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Global Solid State Battery Market Analysis By Type (Single-cell Battery, Multi-cell Battery), by Component (Anode, Cathode, Solid Electrolyte, Composite), by Rechargeability (Primary Battery, Secondary Battery), by Capacity(Below 20 mAh,, Between 20 mAh and 500 mAh, Above 500 mAh), by Application (Consumer Electronics, Electric Vehicles, Energy Harvesting, Medical Devices, Packaging, Wireless Sensors) and by Region: Global Forecast, 2024 - 2034

  • PUBLISHED ON
  • 2024-02-13
  • NO OF PAGES
  • 241
  • CATEGORY
  • Energy & Power

Market Overview

The Solid State Battery market is predicted to develop at a compound annual growth rate (CAGR) of 33.4% from 2024 to 2034, when it is projected to reach USD 3,016.41 Million, based on an average growth pattern. The market is estimated to reach a value of USD 169.01 Million in 2024.


 

SOURCE: We Market Research

Solid-state batteries represent a new frontier in energy storage, as they use solid electrolytes rather than liquids. This design improves safety by reducing leakage and fire risk. Furthermore, it promises increased energy density, which might enhance the range of electric vehicles and the longevity of electronic equipment. Solid-state batteries have longer cycle lifetimes, with more charge-discharge cycles before capacity deterioration. Their environmental impact could be decreased by eliminating hazardous components and liquid electrolytes. However, issues such as production scalability and strong ionic conductivity persist. Despite these challenges, solid-state batteries have enormous potential to revolutionise energy storage in a wide range of applications, including transportation and consumer electronics.

The solid-state battery market is primarily propelled by its inherent safety features, addressing concerns over the risks associated with traditional lithium-ion batteries. Additionally, its potential for higher energy density offers extended ranges for electric vehicles and prolonged battery life for electronics, aligning with consumer demands. Environmental regulations and a growing emphasis on sustainability further drive adoption, as solid-state batteries can be more eco-friendly with reduced harmful materials and elimination of liquid electrolytes. Substantial investments and research efforts by both private and public sectors are accelerating advancements in materials science and manufacturing, crucial for market scalability and commercialization. These combined factors underscore a promising trajectory for the solid-state battery market, with increasing applications across diverse industries.

Market Scope

Report Attributes

Description

Market Size in 2024

USD 169.01 Million

Market Forecast in 2034

USD 3,016.41 Million

CAGR % 2024-2034

33.4%

Base Year

2023

Historic Data

2016-2022

Forecast Period

2024-2034

Report USP

 

Production, Consumption, company share, company heatmap, company production capacity, growth factors and more

Segments Covered

By Type, by Component, by Rechargeability, by Capacity, by Application and By Region

Regional Scope

North America, Europe, APAC, South America and Middle East and Africa

Country Scope

U.S.; Canada; U.K.; Germany; France; Italy; Spain; Benelux; Nordic Countries; Russia; China; India; Japan; South Korea; Australia; Indonesia; Thailand; Mexico; Brazil; Argentina; Saudi Arabia; UAE; Egypt; South Africa; Nigeria

 

Solid State Battery Industry: Dynamics & Restrains


 Market opportunity:

 We Market Research: Solid State Battery Dashboard

Our marketing platform offers a comprehensive dashboard that provides clients with valuable insights into market trends over the years. Included below is a sample image of our dashboard, and specific PDF logins will be furnished to grant access to this insightful tool.


 Solid State Battery Segmentation

Market- By Type Analysis

By Type, the Solid State Battery Market is Categories into Single-cell Battery, Multi-cell Battery. The Multi-cell Battery segment accounts for the largest share of around 68% in 2024.


Multi-cell batteries in the solid-state battery market are driven by their enhanced capacity, efficiency, and safety features compared to single-cell counterparts. They offer higher voltage and energy density, making them suitable for various applications demanding more power and longer-lasting performance.

The following segments are part of an in-depth analysis of the global Solid State Battery market:

Market Segments

 

By  Component

·         Anode

·         Cathode

·         Solid Electrolyte

·         Composite

By   Rechargeability

·         Primary Battery

·         Secondary Battery

By  Capacity

·         Below 20 mAh

·         Between 20 mAh and 500 mAh

·         Above 500 mAh

By Application

·         Consumer Electronics

·         Electric Vehicles

·         Energy Harvesting

·         Medical Devices

·         Packaging

·         Wireless Sensors

  

Solid State Battery Industry: Regional Analysis

North America Market Forecast

North America dominate the Solid State Battery Market with the highest revenue generating market with share of more than 47%. North America is witnessing a significant rise in the usage of solid-state batteries due to the demand for consumer electronics and electric vehicles (EVs). In line with the region's emphasis on clean energy solutions, the market is driven by technological innovation and sustainability initiatives, with the support of government incentives and a strong industry presence.


Europe Market Statistics

Europe's strict emissions regulations drive the adoption of solid-state batteries, particularly in EVs. Government backing for research and development, alongside heightened consumer awareness about environmental impacts, accelerates the transition towards sustainable energy solutions, positioning solid-state batteries as a key enabler in the region's green mobility revolution.

Asia Pacific Market Forecasts

Asia Pacific is expected to be the fastest-growing regional segment of the Solid State Battery market during the forecast period. Rapid industrialization in Asia Pacific countries such as China and India drives up demand for solid-state batteries, particularly in EVs and portable devices. Government initiatives supporting electric mobility and technology improvements fuel market expansion, which is aided by a robust manufacturing base and a developing consumer market seeking clean energy solutions. 

Key Market Players

The Solid State Battery Market is dominated by a few large companies, such as

·         BrightVolt Inc.

·         Cymbet Corporation

·         Solid Power Inc.

·         Toyota Motor Corporation

·         Excellatron Solid State LLC

·         Robert Bosch GmbH

·         Altair Nanotechnologies

·         Quantumscape Corporation

·         Apple Inc.

·         Dyson Ltd.

·         Others


1.      Global Solid State Battery Market Introduction and Market Overview

1.1.    Objectives of the Study

1.2.    Global Solid State Battery Market Scope and Market Estimation

1.2.1. Global Solid State Battery Overall Market Size, Revenue (US$ Mn), Market CAGR (%), Market forecast (2023 - 2034)

1.2.2. Global Solid State Battery Market Revenue Share (%) and Growth Rate (Y-o-Y) from 2019 - 2034

1.3.    Market Segmentation

1.3.1. Component of Global Solid State Battery Market

1.3.2. Technology of Global Solid State Battery Market

1.3.3. End-user of Global Solid State Battery Market

1.3.4. Region of Global Solid State Battery Market

2.      Executive Summary

2.1.    Market Dynamics

2.1.1. Drivers

2.1.2. Limitations

2.1.3. Opportunities

2.1.4. Impact Analysis of Drivers and Restraints

2.2.    Pricing Trends Analysis & Average Selling Prices (ASPs)

2.3.    Key Mergers & Acquisitions, Expansions, JVs, Funding / VCs, etc.

2.4.    Porter’s Five Forces Analysis

2.4.1. Bargaining Power of Suppliers

2.4.2. Bargaining Power of Buyers

2.4.3. Threat of Substitutes

2.4.4. Threat of New Entrants

2.4.5. Competitive Rivalry

2.5.      Market Investment Opportunity Analysis (Top Investment Pockets), By Segments & By Region

3.      Global Solid State Battery Market Estimates & Historical Trend Analysis (2019 - 2023)

4.      Global Solid State Battery Market Estimates & Forecast Trend Analysis, by TYPE

4.1.    Global Solid State Battery Market Revenue (US$ Mn) Estimates and Forecasts, by TYPE, 2019 to 2034

4.1.1. Single-cell Battery

4.1.2. Multi-cell Battery

5.      Global Solid State Battery Market Estimates & Forecast Trend Analysis, by Component

5.1.    Global Solid State Battery Market Revenue (US$ Mn) Estimates and Forecasts, by Component, 2019 to 2034

5.1.1. Anode

5.1.2. Cathode

5.1.3. Solid Electrolyte

5.1.4. Composite

6.      Global Solid State Battery Market Estimates & Forecast Trend Analysis, by Rechargeability

6.1.    Global Solid State Battery Market Revenue (US$ Mn) Estimates and Forecasts, by Rechargeability, 2019 to 2034

6.1.1. Primary Battery

6.1.2. Secondary Battery

7.      Global Solid State Battery Market Estimates & Forecast Trend Analysis, by Capacity

7.1.    Global Solid State Battery Market Revenue (US$ Mn) Estimates and Forecasts, by Capacity, 2019 to 2034

7.1.1. Below 20 mAh

7.1.2. Between 20 mAh and 500 mAh

7.1.3. Above 500 mAh

8.      Global Solid State Battery Market Estimates & Forecast Trend Analysis, by Application

8.1.    Global Solid State Battery Market Revenue (US$ Mn) Estimates and Forecasts, by Application, 2019 to 2034

8.1.1. Consumer Electronics

8.1.2. Electric Vehicles

8.1.3. Energy Harvesting

8.1.4. Medical Devices

8.1.5. Packaging

8.1.6. Wireless Sensors

9.      Global Solid State Battery Market Estimates & Forecast Trend Analysis, by Region

9.1.    Global Solid State Battery Market Revenue (US$ Mn) Estimates and Forecasts, by Region, 2019 to 2034

9.1.1. North America

9.1.2. Europe

9.1.3. Asia Pacific

9.1.4. Middle East & Africa

9.1.5. South America

10.  North America Solid State Battery Market: Estimates & Forecast Trend Analysis

10.1.      North America Solid State Battery Market Assessments & Key Findings

10.1.1.   North America Solid State Battery Market Introduction

10.1.2.   North America Solid State Battery Market Size Estimates and Forecast (US$ Million) (2019 – 2034)

10.1.2.1.    By TYPE

10.1.2.2.    By Component

10.1.2.3.    By Rechargeability

10.1.2.4.    By Capacity

10.1.2.5.    By Application

10.1.2.6.    By Country

10.1.2.6.1. The U.S.

10.1.2.6.2. Canada

10.1.2.6.3. Mexico

11.  Europe Solid State Battery Market: Estimates & Forecast Trend Analysis

11.1.  Europe Solid State Battery Market Assessments & Key Findings

11.1.1.   Europe Solid State Battery Market Introduction

11.1.2.   Europe Solid State Battery Market Size Estimates and Forecast (US$ Million) (2019 – 2034)

11.1.2.1.    By TYPE

11.1.2.2.    By Component

11.1.2.3.    By Rechargeability

11.1.2.4.    By Capacity

11.1.2.5.    By Application

11.1.2.6.    By Country

11.1.2.6.1. Germany

11.1.2.6.2. U.K.

11.1.2.6.3. France

11.1.2.6.4. Italy

11.1.2.6.5. Spain

11.1.2.6.6. Russia

11.1.2.6.7. Rest of Europe

12.  Asia Pacific Solid State Battery Market: Estimates & Forecast Trend Analysis

12.1.  Asia Pacific Market Assessments & Key Findings

12.1.1.   Asia Pacific Solid State Battery Market Introduction

12.1.2.   Asia Pacific Solid State Battery Market Size Estimates and Forecast (US$ Million) (2019 – 2034)

12.1.2.1.    By TYPE

12.1.2.2.    By Component

12.1.2.3.    By Rechargeability

12.1.2.4.    By Capacity

12.1.2.5.    By Application

12.1.2.6.    By Country

12.1.2.6.1. China

12.1.2.6.2. Japan

12.1.2.6.3. India

12.1.2.6.4. Australia

12.1.2.6.5. South Korea

12.1.2.6.6. ASEAN

12.1.2.6.7. Rest of Asia Pacific

13.  Middle East & Africa Solid State Battery Market: Estimates & Forecast Trend Analysis

13.1.  Middle East & Africa Market Assessments & Key Findings

13.1.1.   Middle East & Africa Solid State Battery Market Introduction

13.1.2.   Middle East & Africa Solid State Battery Market Size Estimates and Forecast (US$ Million) (2019 – 2034)

13.1.2.1.    By TYPE

13.1.2.2.    By Component

13.1.2.3.    By Rechargeability

13.1.2.4.    By Capacity

13.1.2.5.    By Application

13.1.2.6.    By Country

13.1.2.6.1. U.A.E.

13.1.2.6.2. Saudi Arabia

13.1.2.6.3. Egypt

13.1.2.6.4. South Africa

13.1.2.6.5. Rest of Middle East & Africa

14.  South America Solid State Battery Market: Estimates & Forecast Trend Analysis

14.1.  South America Market Assessments & Key Findings

14.1.1.   South America Solid State Battery Market Introduction

14.1.2.   South America Solid State Battery Market Size Estimates and Forecast (US$ Million) (2019 – 2034)

14.1.2.1.    By TYPE

14.1.2.2.    By Component

14.1.2.3.    By Rechargeability

14.1.2.4.    By Capacity

14.1.2.5.    By Application

14.1.2.6.    By Country

14.1.2.6.1. Brazil

14.1.2.6.2. Argentina

14.1.2.6.3. Colombia

14.1.2.6.4. Rest of South America

15.  Competition Landscape

15.1.  Global Solid State Battery Market Competition Matrix & Benchmarking, by Leading Players / Innovators / Emerging Players / New Entrants

15.2.  Global Solid State Battery Market Competition White Space Analysis, By End-user

15.3.  Global Solid State Battery Market Competition Heat Map Analysis, By End-user

15.4.  Global Solid State Battery Market Concentration & Company Market Shares (%) Analysis, 2022

16.  Company Profiles

16.1.                     BrightVolt Inc.

16.1.1.   Company Overview & Key Stats

16.1.2.   Financial Performance & KPIs

16.1.3.   Product Portfolio

16.1.4.   Business Strategy & Recent Developments

* Similar details would be provided for all the players mentioned below 

16.2.      Cymbet Corporation

16.3.      Solid Power Inc.

16.4.      Toyota Motor Corporation

16.5.      Excellatron Solid State LLC

16.6.      Robert Bosch GmbH

16.7.      Altair Nanotechnologies

16.8.      Quantumscape Corporation

16.9.      Apple Inc.

16.10.  Dyson Ltd.

16.11.  Others

17.  Research Methodology

17.1.  External Transportations / Databases

17.2.  Internal Proprietary Database

17.3.  Primary Research

17.4.  Secondary Research

17.5.  Assumptions

17.6.  Limitations

17.7.  Report FAQs

18.  Research Findings & Conclusion

Quality Assurance Process

  1. We Market Research’s Quality Assurance program strives to deliver superior value to our clients.

We Market Research senior executive is assigned to each consulting engagement and works closely with the project team to deliver as per the clients expectations.

Market Research Process




We Market Research monitors 3 important attributes during the QA process- Cost, Schedule & Quality. We believe them as a critical benchmark in achieving a project’s success.

To mitigate risks that can impact project success, we deploy the follow project delivery best practices:
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  • Conduct frequent client communications
  • Form project steering committee
  • Assign a senior SR executive as QA Executive
  • Conduct internal editorial & quality reviews of project deliverables
  • Certify project staff in SR methodologies & standards
  • Monitor client satisfaction
  • Monitor realized value post-project

Case Study- Automotive Sector

One of the key manufacturers of automotive had plans to invest in electric utility vehicles. The electric cars and associated markets being a of evolving nature, the automotive client approached We Market Research for a detailed insight on the market forecasts. The client specifically asked for competitive analysis, regulatory framework, regional prospects studied under the influence of drivers, challenges, opportunities, and pricing in terms of revenue and sales (million units).

Solution

The overall study was executed in three stages, intending to help the client meet its objective of precisely understanding the entire market before deciding on an investment. At first, secondary research was conducted considering political, economic, social, and technological parameters to get a gist of the various aspects of the market. This stage of the study concluded with the derivation of drivers, opportunities, and challenges. It also laid substantial emphasis on understanding and collecting data not only on a global scale but also on the regional and country levels. Data Extraction through Primary Research

The second stage involved primary research in which several market players and automotive parts suppliers were contacted to study their viewpoint concerning the development of their market and production capacity, clientele, and product line. This stage concluded in a brief understanding of the competitive ecosystem and also glanced through the strategies and pricing of the companies profiled.

Market Estimates and Forecast

In the final stage of the study, market forecasts for the electric utility were derived using multiple market engineering approaches. This data helped the client to get an overview of the market and accelerate the process of investment.

Case Study- ICT Sector

Business process outsourcing, being one of the lucrative markets from both supply- and demand- side, has appealed to various companies. One of the prominent corporations based out of Japan approached us with their requirements regarding the scope of the procurement outsourcing market for around 50 countries. Additionally, the client also sought key players operating in the market and their revenue breakdown in terms of region and application.


Business Solution

An exhaustive market study was conducted based on primary and secondary research that involved factors such as labor costs in various countries, skilled and technical labors, manufacturing scenario, and their respective contributions in the global GDP. A comparative study of the market was conducted from both supply- and demand side, with the supply-side comprising of notable companies, such as GEP, Accenture, and others, that provide these services. On the other hand, large manufacturing companies from them demand-side were considered that opt for these services.


Conclusion

The report aided the client in understanding the market trends, including country-level business scenarios, consumer behavior, and trends in 50 countries. The report also provided financial insights of crucial players and detailed market estimations and forecasts till 2033.

Frequently Asked Questions

What is the market size of Solid State Battery Market in 2024?

Solid State Battery Market was valued at USD 169.01 Million in 2024.

What is the growth rate for the Solid State Battery Market?

Solid State Battery Market size will increase at approximate CAGR of 33.4% during the forecasted period.

Which are the top companies operating within the market?

Major companies operating within the Solid State Battery Market are BrightVolt Inc., Cymbet Corporation, Solid Power Inc., Toyota Motor Corporation, Excellatron Solid State LLC, Robert Bosch GmbH, Altair Nanotechnologies, Quantumscape Corporation, Apple Inc., Dyson Ltd. and Others.

Which region dominates the Solid State Battery Market?

North America dominates the market with an active share of 47%.

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