Global Solid State Battery Market is Anticipated to grow at a Significant Pace during the Forecast Period 2025-2030 and Cross USD 16.50 Billion by 2030

Published Date: Feb, 2024

The global solid state battery market was USD 1.70 billion in 2023 and is expected to reach USD 16.50 billion by 2030 with a CAGR of 37.79% during the forecast period, i.e., 2025-2030. Solid-state batteries are advanced energy storage devices that replace traditional liquid electrolytes with solid materials. This design enhances safety, energy density, and efficiency compared to conventional lithium-ion batteries. Solid-state batteries use solid electrolytes, reducing the risk of overheating and enabling faster charging. They find applications in electric vehicles, portable electronics, and renewable energy storage, offering longer lifespan and improved performance. The absence of liquid components eliminates the need for heavy protective casings, making solid-state batteries more compact and lightweight.

The growth of the global solid-state battery market is driven by factors such as increased demand for safer energy storage solutions, advancements in electric vehicles and portable electronics, and the potential for higher energy density. Solid-state batteries offer advantages like longer lifespan, enhanced safety, and faster charging, addressing limitations in traditional lithium-ion batteries. Growing investments in research and development, government initiatives supporting clean energy, and the need for sustainable power solutions contribute to the rising prominence of solid-state batteries in various industries, fostering innovation and market expansion.

Major challenges for the global solid-state battery market include high production costs, technological complexities in scaling up manufacturing, and the need for reliable, scalable production processes. Achieving uniformity and maintaining cost competitiveness remain obstacles. Additionally, addressing durability and performance concerns, particularly in electric vehicles, poses challenges for widespread adoption. Overcoming these hurdles is essential for the global solid-state battery market to fulfill its potential in revolutionizing energy storage technologies.

In May 2023, Massachusetts-based solid-state battery developer, Factorial Energy, commenced operations at its new state-of-the-art facility, marking a significant milestone in scaling its solid-state technology for electric vehicle (EV) applications. The plant, representing a $50 million investment, is located in Methuen, Massachusetts, and is expected to house the largest solid-state battery assembly line in the United States, with a 200MWh capacity. Factorial Energy aims to meet the needs of automotive partners like Mercedes-Benz, Hyundai Motor Group, and Stellantis. The facility's opening contributes to the onshoring of EV battery manufacturing, fostering innovation and addressing the increasing demand for advanced energy storage solutions.

Browse 75 market data Tables and 45 Figures spread through 226 Pages and in-depth TOC on "Solid State Battery Market, by Type (Thin-Film Batteries, Portable Batteries, and Other), by Category (Single-cell Battery and Multi-cell Battery), by Capacity (Less Than 20 mAh, Between 20 mAh -500 mAh, and Above500 mAh), by Application (Consumer Electronics, Electric Vehicle, Energy Harvesting, Entertainment, Medical Devices, Packaging, Portable Devices, Smart Cards, Wearable Devices, Wireless Communication, and Other Applications), and by Region (North America, Europe, Asia-Pacific, Middle East and Africa, and South America) - Global Forecast to 2030

Global Solid State Battery Market Segmentation and Key Players

Segment

Categorization

Type

Thin-Film Batteries, Portable Batteries

Category

Single-Cell Battery, Multi-Cell Battery

Capacity

20 mAh, Between 20 mAh-500 mAh, Above 500 mAh

Application

Consumer Electronics, Electric Vehicle, Energy Harvesting, Entertainment, Medical Devices, Packaging, Portable Devices, Smart Cards, Wearable Devices, Wireless Communication

By category, single-cell solid state batteries dominate the global solid state battery market.

Based on category, the global solid-state battery market is segmented into single-cell battery and multi-cell battery. In 2023, single-cell batteries dominated the global solid-state battery market due to their simpler design, ease of manufacturing, and cost-effectiveness. Companies like Solid Power focus on developing single-cell pouch batteries, showcasing their viability for electric vehicles. Single-cell configurations offer advantages in terms of scalability and uniformity, making them more practical for mass production. This simplicity addresses challenges associated with multi-cell designs, such as maintaining consistent quality and reliability. As a result, the market sees a preference for single-cell solid-state batteries, especially in applications like electric vehicles, where their efficiency, safety, and ease of production contribute to their widespread adoption and market dominance.

“The Asia-Pacific (APAC) is expected to register the fastest CAGR during the forecast period in the global solid state battery market.”

The Asia-Pacific is expected to registered the highest CAGR the global solid state battery market owing to robust investments, technological advancements, and increasing demand for electric vehicles (EVs). Companies like CATL (Contemporary Amperex Technology Co. Limited) in China are at the forefront, investing heavily in solid-state battery research and development for electric mobility. Government initiatives supporting clean energy and stringent emissions regulations further drive the adoption of advanced energy storage solutions, propelling the Asia-Pacific region to the forefront of solid-state battery innovation and deployment. This dynamic landscape positions the region as a key player in shaping the future of sustainable energy storage technologies.

Some of the major players in the global solid state battery market include CATL, Panasonic Corporation, SAMSUNG SDI CO., LTD., LG Chem., NEXEON LTD., Los Angeles Cleantech Incubator, Enevate Corporation, Zeptor Corporation, CONNEXX SYSTEMS Corp., XGSciences, California Lithium Battery, City of Irvine, Amprius Technologies, Solid Energy A/S, ActaCell, Inc., OneD Material, Inc., Hitachi Chemical Co., Ltd., and Huawei Technologies Co., Ltd.

Global Solid State Battery Market Coverage (By Value)

  • Type Insight and Forecast 2018-2030

  • Thin-Film Batteries

  • Portable Batteries

  • Other

  • Category Insight and Forecast 2018-2030

  • Single-cell Battery

  • Multi-cell Battery

  • Capacity Insight and Forecast 2018-2030

  • Less Than 20 mAh

  • Between 20 mAh -500 mAh

  • Above500 mAh

  • Application Insight and Forecast 2018-2030

  • Consumer Electronics

  • Electric Vehicle

  • Energy Harvesting

  • Entertainment

  • Medical Devices

  • Packaging

  • Portable Devices

  • Smart Cards

  • Wearable Devices

  • Wireless Communication

  • Other Applications

Geographical Segmentation

Global Solid State Battery Market by Region

  • North America

  • By Type

  • By Capacity

  • By Category

  • By Application

  • By Country – U.S., Canada, and Mexico

  • Europe

  • By Type

  • By Capacity

  • By Category

  • By Application

  • By Country – Germany, U.K., France, Italy, Spain, Russia, and Rest of Europe

  • Asia-Pacific (APAC)

  • By Type

  • By Capacity

  • By Category

  • By Application

  • By Country – China, Japan, India, South Korea, and Rest of Asia-Pacific

  • South America

  • By Type

  • By Capacity

  • By Category

  • By Application

  • By Country – Argentina, Brazil, Chile, and Rest of South America

  • Middle East and Africa

  • By Type

  • By Capacity

  • By Category

  • By Application

  • By Country – Saudi Arabia, U.A.E, South Africa, and Rest of Middle East and Africa