The Global Solid-state Battery market is projected to expand at a CAGR of around 37.10 % during the forthcoming period, 2023-2028. The growth of the market is anticipated to be driven by the surging demand for consumer electronics, including wearables & small energy storage systems. Factors such as rising awareness of health & wellness, technological advancement, etc., are propelling the growth of wearable electronics such as smartwatches, smart jewelry, body-mounted sensors, etc. Wearable electronics manufacturers are actively adopting solid-state batteries in their products due to their advanced features like high energy density, long run time, etc. For instance, in 2023, solid-state battery manufacturer Ilika supplied its Streax M50 cells to Israel-based wearables company Blink Energy. Blink will use these cells to power its smart wearable patch. Therefore, the escalating demand for wearables electronics & small storage systems would propel the demand for these batteries in the forecast period.
Additionally, the market is experiencing growth due to the surge in the adoption of electric vehicles. This rise can be attributed to the increasing environmental consciousness among people, governmental support to achieve zero net emissions, and the proliferation of public charging stations, which collectively are driving the global growth of electric vehicles. Solid-state batteries are considered the more advanced option than lithium-ion batteries which are currently used in electronic vehicles. The major features of these batteries are high stability, long-range run, and decreased charging time for electronic vehicles.
Moreover, lithium-ion batteries are flammable & have a high chance to catch fire. However, these batteries have flame-retardant electrolytes, which ensures passenger safety. Consequently, the extensive range of features offered by these batteries has garnered significant attention from electric vehicle manufacturers, who are widely considering incorporating them into their vehicles in the coming years. For instance, in 2022, Toyota announced that it would introduce these batteries in its hybrid vehicle by 2025. Hence, the extensive features of such batteries would propel the demand for batteries in the upcoming years, owing to the increasing adoption of these batteries by automobile manufacturers, further states the research report, “Global Solid-state Battery Market Analysis, 2023.”
Thin-film Would Hold the Significant Share of the Market
Based on the type, the market is divided into Thin-film & Portable Solid-State Batteries. Among them, Thin-film Solid-state Battery is projected to capture a prominent market share in the forthcoming years. The growth of this segment is attributed to its potential applications in consumer electronics, wearables, smart cards, memory backup power, energy storage for solar cells, and others. It provides the best performance because of its higher average output, lightweight, higher energy density, long run life, and ability to operate in extreme temperatures compared to its counterpart lithium-ion batteries. Due to these advanced features, it is extensively used in consumer electronics, specifically in cell phones, laptops, computers, smart cards, mobiles, etc. Hence, the rising demand for these consumer electronics would augment the demand for thin-film batteries in the forecast years.
Asia-Pacific is Presumed to Capture a Lion’s Share
Asia-Pacific is projected to hold the major share of the Global Solid-state Battery market in the upcoming years owing to the growing research & development activities in the region. Currently, Japan leads the world in solid-state batteries development with major patent holders. Furthermore, the rising government initiatives and other supportive measures would escalate the growth of these batteries in the region during the forthcoming period. Countries like India, China, South Korea, etc., are actively focusing on the advancement of this battery, owing to the wide application of the technology in EVs, aligning with their carbon emission target. For instance, the Japanese government released a storage battery industry strategy in 2022. This strategy includes a USD1.7 billion project for these batteries. Therefore, the growing investment and R&D activities in the region would supplement the demand for these batteries due to their wide application scope in EVs, hence influencing the market growth.
Competitive Landscape
With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players, including Cymbet Corporation, Samsung SDI, Hitachi Zosen Corporation, Ionic Material, QuantuScape, Ilika Plc, Blue Solution, Brightvolt, Prieto Battery, Ganfeng Lithium Group Co., Ltd., Storedot, Solid Power, ProLogium technology, Natrion, Sakuu and others, are looking forward to strengthening their market position.
Key Questions Answered in the Research Report