Solid-State Battery Market Is Progressing at a Tremendous CAGR of 33.5%, Finds P&S

Geographically, the APAC market is likely to grow at the highest rate, of over 34%, in the coming years, owing to the presence of a large consumer and portable electronics user base, expansion of the renewable energy sector, and increase in the usage of battery energy storage systems.

In the year 2030, the solid-state battery market size will reach $3,915 million from $290 million in 2021, at a mammoth 33.5% CAGR in the coming years. The increasing acceptance of gadgets, the rising disposition of EVs, and the rising efficacy of battery managing and energy storing systems are the main factors pushing the industry. Furthermore, the market will be influenced by an increasing volume of robot shipments worldwide. Furthermore, the increasing R&D actions related to solid-state batteries, rising disposition of IoT, and contraction of electronic devices have appeared as the foremost driving forces.

Thin-film batteries had the majority of the share of the solid-state battery market in the recent past, and they are all set to propel at a healthy growth rate to touch $3,486 million by the year 2030. These variations are normally put in fitness bands and smartwatches, because of their smaller size, effective revitalization rate, higher output voltage, lesser weight, advanced energy concentration, higher elasticity, lower possibilities of electrolyte leak, extended shelf life, tighter packing, shortened structure.

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In the year 2021, APAC accounted for the largest share in the solid-state battery market, of about 50%, and this will continue in the near future as well. Progressions in the renewable energy sector, a large customer base for movable electronics, and progress in the use of battery management systems are the aspects instigating the sales of these batteries. Furthermore, public establishments in India and China aim to decrease the carbon emission of vehicles and improve the usage of electric vehicles.

The 20mAh–500mAh batteries accounted for the largest share in the solid-state battery market, at more than 60% in the year 2021. The applications of all-solid-state batteries, for example, wearable medical devices, energy storage systems, and domestic appliances are in need of these variants. In addition, the rapid development of the consumer electronics sector industry is one of the foremost reasons for the increase in demand for these kinds of products.

These energy storing devices are used more and more being used in EVs, which will become the reason for the fastest progress of this category in the years to come. The technical progressions in automotive batteries, along with the promising guidelines, for EVs, are inspiring the disposition of the battery devices as compared to diesel, gasoline, LPG, and CNG propelled vehicles. Therefore, portable consumer electronics was the leader of the solid-state battery market in the years gone by and they are also likely to maintain their ascendance in the coming years, because of the increasing requirement for laptops, smart wearables, and smartphones.

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Solid-state batteries are advanced to deliver higher energy concentrations, which will advance their proficiencies, therefore resulting in increased sales. For example, in September 2021, scholars from University of California, San Diego, advanced a new battery blending a solid-state electrolyte along with an all-silicon anode, giving improved energy density. Silicon anodes have tenfold higher energy concentration as compared to graphite anodes, usually used in lithium-ion batteries. Also, for uses like grid storage and electric vehicles, these batteries are harmless and enduring.

The demand for solid-state batteries is increasing with the increasing acceptance of electric vehicles.

Global Solid-State Battery Market Size Breakdown by Segment

By Capacity

Below 20 mAh
20m–500 mAh
Above 500 mAh

By Battery Type

Thin-Film Battery
Portable Battery

By Application

Portable Consumer Electronics
Electric Vehicles
Energy Harvesting
Wearable & Medical Devices

By Region

North America
South Korea
Latin America
Middle East and Africa
Saudi Arabia
South Africa

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