Global Solid State Battery Market Report - Market Analysis, Size, Share, Growth, Outlook to 2029

The global solid state battery market is expanding due to the inherent advantages of solid state batteries. Growing demand for electric vehicles and rising demand from consumer electronics such as mobile phones, laptops, computers, and wearable devices are driving the solid state battery market.

A solid state battery is a rechargeable battery that contains a solid electrolyte, unlike a lithium ion battery, which contains a liquid electrolyte. The electrolyte is a solid placed between two electrodes and contains electrically charged particles (ions). It allows ions to travel through it and combine with the anode or cathode (depending on charging or discharging). This chemical reaction allows an electrical charge to flow between the cathode and anode (via a circuit), allowing a battery to produce or store the electric current.

Types of Solid State Batteries

Solid state batteries are broadly classified into two types based on the manufacturing method:

• Thin film battery: These batteries are produced by layering a thin-film electrolyte onto electrodes within a vacuum environment. While their energy storage capacity is limited, they offer advantages such as an extended cycle life and simplified manufacturing processes. Due to their compact size, they prove well-suited for applications in smaller devices like sensors.
• Bulk battery: Powders, composed of substances in powder or granular form, serve as the materials for both electrodes and electrolyte. This facilitates the creation of high-capacity batteries with the ability to store significant amounts of energy. The envisaged primary application for these batteries is in large-scale devices, notably electric vehicles.

Advantages of Solid State Batteries:

• Solid state batteries have a higher energy density than lithium ion batteries.
• Solid state batteries are comparatively more durable and safer than lithium batteries.
• The solid state batteries use solid electrolytes, hence are therefore non-flammable.
• Solid state batteries are compact and light in weight relative to lithium batteries.
• The excellent electrochemical stability of solid state batteries makes them more reliable.
• The solid state batteries' recharge rate is 4-6 times higher than that of regular batteries.

There are more than many types of solid state electrolytes, such as oxides, sulfides, phosphates, polyethers, polyesters, nitrile-based polysiloxane, polyurethane, etc.

The significant difference between inorganic/ceramic and polymer solid electrolytes is their mechanical properties. Ceramics with high elastic moduli are better suited for rigid battery systems, whereas polymers with low elastic moduli are better suited for flexible devices. Polymers are more accessible to process than ceramics, which reduces fabrication costs. Ceramics are ideal for harsh environmental conditions, such as high temperatures.

Applications of Solid State Batteries:

solid state batteries find application across multiple industries, such as automotive, energy storage, consumer electronics, industrial, and aerospace. But the adoption of solid state batteries is dependent on their value addition and the R&D of solid state batteries in various industries.

The primary industries driving the solid state battery market are automotive and consumer electronics due to their high energy density and fast charging.

The main markets for solid state batteries are:

• Electrical Vehicles Market
• Electronics Market

Electric Vehicle Battery Market:

Globally, in the last half decade, the consumption of batteries in electric vehicles has increased rapidly. Electric vehicles are the future of the transportation system. Most automotive manufacturers and governments have announced their targets for a phase-out of internal combustion engine (ICE) vehicles owing to environmental regulations.

Also, manufacturers are broadening their electric vehicle portfolios by increasing the average driving range. The resultant increase in the market share of electric vehicles is expected to drive the demand for solid state batteries in electric vehicles. It will force the battery manufacturers to increase their production capacity.

The countries have already introduced pure electric buses, plug-in hybrid and hybrid electric buses for cities, tourism, and others. On the other hand, many companies have introduced logistics vehicles such as heavy trucks and light trucks to reduce CO2 emissions for their commercial operations. 

Furthermore, with the increasing market from electric two-wheelers, three-wheelers, and bicycles, the electric vehicle battery market is expected to witness unprecedented growth.

Electronics Battery Market:

The advancement of technologies, growing population, decreasing price of electronic goods, and the internet have increased the demand for smart devices such as laptops and mobile phones, etc., increasing the demand for the consumer electronics battery market.

Furthermore, with the onset of a new market for portable electronic devices such as cameras and healthy devices, where the battery packs can be easily swapped, the electronics battery market is expected to witness unprecedented growth.

Solid State Battery Market Opportunities:

• Upgradation and replacement of consumers' electronic batteries
• Markets with great potential: The European Union, China, the USA, India and others
• The rapid growth of portable battery devices such as medical devices, wearable devices, etc.

Solid State Battery Market Restraints:

• High competition from conventional batteries
• Lack of commercialization of solid state batteries
• Cost-competitiveness of solid state batteries compared to their alternatives.

Market Trends and Recent Developments:

• In February 2024, China's EV battery and vehicle manufacturers formed an alliance to advance the commercialization of solid-state batteries. By 2030, the Chinese government's strategic initiative hopes to revolutionize the EV market with a primary focus on building a reliable solid-state battery supply chain.
• Volkswagen, BMW, Toyota, Hyundai, and other major car manufacturers are investing in solid state battery companies to scale up the production of solid state batteries.
• LG Energy Solution Ltd. and the University of California, San Diego, jointly developed safer and longer-lasting solid-state battery technology. This strategy will strengthen the product portfolio of the company and maintain the pace in the highly growing solid-state battery market during the solid state battery market forecast period.

The global solid state battery market comprises sales of solid state batteries that are used for automotive, energy storage, consumer electronics, industrial, and aerospace applications.

The new report from Blackridge Research on the global solid state battery market provides comprehensive qualitative and quantitative analyses along with deep market insights.

What do we Cover in the Report?

Solid State Battery Market Drivers & Restraints

The study covers all the major underlying market dynamics that help the market develop and grow and the factors that constrain global market growth.

The report includes a meticulous analysis of each factor, explaining the relevant, qualitative information with supporting data.

Each factor's respective impact in the near, medium and long term will be covered using Harvey balls for visual communication of qualitative information and functions as a guide for you to analyse the degree of impact.

Solid State Battery Market Analysis

This market research report discusses the overview of the market, latest updates, important commercial developments and structural trends, and government policies and regulations.

This section also provides an assessment of COVID-19 impact on Solid State Battery market demand.

Solid State Battery Market Size and Demand Forecast

The report provides the Global Solid State Battery Market size and demand forecast until 2029.

Solid State Battery Market Industry Analysis

The report examines the critical elements of the solid state battery industry supply chain, its structure, and the participants.

Using Porter's five forces framework, the report covers the assessment of the solid state battery industry's state of competition and profitability.

Solid State Battery Market Segmentation & Forecast

The report dissects the Global Solid State Battery Market into various segments on battery type (primary, and secondary), and applications. A detailed summary of the current scenario, recent developments, and market outlook will be provided for each market segment.

Further, market share, size, and demand forecasts will be presented, along with various drivers and barriers for individual market segments.

Effective market segmentation enables you to identify emerging trends and opportunities for long-term growth. Contact us for a "bespoke" market segmentation to better align the research report with your requirements.

Regional Market Analysis

The report covers detailed profiles of major countries across the world. Each country's analysis covers the current market scenario, market drivers, government policies & regulations, and market outlook.

In addition, market size, demand forecast, and growth rates will be provided for all regions. Following are the notable countries covered under each region.

North America - United States, Canada, Mexico, and Rest of North America

Europe - Germany, France, United Kingdom (UK), and the Rest of Europe

Asia-Pacific - China, India, Japan, South Korea, Rest of APAC

Rest of the world - Middle East, South America, South Africa, and other African countries.

Key Company Profiles

This report presents detailed profiles of Key companies in the solid state battery industry such as Solid Power Inc., Toyota Motor Corporation, Samsung SDI Co., Ltd., etc. In general, each company profile includes - an overview of the company, relevant product portfolio and services, a financial overview, business strategy, and recent developments. 

Competitive Landscape

The report provides a comprehensive list of notable companies in the market, including mergers and acquisitions (M&As), joint ventures (JVs), partnerships, collaborations, and other business agreements.

The study also discusses the strategies adopted by leading players in the industry.

Executive Summary

The Executive Summary will be jam-packed with charts, infographics, and forecasts. This chapter summarizes the findings of the report crisply and clearly.

The report begins with an executive summary chapter and ends with Conclusions and Recommendations.