June 18, 2024
Solid State Battery Market

Solid State Battery Market is expected to be Flourished by Growing Demand for Long-Lasting and High-Energy Storage Solutions

Solid state batteries are energy storage devices whose electrodes and electrolyte are made of solid materials rather than liquids. They are projected to offer higher energy density, longer life cycles, and improved safety compared to lithium-ion batteries. With components like lithium metal replacing graphite anodes, solid state batteries are likely to find applications in electric vehicles, consumer electronics, and energy storage facilities. Solid state batteries offer approximately two times higher voltage and energy density compared to conventional lithium-ion batteries. This allows them to provide electric vehicles with a longer driving range and consumer devices with increased battery life. Solid electrolytes also help to eliminate the fire hazards associated with organic liquid electrolytes in lithium-ion batteries.

The global solid state battery market is estimated to be valued at US$ 1171.44 Bn in 2024 and is expected to exhibit a CAGR of 9.3% over the forecast period 2024 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:
The growing demand for electric vehicles around the world as a result of stringent emission norms is driving research into developing next-generation battery technologies that offer higher energy density. Solid state batteries can significantly increase the driving range of electric vehicles compared to lithium-ion batteries. Another factor fueling the market growth is the need for advanced energy storage solutions to store renewable energy generated from solar and wind sources. Solid state batteries are well-suited for large-scale stationary storage applications owing to their fire-safety and longer lifespans. However, high manufacturing costs and the complexity associated with mass production processes are limiting the widespread commercialization of solid state batteries currently. Continuous technological advancements are expected to help overcome these challenges in the coming years.

Segment Analysis
The solid state battery market is dominated by the consumer electronics sub segment which accounts for over 40% share. Batteries for portable consumer electronics like smartphones, laptops, tablets and wearables constitute the biggest opportunity for solid state batteries due to growing demand for compact, durable and long lasting battery solutions from these devices. Solid state batteries offer 2-3 times higher energy density compared to conventional lithium-ion batteries while being thinner and more compact. This makes them ideal for powering the batteries in next generation smartphones, tablets and other mobile devices seeking to maximize battery capacity within minimal form factors.

PEST Analysis
Political: Solid state batteries can help countries and regions achieve their electric vehicle adoption and renewable energy storage targets faster as they enable building EVs and energy storage systems with longer ranges. Many governments provide funding and incentives for solid state battery R&D.
Economic: The low manufacturing cost and higher energy density of solid state batteries compared to conventional lithium-ion batteries is expected to make EVs more affordable for mainstream consumers. This will significantly grow the market for EVs and spur economic growth.
Social: Solid state batteries offer enhanced safety making EVs safer to use. They also allow for recyclable and more eco-friendly batteries helping address sustainability issues. Both safety and environmentalfriendliness are important social considerations.
Technological: Major technology challenges remain around designing solid state electrolytes and interfaces between the electrodes and electrolytes that are stable during battery operation. Companies are investing heavily in nanotechnology and materials research to develop innovative solid state electrolyte compositions and architectures.

Key Takeaways
The Global Solid State Battery Market Size is expected to witness high growth over the forecast period driven by growing demand for compact, durable and long lasting battery solutions from consumer electronics and EVs.

Asia Pacific region currently dominates the market led by countries like China, South Korea and Japan. Aggressive investments by battery makers and automotive OEMs in these countries have led to significant advancements in solid state battery technology.

Key players operating in the solid state battery market are Stallergenes Greer, ALK-Abello A/S, Allergy Therapeutics, Allergopharma, HAL Allergy Group, Aimmune Therapeutics, DBV Technologies, Leti Pharma, and Jubilant HollisterStier. Stallergenes Greer and ALK-Abello A/S currently lead the market owing to their established product portfolios and partnerships with automotive companies to develop solid state batteries for EVs.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it