enevate Corporation (U.S.)
• Zeptor Corporation (U.S.)
• CONNEXX SYSTEMS Corp. (Japan)
• XGSciences (U.S.)
• California Lithium Battery (U.S.)
• City of Irvine (U.S.)
• Amprius Technologies (U.S.)
• Solid Energy A/S (Denmark)
• ActaCell, Inc. (U.S.)
• OneD Material, Inc. (U.S.)
• Hitachi Chemical Co., Ltd. (Japan)
• Huawei Technologies Co., Ltd. (China).