Solid State Battery Market Outlook

According to the report by Expert Market Research (EMR), the global solid state battery market size reached a value of USD 796.92 million in 2023. Aided by the rapidly evolving landscape of energy storage technologies, the market is projected to further grow at a CAGR of 33.3% between 2024 and 2032 to reach a value of USD 10,612.37 million by 2032.

A solid-state battery is an advanced type of rechargeable battery that uses solid electrolytes instead of liquid or gel electrolytes found in traditional lithium-ion or lead-acid batteries. In solid-state batteries, both the electrolyte and the electrodes are solid materials, offering several potential advantages over conventional battery technologies.

The global solid state battery market growth is on an upward trajectory, driven by the increasing demand for more efficient, safer, and higher energy-density storage solutions. With a projected Compound Annual Growth Rate (CAGR) that underscores the market's rapid expansion, SSBs are expected to play a pivotal role in the future of electric vehicles (EVs), renewable energy storage, portable electronics, and beyond. This growth is fuelled by the critical need to address the limitations of current battery technologies, including risks of leakage and combustion, limited energy density, and long charging times.

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As per the solid state battery market outlook, solid-state batteries, characterised by their use of a solid electrolyte instead of the liquid or gel found in conventional lithium-ion batteries, offer a transformative solution. Their solid electrolyte significantly enhances safety by eliminating the risk of leakage and reducing the potential for thermal runaway, a common issue in traditional batteries. Moreover, SSBs provide a higher energy density, which translates to longer battery life as well as extended range for electric vehicles, and greater efficiency for electronic devices.

The solid state battery market expansion is propelled by breakthroughs in materials science and manufacturing processes. Innovations such as the development of lithium metal anodes and novel solid electrolytes have been instrumental in enhancing the performance and feasibility of SSBs. These advancements not only improve energy density but also pave the way for faster charging times and greater cycle life, addressing some of the most pressing demands of battery consumers and manufacturers alike.

The solid state battery market is being influenced by the accelerating shift towards electric vehicles, as the automotive sector seeks to reduce carbon emissions and dependence on fossil fuels. Solid-state batteries are seen as a key enabler of this transition, offering the potential for EVs with longer ranges and shorter charging times, making them more competitive with traditional internal combustion engine vehicles. Governments and regulatory agencies are providing support and incentives to accelerate the development and adoption of solid-state battery technology. Policies such as research grants, tax credits, and subsidies for electric vehicle adoption encourage investment in solid-state battery research, development, and manufacturing.

According to the solid state battery market analysis, the growing integration of renewable energy sources into the global power grid necessitates advanced storage solutions that can efficiently manage intermittent power supply. Solid-state batteries, with their superior energy density and durability, are well-suited to meet this challenge, facilitating a more sustainable and reliable energy landscape.

The market is witnessing global expansion and market penetration as companies seek to capitalise on the growing demand for advanced battery technologies which can boost the solid state battery market share. Manufacturers are establishing partnerships, distribution networks, and sales channels to enter new geographic markets and target diverse industries with solid-state battery solutions.

Solid State Battery Market Segmentation

The market can be divided based on battery type, capacity, application, and region.

Market Breakup by Battery Type

• Portable
• Thin Film

Market Breakup by Capacity

• Below 20mAh
• 20mAh to 500mAh
• Above 500mAh

Market Breakup by Application

• Consumer and Portable Electronics
• Electric Vehicles
• Energy Harvesting
• Wearable and Medical Devices
• Others

Market Breakup by Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Competitive Landscape

The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global solid state battery market. Some of the major players explored in the report by Expert Market Research are as follows:

• Toyota Motor Corporation
• STMicroelectronics International N.V.
• Ganfeng LiEnergy technology Co., Ltd.
• Ilika Plc
• Samsung SDI Co., Ltd
• StoreDot Ltd.
• Solvay S.A.
• Saft Groupe SAS
• Solid Power, Inc.
• Factorial Inc.
• Others

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