Solid State Battery Market to Reach $3.4 Bn, Globally, by 2030 at 18.0% CAGR: Allied Market Research

Increase in application of solid state batteries in the healthcare, wearable, and drones' sectors drive the growth of the global solid state rechargeable batteries.

PORTLAND, Ore., May 2, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Solid State Battery Market by Application (Consumer and Portable Electronics, Electric Vehicle, Energy Harvesting, Wearable and Medical Devices, Others), by Type (Portable, Thin Film), by Capacity (Less than 20 mAh, 20 mAh to 500 mAh, More than 500 mAh): Global Opportunity Analysis and Industry Forecast, 2020-2030". According to the report, the global solid state battery industry generated $0.5 billion in 2020, and is anticipated to generate $3.4 billion by 2030, witnessing a CAGR of 18.0% from 2021 to 2030.

Prime determinants of growth

Increase in application of solid state batteries in the healthcare, wearable, and drones' sectors drive the growth of the global solid state rechargeable batteries. Moreover, rise in need for solid state batteries in electric vehicle boosts the market growth. However, complex manufacturing process and high cost of solid state battery restrain the market growth. On the other hand, increase in investment in the market by industry giants, including Samsung and Hyundai are anticipated to offer future solid state battery market growth opportunities for the market. 

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Covid-19 Scenario

• Lockdown imposed due to the outbreak of COVID-19 pandemic resulted in temporary ban on import & export and manufacturing & processing activities across various industries in battery sector, which decreased the demand for solid-state rechargeable batteries from consumers, including portable electronics and electric vehicles. 
• In addition, closure of renewable power plants, automotive manufacturing industries, and consumer electronics manufacturing industries hampered the solid-state battery market growth during the pandemic period. 

The portable segment to maintain its leadership status throughout the forecast period

Based on type, the portable segment held the highest market share in 2020, accounting for more than two-third of the global solid state battery market, and is estimated to maintain its leadership status throughout the forecast period. This is owing to rise in adoption of solid-state batteries in portable devices. Moreover, the thin film segment is projected to manifest the highest CAGR of 18.2% from 2021 to 2030. This is due to increase in use of thin-film batteries in implantable medical devices, such as defibrillators & neural stimulators, smart cards, RFID, wireless sensors, and radio-frequency identification.

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The consumer & portable electronics segment to maintain its lead position during the forecast period

Based on application, the consumer & portable electronics segment accounted for the largest share in 2020, contributing to more than two-fifths of the global solid state battery market, and is projected to maintain its lead position during the forecast period. This is attributed to rapid urbanization and consumer spending toward consumer electronics applications, including laptop, smartphones, computers, and other consumer electronics across developing countries. However, the electric vehicle segment is expected to portray the largest CAGR of 18.4% from 2021 to 2030, owing to rise in interest towards use of solid state batteries in passenger electric vehicles.

Asia-Pacific, followed by North America, to maintain its dominance by 2030

Based on region, Asia-Pacific, followed by North America, held the highest market share in terms of revenue 2020, accounting for nearly two-fifths of the global solid state battery market, due to the presence of huge consumer base, rapid development of the solid state battery sector, and the existence of key players in the region. Moreover, the Europe region is expected to witness the fastest CAGR of 18.5% during the forecast period. This is attributed to rise in demand for solid state batteries in a range of wide applications such as consumer electronics, electric vehicles, and medical device.

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Leading Market Players

• SK Innovation Co., Ltd.
• STMicroelectronics
• TotalEnergies
• Store Dot
• QuantumScape Corpoation
• Solid Power Inc
• Factorial Inc
• Ganfeng Lithium Co., Ltd
• Ilika
• Prieto Battery

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