Dublin, Oct. 21, 2022 (GLOBE NEWSWIRE) -- The "Solid-state Battery Market by Type, Capacity, Application, and Geography - Global Forecasts to 2029" report has been added to ResearchAndMarkets.com's offering.
The Global Solid-State Battery Market is expected to reach $3.81 billion by 2029, at a CAGR of 58% during the forecast period 2022-2029. By volume, this market is expected to grow at a CAGR of 71% from 2022 to reach 7.3 GWh by 2029.
The growth of this market is backed by factors, such as the high energy density of solid-state batteries, faster-charging rate compared to Li-ion batteries, and a safer alternative to Li-ion batteries. Moreover, Increasing R&D for the application of solid-state batteries in EVs and the increase in R&D investments to develop solid-state batteries for consumer electronics devices provide significant growth opportunities for the global solid-state battery market.
The study offers a comprehensive analysis of the global solid-state battery market based on type (thin film batteries, bulk batteries, and other batteries), capacity (less than 20mAh, 21mAh to 500mAh, and above 500mAh), application (medical devices, automotive, consumer electronics, aerospace, battery energy storage systems, and industrial equipment), and geography (Asia-Pacific, Europe, North America, Latin America, and the Middle East & Africa). The study also evaluates industry competitors and analyzes the market at the country level.
Based on type, the global solid-state battery market is segmented into thin film batteries, bulk batteries, and other batteries. In 2022, the thin film batteries segment is expected to account for the largest share of the global solid-state battery market. Major factors attributed to the large share of this segment are their smaller size, higher average output voltage, lighter weight, higher flexibility, higher energy density, lower chances of electrolyte leakage, tighter packing, and longer life cycle than bulky solid-state batteries.
Thin film solid-state batteries can be used in numerous devices, including renewable energy storage devices, smart cards, radio frequency identification (RFID) tags, portable electronics, defibrillators, neural stimulators, pacemakers, and wireless sensors. For instance, in November 2021, Dutch startup LionVolt BV secured $4.5 million (€4 million) to develop its 3D solid-state thin-film battery technology, which it expects to apply initially in wearables and electric cars.
Based on capacity, the 21mAh to 500mAh segment is expected to account for the largest share of the global solid-state battery market in 2022. The large share of this segment is mainly attributed to the rising demand for small energy storage sources and wearable electronics. Solid-state batteries are widely preferred for consumer electronics as they are safer and more stable than liquid li-ion batteries in which the electrolyte is volatile and flammable at high temperatures.
Based on application, the global solid-state battery market is segmented into medical devices, automotive, consumer electronics, aerospace, battery energy storage systems, and industrial equipment. The medical devices segment is expected to grow at the highest CAGR during the forecast period. The high growth of this segment is mainly attributed to technological advancements and the penetration of IoT in the medical field. Several battery manufacturers are designing and offering solid-state batteries to power medical devices, such as neural stimulators, pacemakers, and defibrillators. For instance, in April 2019, Ilika, a U.S. company, launched its new Stereax M50, a miniaturized solid-state lithium-ion cell designed for the needs of the medical device industry.
Based on geography, the market is segmented into five major regions: North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. North America is expected to account for the largest share of the global solid-state battery market in 2022. The large market share is mainly attributed to the growing application and uptake of solid-state batteries in consumer electronics, electric vehicles, and energy harvesting, and the research & development activities focused on the commercialization of solid-state batteries for electric vehicles. For instance, in September 2020, The Volkswagen Group invested around $300 million in the U.S.-based solid-state battery startup QuantumScape.
Additionally, a US-based battery company, Solid Power, announced its plans to begin pilot production of solid-state batteries suitable for use in electric vehicles by early 2022, after receiving an additional $130 million in funding from existing investors, including Ford, BMW, and Volta Energy Technologies. These initiatives help boost the demand for solid-state batteries during the forecast period. These initiatives are expected to boost the demand for solid-state batteries during the forecast period.
Some of the key players operating in the Solid-State Battery market are QuantumScape Corporation (U.S.), Ilika plc (U.K.), Solid Power, Inc. (U.S.), BrightVolt, Inc., (U.S.), Cymbet Corporation (U.S.), Prieto Battery Inc. (U.S.), Sion Power Corporation (U.S.), Hitachi Zosen Corporation (Japan), ProLogium Technology CO., Ltd. (Taiwan), Johnson Energy Storage, Inc. (U.S.), PJP Eye LTD. (Japan), Factorial Inc. (Spain), Volkswagen AG (Germany), Front Edge Technology, Inc. (U.S.), and I-TEN S.A. (Italy).
Key Questions Answered in the Report
- Which are the high-growth market segments in terms of type, capacity, application, and geography?
- What is the historical market size for the global solid-state battery market?
- What are the market forecasts and estimates for the period of 2022-2029?
- What are the major drivers, restraints, opportunities, and challenges in the global solid-state battery market?
- Who are the major players in the market, and what shares of the market do they hold?
- How is the competitive landscape for the global solid-state battery market?
- What are the recent developments in the global solid-state battery market?
- What are the different strategies adopted by the major players in the market?
- What are the key geographic trends, and which are the high-growth countries?
- Who are the local emerging players in the global solid-state battery market, and how do they compete with the other players?
Key Topics Covered:
1. Introduction
2. Research Methodology
3. Executive Summary
4. COVID-19: Impact Analysis
4.1. Scenario A: Severe Impact
4.2. Scenario B: Slow Recovery
4.3. Scenario C: Fast Recovery
5. Market Insights
5.1. Introduction
5.2. Market Dynamics
5.2.1. Global Solid-state Battery Market: Impact Analysis of Market Drivers
5.2.1.1. High Energy Density of Solid-state Battery
5.2.1.2. Faster Charging Compared to Li-Ion Battery
5.2.1.3. Better Safety Compared to Li-Ion Battery
5.2.2. Global Solid-state Battery Market: Impact Analysis of Market Restraints
5.2.2.1. Higher Prices of Solid-state Battery
5.2.2.2. Technological Challenges
5.2.3. Global Solid-state Battery Market: Impact Analysis of Market Opportunities
5.2.3.1. Rising Application of Solid-state Battery in EVs
5.2.3.2. Increase in R&D Investments for the Development of Solid-state Battery
5.2.4. Global Solid-state Battery Market: Impact Analysis of Market Challenges
5.2.4.1. Physical Properties of Ceramic Electrolytes
5.2.4.2. Commercialization
5.2.4.3. Cell Architecture
5.2.4.4. Business Transformation
5.3. Value Chain Analysis
6. Global Solid-state Battery Market, by Type
6.1. Introduction
6.2. Thin Film Solid State Battery
6.3. Bulk Solid State Battery
7. Global Solid-state Battery Market, by Capacity
7.1. Introduction
7.2. Less Than 20 mAh
7.3. 21 mAh to 500 mAh
7.4. Above 501 mAh
8. Global Solid-state Battery Market, by Application
8.1. Introduction
8.2. Consumer Electronics
8.3. Medical Devices
8.4. Automotive
8.5. Aerospace
8.6. Industrial Equipment
9. Solid-state Battery Market, by Geography
10. Competitive Landscape
10.1. Introduction
10.2. Key Growth Strategies
10.3. Top Three Players in Global Solid-state Battery Market (2021)
10.3.1. Ilika plc
10.3.2. ProLogium Technology CO., Ltd.,
10.3.3. Solid Power, Inc.
11. Company Profiles (Business Overview, Financial Overview, Product Portfolio, Strategic Developments)
11.1. BrightVolt, Inc.,
11.2. Cymbet Corporation
11.3. Factorial Inc.
11.4. Front Edge Technology, Inc.
11.5. Hitachi Zosen Corporation
11.6. Ilika plc
11.7. I-TEN S.A.
11.8. Johnson Energy Storage, Inc.
11.9. PJP Eye LTD.
11.10. Prieto Battery Inc.
11.11. ProLogium Technology CO., Ltd.
11.12. Sakuu Corporation
11.13. Sion Power Corporation
11.14. Solid Power, Inc.
11.15. Volkswagen AG
12. Appendix
For more information about this report visit https://www.researchandmarkets.com/r/iig0hp
