Attractive Opportunities in the Solid State Battery Market

Solid state batteries are gaining traction in various applications due to their advantages such as high energy density, faster charging, safety advantages, and long shelf life over conventional batteries. The global solid state battery market size is estimated to grow from USD 58 million in 2022 to USD 314million by 2028; it is expected to grow at a CAGR of 32.5% from 2022 to 2028. Rising requirement of solid state batteries in electric vehicles, the increasing trend toward the miniaturization of consumer electronics, and growing R&D activities by major companies are a few of the major factors driving the growth of the market.

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The below 20 mAh segment dominated the market in 2021, in terms of size, and held majority share of the overall market. Batteries that fall under the capacity range of below 20 mAh are mostly thin-film batteries and are widely used in applications such as packaging, wireless sensors, medical & cosmetic patches, and other low drain devices. Being compact and having limited internal space, these low drain devices do not require high-capacity batteries for operation. Increasing demand for solid-state batteries from the applications is expected to drive the market in the near future.

The solid-state battery market for secondary batteries is expected to grow at a higher CAGR during the forecast period. The most used batteries, thin-film and solid-state chip batteries are a type of secondary batteries. Secondary or rechargeable batteries are used in medical devices, electric vehicles, wireless sensors, wearables, and consumer electronics. With advancements in the technologies of wearables and medical devices and the advent of (electric vehicles) EVs, manufacturers have begun to recognize the importance of batteries that offer greater reliability, longer ranges, and are low cost. For the EV market, size and weight are as significant as cycle life. Therefore, the demand for secondary micro batteries is high and is expected to rapidly increase during the forecast period.

Europe is expected to grow at the highest CAGR during the forecast period. Major applications of the solid-state battery market in Europe include packaging, consumer electronics, electric vehicles, and medical devices such as Robert Bosch (Germany) and Ilika (UK), and Blue Solutions (France) are developing the next-generation flexible devices. These devices require power sources that are small and have high power density to complement the product design; thin-film batteries fulfill these requirements. According to (International Energy Agency), Europe has overtaken China and become the main market for electric vehicles. The solid-state battery market in Europe includes regions such as the UK, Germany, France, and the Rest of Europe.