Solid state batteries offer higher energy density and improved safety compared to conventional lithium-ion batteries. They utilize a solid electrolyte instead of a liquid or gel electrolyte, allowing for increased energy density in a smaller package. Solid state batteries can power devices for longer duration and reduce the risk of fire.
The global Solid State Battery Market is estimated to be valued at US$1016.87 Bn in 2023 and is expected to exhibit a CAGR of 9.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Advancements in battery technology have been a major driver of the solid state battery market growth. Continuous research towards developing improved solid electrolyte materials with high ionic conductivity at room temperature has helped address one of the key challenges in commercialization of all-solid-state batteries. Leading manufacturers are exploring electrolyte materials like sulfides and oxides which exhibit high lithium-ion conductivity close to their melting points, enabling operation at nearly ambient temperatures. This significantly improves the safety aspect and longevity of batteries. Furthermore, nano-engineering of solid electrolytes has enhanced Li-ion transport properties, bringing solid state batteries closer to commercial use in various applications such as consumer electronics, electric vehicles and energy storage.
SWOT Analysis
Strength: Solid state batteries offer higher energy density and enhanced safety as compared to conventional lithium-ion batteries. They pose no fire risk and can charge faster.
Weakness: High production costs and limited manufacturing capabilities. The technology is still at a nascent stage with challenges in scaling up production.
Opportunity: Increasing demand for electric vehicles and focus on developing sustainable energy solutions provide huge growth opportunities. They can power applications across various industries like consumer electronics.
Threats: Commercialization challenges and long development cycles. Stiff competition from established lithium-ion battery technology providers.
Key Takeaways
The global solid state battery market is expected to witness high growth over the forecast period. The global Solid State Battery Market is estimated to be valued at US$1016.87 Bn in 2023 and is expected to exhibit a CAGR of 9.3% over the forecast period 2023 to 2030.
Asia Pacific is currently the fastest growing as well as the dominating regional market. China, Japan and South Korea are major countries contributing to the growth of solid state batteries in the region backed by strong government support and presence of global manufacturing hubs.
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. Major players are investing heavily in R&D to address technological challenges and commercialize solid state batteries at scale. Partnerships with automotive OEMs also help improve production capabilities and market presence.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it