Global Solid State Battery Market Expected to Reach $260.52 Million by 2028 | Business Intelligence Insights (BII)

As per Business Intelligence Insights (BII) study, the Global Solid State Battery Market attained revenue growth of USD 49.70 million in 2021 and it is projected to reach around USD 260.52 million by 2028, growing at a 31.80 % CAGR.

Market Dynamics :

Solid state batteries' expanding application scope in the healthcare, electric vehicle, and drone sectors, as well as the incorporation of flexible and lightweight batteries in wearable devices, will exacerbate market value, as will solid state batteries' longer shelf life when compared to conventional batteries. Solid-state batteries have a higher energy density, a solid structure, superior stability, and are safer than lithium-ion batteries. However, they have several drawbacks, including low ionic conductivity, high reactivity, and a high total cost. Different solid-state electrolytes (SSEs) made of various materials can be used to overcome these constraints.

When compared to traditional Li-ion batteries with liquid electrolytes, solid-state batteries are safer, more stable, and have higher energy densities. Consumer electronics, electric vehicles, energy harvesting, medical devices, smart cards, and wireless communication are just a few of the uses. The money produced from the sale of commercialised solid-state batteries was used to examine the global market. In addition, investment from industry behemoths like Apple, Samsung, Volkswagen, and BMW was examined in order to arrive at the figures.

Revenue-generating Segment Highlights :

By Type

Single-cell Battery
Multi-cell Battery

By Rechargeability

Primary Battery
Secondary Battery

By Capacity

Below 20 mAh,
Between 20 mAh and 500 mAh
Above 500 mAh

By Application

Consumer Electronics
Electric Vehicles
Energy Harvesting
Medical Devices
Packaging
Wireless Sensors
Others

By Region

North America

o U.S.

o Canada

Europe

o Germany

o U.K.

o France

o Italy

o Spain

o Rest of Europe

Asia Pacific

o China

o India

o Japan

o Rest of Asia Pacific

Latin America

o Brazil

o Mexico

o Rest of Latin America

Middle East and Africa

o UAE

o South Africa

Rest of Middle East and Africa (MEA)

Key Highlights of the Report :

Below 20 mAh as a capacity dominated the Solid State Battery market in 2021, accounting for more than 40% of the total. Packaging, wireless sensors, medical and cosmetic patches, and other low-drain devices frequently use thin-film batteries with capacities of less than 20 mAh. Because these low-drain gadgets are compact and have limited internal space, they do not require huge batteries.
Consumer electronics, electric vehicles, energy harvesting, medical devices, packaging, wireless sensors, and other applications can all benefit from solid state batteries. In 2021, medical devices are the most common application mode for solid state batteries around the world. The battery in medical devices accounts for more than 25% of the market. Multiple manufacturers currently produce and market solid-state batteries for use in medical devices such as temperature sensors, pacemakers, and smart patches. As a result of technology advancements and the rapid acceptance of IoT in the medical field, high-capacity battery-powered medical devices are now conceivable. Solid-state batteries, with their small size and high flexibility, can meet all of these requirements in novel pacemakers, medicine delivery systems, medical patches, medical diagnosis sensors, disposable medical devices, and biosensors. Medical devices will account for a substantial share of the solid-state battery business as a result of the expanding use of solid-state batteries in medical equipment.
Europe is likely to increase at the quickest rate during the forecast period. In Europe, the solid-state battery industry's key uses include packaging, consumer electronics, electric vehicles, and medical devices. Next-generation flexible devices are being developed by companies such as Robert Bosch (Germany), Ilika (UK), and Blue Solutions (France). These devices require power sources that are not only tiny but also have a high power density to compliment the product design; thin-film batteries meet these requirements. According to the European Commission, Europe has surpassed China as the biggest market for electric vehicles (International Energy Agency). The United Kingdom, Germany, France, and the rest of Europe are all part of the European solid-state battery market.
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Global Solid State Battery Market: Companies Mentioned