June 17, 2024

Solid State Battery Market Poised To Garner Significant Gains Owing To Increasing Electric Vehicles Adoption

The global Solid State Battery Market is estimated to be valued at US$ 730.51 Million in 2022 and is expected to exhibit a CAGR Of 39.2% over the forecast period 2023-2030.

 

Market Overview:

 

Solid state batteries utilize a solid electrolyte instead of a liquid or polymer electrolytefound in lithium-ion batteries. This offers advantages like dendrite suppression, wider operating temperature range, higher energy density and improved safety. The battery technologies based on solid electrolytes have enormous potential to outperform lithium-ion batteries and meet the demand of electric vehicles, portable devices and grid storage applications.

 

Market key trends:

 

One of the key trends in the solid state battery market is the rising adoption in electric vehicles. Electric vehicles are anticipated to dominate the automotive industry in the coming years due to stringent emission norms and policies promoting sustainable mobility. Solid state batteries offer higher energy density compared to lithium-ion batteries, enabling EVs to attain longer driving ranges on a single charge. This makes solid state battery a promising technology to power the next generation electric vehicles. Manufacturers are focusing on advancing solid state batteries with silicon or sulfur based anodes which can boost the energy density up to 500 Wh/kg.

 

Porter’s Analysis

 

Threat of new entrants: The high capital requirement and research and development costs associated with solid state battery technology act as a barrier for new companies to enter this market.

Bargaining power of buyers: The global automotive industry represents a sizable customer base for solid state batteries. However, the current limited production volumes give buyers less bargaining power.

Bargaining power of suppliers: A few companies currently control the supply of key raw materials for solid state batteries like lithium and solid electrolytes, giving them some bargaining power.

Threat of new substitutes: No close substitute technologies exist currently that can offer the power and energy density benefits of solid state batteries, reducing the threat from substitutes.

Competitive rivalry: Major players like Samsung, Solid Power, and Cymbet actively invest in R&D to gain technology leadership in this emerging space, leading to high competitive rivalry.

 

Key Takeaways

 

The global Solid State Battery Market is expected to witness high growth, exhibiting CAGR of 39.2% over the forecast period 2023-2030, due to increasing demand for electric vehicles. The automotive industry represents the largest end-use segment for solid state batteries currently.

Regional analysis: Asia Pacific dominated the global market in 2022 and is expected to maintain its lead through 2030. This is attributed to presence of leading battery manufacturers in countries like Japan, South Korea and China. Growing electric vehicle production in China and domestic companies’ investments in solid state batteries will drive the region’s growth.

North America is expected to exhibit highest CAGR during the forecast period supported by focus of key players like Cymbet, Solid Power on setting up manufacturing plants and ramping up production in the region to cater to domestic demand.

Key players operating in the solid state battery market are Solvay, Samsung SDI Co., Ltd., Cymbet Corporation, Panasonic Corporation, Saft, BrightVolt Inc., and Solid Power. Major players are strongly focused on scaling up manufacturing capacity and improving performance and lifetime of solid state batteries through continuous research and development activities.

*Note:

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