Energy and Power

Solid State Battery Market Report Cover

Solid State Battery Market

Solid State Battery Market Report Cover

Solid State Battery Market Size, Share, Growth & Industry Analysis, By Type (Portable, Thin), By Capacity (Below 20 mAh, 20 mAh-500mAh, Above 500mAh), By Application (Consumer Electronics, Electric Vehicles, Medical Devices and Implants, Energy Harvesting, Others.) Regional Analysis, 2024-2031

Author : Antriksh P.


Pages : 120

Base Year : 2023

Release : May 2024

Report ID: KR752


Solid State Battery Market Size

Global Solid State Battery Market size was recorded at USD 120.5 million in 2023, which is estimated to be at USD 155.8 billion in 2024 and projected to reach USD 1,127.2 million by 2031, growing at a CAGR of 32.67% from 2024 to 2031. The rising demand for safer batteries is a significant factor fueling the growth of the solid state battery market. In the scope of work, the report includes solutions offered by companies such as Bluesolutions, Nissan Motor Co., Ltd., QuantumScape Battery, Inc., Solid Power Inc., Toyota, ProLogium Technology CO., Ltd., Ilika, Hitachi Zosen Corporation, Factorial Inc, and others.

Solid state batteries utilize solid electrolytes, which are inherently non-flammable, thereby reducing the risk of fire hazards. This safety feature is particularly crucial for applications in electric vehicles and portable electronic devices, where ensuring battery safety is paramount. Moreover, the increased energy density of solid state batteries allows for longer usage times and greater efficiency, appealing to both manufacturers and consumers. As safety standards and consumer awareness rise, the demand for solid state batteries is expected to surge. This surge is poised to catalyze innovation and investment in this technology, ensuring the widespread adoption of these safer batteries. For instance, in March 2024, Samsung SDI unveiled its plan to introduce a range of innovative 'super-gap' battery technologies, which include fast charging capabilities and ultra-long battery life.

Additionally, the company intends to unveil its roadmap for achieving mass production readiness of solid state batteries, which represent a next-generation solution surpassing traditional lithium-ion batteries. Solid state batteries represent a revolutionary advancement in battery technology, characterized by the absence of liquid or gel electrolytes found in traditional lithium-ion batteries. Solid state batteries employ solid electrolytes, typically composed of ceramic or polymer-based materials, to facilitate the conduction of ions between the battery's electrodes. This structural difference enhances safety by eliminating the risk of electrolyte leakage, fire, or explosion, commonly associated with liquid electrolytes.

Solid state batteries include ceramic, polymer, and glass electrolyte variants, each offering unique properties and performance characteristics. These batteries boast higher energy densities compared to conventional lithium-ion batteries, enabling longer-lasting power sources for a wide range of applications. They find applications in electric vehicles, where their high energy density results in extended driving ranges, and in portable electronics, offering enhanced battery life and performance for smartphones, laptops, and wearables. Additionally, solid state batteries show promise in renewable energy storage systems, medical devices, and aerospace applications, where safety, reliability, and energy efficiency are paramount. As research and development efforts continue to refine solid state battery technology, their adoption across industries is expected to increase.

Analyst’s Review 

The solid state battery market is experiencing rapid expansion, driven by the pressing need for safer and more efficient energy storage solutions across various sectors. Furthermore, the market is poised to grow substantially in the coming years, supported by technological advancements and rising investments in research and development. However, challenges such as high production costs and scalability issues persist, potentially impeding the progress of the market. Nevertheless, the dynamic market landscape presents potential opportunities, particularly in electric vehicles, consumer electronics, and renewable energy storage systems. Key players in the solid state battery market are strategically navigating the landscape by prioritizing several imperatives. Navigating these strategies effectively is essential for key players to thrive in the dynamic and competitive solid state battery market.

Solid State Battery Market Growth Factors

The increasing investment in research and development (R&D) to support the solid state battery ecosystem is a pivotal driver propelling advancements in battery technology. Companies across various industries are recognizing the immense potential of solid state batteries and are allocating significant resources to foster innovation and accelerate development. These investments encompass the exploration of novel materials and manufacturing techniques, as well as fundamental research into improving battery performance, safety, and longevity.

Collaborations between academia, government institutions, and private enterprises further fuel R&D efforts, fostering knowledge exchange and interdisciplinary innovation. These collaborative efforts aim to establish a robust ecosystem that supports the mass production and commercialization of solid state batteries across diverse applications, including electric vehicles, consumer electronics, and renewable energy storage systems. As R&D investments continue to grow, the solid state battery market is poised to witness transformative breakthroughs, facilitating the transition toward safer, more efficient, and sustainable energy storage solutions.

The high cost associated with manufacturing solid state batteries presents a significant challenge inhibiting their widespread adoption. Compared to conventional lithium-ion batteries, the production processes for solid state batteries are more complex and resource-intensive, resulting in higher manufacturing costs. This is further fueled by the rising need for specialized equipment and facilities capable of handling solid electrolytes and ensuring precise fabrication of battery components.

Additionally, the limited availability and high cost of raw materials, such as solid electrolytes and electrode materials, exacerbate manufacturing expenses. To address this challenge, manufacturers are focusing on concerted efforts to optimize production processes, scale up manufacturing capabilities, and reduce material costs through advancements in materials science and supply chain efficiencies. Collaborative initiatives between industry stakeholders and government entities play a crucial role in incentivizing investment in manufacturing infrastructure and fostering economies of scale.

Solid State Battery Market Trends

The expansion beyond electric vehicles marks a significant trend shaping the solid state battery market landscape, propelled by the growing recognition of their potential across diverse industries. While electric vehicles remain a primary focus, key players are increasingly exploring new applications and markets to leverage the unique advantages of solid state batteries. This expansion encompasses consumer electronics, where the demand for longer-lasting and safer batteries in smartphones, laptops, and wearables continues to rise. Moreover, solid state batteries hold promise for renewable energy storage systems, enabling more efficient and reliable capture and utilization of renewable energy sources such as solar and wind power.

Segmentation Analysis

The global solid state battery market is segmented based on type, capacity, application, and geography.

By Type

Based on type, the market is categorized into portable and thin. The thin segment is anticipated to witness the highest growth, exhibiting a CAGR of 34.05% over the forecast period. Advancements in technology have led to the development of thinner solid state batteries that offer comparable or even superior performance to traditional lithium-ion batteries. This trend is particularly significant in portable electronic devices such as smartphones, smartwatches, and IoT devices, where the demand for slim form factors is exceptionally high.

Additionally, the increasing demand for wearables and other compact gadgets propels the need for thin and lightweight batteries with sufficient energy density. Furthermore, the adoption of solid state batteries in medical implants, sensors, and other miniaturized devices further fuels the growth of the segment. As manufacturers continue to innovate and refine production processes, the cost of thin solid state batteries is expected to decrease, making them more accessible for a wider range of applications. The convergence of technological advancements, consumer preferences for slim devices, and expanding applications contribute to the expansion of the thin segment in the solid state battery market.

By Capacity

Based on capacity, the market is divided into below 20 mAh, 20 mAh-500mAh, and above 500mAh. The 20 mAh-500mAh segment captured the largest market share of 54.34% in 2023, largely attributed to the increasing demand across a wide range of applications, including consumer electronics, wearables, and small-scale IoT devices, where batteries with moderate capacity are sufficient to meet power requirements. The proliferation of smartphones, smartwatches, fitness trackers, and other portable gadgets fuels the demand for batteries within this capacity range.

Moreover, advancements in solid state battery technology have enabled manufacturers to produce compact batteries with higher energy densities, thereby extending the battery life of these devices. Additionally, the increasing trend towards miniaturization and lightweight design in consumer electronics drives the preference for smaller batteries with adequate capacity. Furthermore, the growing adoption of solid state batteries in medical devices, such as hearing aids and glucose monitors, contributes to the growth of the segment.

By Application

Based on application, the market is divided into consumer electronics, electric vehicles, medical devices and implants, energy harvesting, and others. The electric vehicles segment garnered the highest revenue of USD 39.1 million in 2023, mainly propelled by initiatives aimed at reducing carbon emissions and transitioning to sustainable transportation, which has increased the demand for electric vehicles.

Solid state batteries offer significant advantages over traditional lithium-ion batteries, including higher energy density, faster charging times, and improved safety, making them an attractive choice for EV manufacturers. Additionally, government incentives, subsidies, and regulatory mandates promoting the adoption of electric vehicles boost the growth of the segment. Moreover, advancements in solid state battery technology, such as increased energy density and extended lifespan, address critical challenges in EV adoption, such as limited driving range and battery degradation.

Solid State Battery Market Regional Analysis

Based on region, the global solid state battery market is classified into North America, Europe, Asia-Pacific, MEA, and Latin America.

Solid State Battery Market Size & Share, By Region, 2024-2031

The Asia Pacific Solid State Battery Market share stood around 43.57% in 2023 in the global market, with a valuation of USD 52.5 million, fueled by the presence of major key players and population growth, which led to significant demand for smartphones, laptops, and other portable devices. Additionally, the rapid adoption of electric vehicles contributes to the region's dominance in the solid state battery market. Government incentives, subsidies, and regulatory initiatives promoting clean energy and sustainable transportation further accelerate domestic market growth.

For instance, in February 2024, Chinese battery and automotive companies joined forces in response to a government-led initiative aimed at commercializing all solid state batteries, with the objective of transforming the electric vehicle market. With a target to establish a solid state battery supply chain by 2030, Beijing established the China All-Solid-State Battery Collaborative Innovation Platform (CASIP) in January 2024. China is focusing on research and development for next-generation batteries, leveraging technologies such as artificial intelligence to accelerate innovation and stimulate progress in the sector.

Moreover, Asia-Pacific benefits from a robust ecosystem of battery manufacturers, suppliers, and research institutions, thereby fostering innovation and technological advancements in solid state battery technology. Asia-Pacific maintains its position as a key market for solid state batteries, driven by strong demand across multiple sectors and supported by a favorable business environment.

Europe is anticipated to witness the highest growth, recording a CAGR of 34.88% over the forecast period. Europe leads in environmental sustainability initiatives, setting ambitious targets for reducing carbon emissions and transitioning to clean energy sources. This shift toward sustainability fuels demand for electric vehicles (EVs) and renewable energy storage systems, both of which rely heavily on advanced battery technologies such as solid state batteries. Additionally, favorable government policies, such as subsidies, tax incentives, and stringent emission regulations, incentivize the adoption of EVs and accelerate the transition to electrified transportation.

Moreover, Europe boasts a strong automotive industry and a well-established ecosystem of battery manufacturers and research institutions, thereby fostering innovation and technological advancements in solid state battery technology. For instance, in January 2023, Ilika Technologies Ltd introduced its leadership in an USD 8.91 million collaboration project under the Faraday Battery Challenge. Commenced in February 2023, the project aimed to integrate high silicon content electrodes into Ilika’s Goliath SSB for electric vehicles. As part of this initiative, Ilika planned to grant USD 3.04 million and collaborate with Nexeon, a prominent UK-based manufacturer of battery materials.

Competitive Landscape

The global solid state battery market report will provide valuable insight with an emphasis on the fragmented nature of the industry. Prominent players are focusing on several key business strategies such as partnerships, mergers and acquisitions, product innovations, and joint ventures to expand their product portfolio and increase their market shares across different regions. Companies are implementing impactful strategic initiatives, such as expanding services, investing in research and development (R&D), establishing new service delivery centers, and optimizing their service delivery processes, which are likely to create new opportunities for market growth.

List of Key Companies in Solid State Battery Market

  • Bluesolutions
  • Nissan Motor Co., Ltd.
  • QuantumScape Battery, Inc.
  • Solid Power Inc.
  • Toyota
  • ProLogium Technology CO., Ltd.
  • Ilika
  • Hitachi Zosen Corporation
  • Factorial Inc

Key Industry Developments 

  • April 2024 (Expansion): Nissan unveiled its under-construction all-solid state battery pilot line at its Yokohama Plant in Kanagawa Prefecture. This pilot line is intended to advance the development and innovative manufacturing technologies for solid state batteries.
  • April 2024 (Partnership): Factorial and LG Chem announced the execution of a memorandum of understanding (MoU) to expedite the advancement of solid state battery materials.
  • September 2023 (Partnership): Blue Solutions, a subsidiary of the Bolloré Group, entered into a memorandum of understanding (M.O.U.) with Foxconn and its subsidiary, SolidEdge Solution Inc., a company specializing in the design of battery materials. The purpose of this agreement is to collaboratively develop a solid state battery ecosystem for 2 wheeler electric vehicles.

The Global Solid State Battery Market is Segmented as:

By Type

  • Portable
  • Thin

By Capacity

  • Below 20 mAh
  • 20 mAh-500mAh
  • Above 500mAh

By Application

  • Consumer Electronics
  • Electric Vehicles
  • Medical Devices and Implants
  • Energy Harvesting
  • Others

By Region

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • France
    • U.K.
    • Spain
    • Germany
    • Italy
    • Russia
    • Rest of Europe
  • Asia-Pacific
    • China
    • Japan
    • India
    • South Korea
    • Rest of Asia-Pacific
  • Middle East & Africa
    • GCC
    • North Africa
    • South Africa
    • Rest of Middle East & Africa
  • Latin America
    • Brazil
    • Argentina
    • Rest of Latin America
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  • Check Icon Regional Market Dynamics
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  • Check Icon Historical Data Up to 5 Years
Frequently Asked Questions (FAQ's)
The global market is projected to reach USD 1,127.2 million by 2031, growing at a CAGR of 32.67% from 2024 to 2031.
The global market was valued at USD 120.5 million in 2023.
The demand for safer batteries coupled with increasing investment in research and development (R&D) to support the solid state battery ecosystem is a pivotal driver propelling advancements in battery technology.
Top key players of solid state battery are Bluesolutions, Nissan Motor Co., Ltd., QuantumScape Battery, Inc., Solid Power Inc., Toyota, ProLogium Technology CO., Ltd., Ilika, Hitachi Zosen Corporation, Factorial Inc, and others.
Europe is the fastest growing region with the CAGR of 34.88% in the forecasted period (2024-2031) with the market value forecasted to reach at USD 322.8 million by 2031.
By type, the portable segment will hold the maximum share in the solid state battery market with the revenue value of USD 698.8 million by 2031.
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