Solid-state Batteries Market Revenue to Cross USD 1.9 billion in 2031 – Exclusive Report by Transparency Market Research
Li-ion batteries have long held sway in the global battery market due to their superior energy density and cost-efficiency. Their drawbacks, including bulkiness due to thermal management requirements and fire susceptibility, have prompted intense research for alternatives, propelling the growth of the solid-state battery market.
Wilmington, Delaware, United States, Oct. 10, 2023 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – The global solid-state batteries market stood at US$ 127.6 million in 2021, and the global market is projected to reach US$ 1.9 billion in 2031. The global solid-state batteries market is anticipated to expand at a CAGR of 30.8% between 2022 and 2031.
The surging demand for portable electronic devices and the rapid rise of electric vehicles (EVs) have catalyzed the imperative for developing newer, smaller, and lighter batteries that can offer enhanced cycle life, elevated energy density, and overall superior battery performance. In this quest, solid-state batteries have emerged as the preferred replacement for conventional lithium-ion batteries, which have historically dominated various application sectors.
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Solid-state batteries possess several key advantages, making them highly attractive in the modern battery landscape. The compact and lightweight nature reduces weight and space requirements within electric vehicles, improving overall efficiency and range. Furthermore, solid-state batteries exhibit superior energy density, allowing them to store more energy in a given space, thus extending the driving range of electric vehicles and enhancing the performance of portable electronic gadgets.
Most critically, solid-state batteries are inherently safer due to the absence of liquid electrolytes commonly found in lithium-ion batteries. This characteristic renders solid-state batteries less susceptible to heat and pressure, eliminating the need for complex thermal management systems. Solid-state batteries have improved performance with increasing temperatures, making them more robust and reliable in various environmental conditions. As a result, they hold immense promise in shaping the future of energy storage, with potential applications spanning from consumer electronics to electric mobility.
Global Solid-State Batteries Market: Key Players
- Factorial Inc., a prominent electric vehicle (EV) battery industry player, has unveiled a significant milestone by introducing its first 100 Amp-Hour (Ah) solid-state battery cell.
- In a parallel development, Dragonfly Energy, a leading manufacturer of deep-cycle lithium-ion batteries, has received patent recognition for its innovative dry powder coating layers in the electrochemical cell manufacturing process for solid-state battery cells.
Key Takeaways of Market Report
- Global solid-state batteries market to generate absolute dollar opportunity worth US$ 127.6 million in 2021.
- Global solid-state batteries market is valued at US$ 1700 million in 2022.
- The global solid-state batteries market will possibly generate an absolute dollar opportunity worth US$ 1.9 billion in 2031.
- The market value of the global solid-state batteries market management from 2018 to 2022 was 3.9%.
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Global Solid-State Batteries Market: Growth Drivers
- Solid-state batteries are gaining traction in the market due to their inherent safety characteristics, driven by non-volatile solid electrolytes. This enhanced safety profile has a significant positive impact on the solid-state battery market dynamics.
- Additionally, their greater energy density, which contributes to weight reduction, is increasing their application in electric vehicles (EVs). The absence of a liquid electrolyte results in smaller battery sizes, eliminating the need for bulky thermal management systems and making them especially advantageous for EVs.
- The rapid growth of the global solid-state batteries industry is driven by the increasing demand for handheld electronic devices, influencing various sectors such as medical, aerospace, military, media, retail, and consumer electronics.
- Particularly in the medical and aerospace industries, the size and weight of devices and instruments are critical considerations. The medical device industry is experiencing heightened demand for nano-sized robotic surgical equipment, reflecting a trend toward miniaturization and advanced technology adoption across various industries.
Global Solid-State Batteries Market: Regional Landscape
- North America commands a substantial global market share, driven by an increasing demand for batteries across diverse sectors such as packaging, smart cards, and electric vehicles (EVs).
- Notably, the region is experiencing a heightened focus on achieving decarbonization targets, a key factor propelling the growth of the solid-state batteries industry. Projections indicate that the North American market is set for rapid expansion in the foreseeable future.
- Solid-state batteries are proving highly valuable in Europe, finding extensive applications in energy storage systems. Integrating renewable energy sources into power grids has catalyzed a revolution in energy storage concepts, with solid-state batteries emerging as a transformative solution for storing and efficiently reusing energy. This paradigm shift has significantly emphasized extensive research and development (R&D) activities in battery storage technologies.
Global Solid-State Batteries Market: Segmentation
- <20 mAh
- 20-500 mAh
- >500 mAh
- Consumer Electronics
- Electric Vehicles
- Medical Devices
- North America
- Asia Pacific
- Middle East & Africa
- Latin America
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