Solid State Battery Market Size By Product (Thin Film, Bulk Storage), By Application (Industrial, Automotive, Consumer Electronics, Energy Storage), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2019 – 2025

Industry Trends

Solid State Battery Market size exceeded USD 100 million in 2018 and is projected to expand at over 40% CAGR from 2019 to 2025. Increasing usage of sustainable energy technologies coupled with growing demand for energy storage systems will drive the market growth.
 

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Extensive research and development activities toward commercialization of batteries by leading companies will further complement the market expansion. Declining cost of electric vehicles along with rising purchasing power of consumers will boost the market progression. Moreover, implementation of strict government regulations toward carbon emissions across transportation sector will spur the industry demand.
 

Rapid technological advancement coupled with ongoing innovations toward product design and development to be used across applications including consumer electronics and bulk energy storage systems will augment the industry growth. Accelerating investments pertaining to the adoption of electric vehicles will provide immense opportunities to leading industry players for inorganic growth ventures and extensive R&D activities.
 

Market, by Product

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Thin film solid state battery market is predicted to observe a 40% growth rate through 2025 due to the growing demand for smart cards, medical implantable devices, RFID and other wearable devices. These are small size batteries with components fabricated from a wide range of patterning and deposition technologies which are compatible with microelectronic fabrication technique.
 

The bulk storage sector will register notable growth is owing to the increasing investments across various industries including military, medical and small-scale manufacturing sectors. Ongoing advancement in technology and materials have led to the development of these units for large scale energy storage. Furthermore, the growing product adoption as a substitute to conventional systems attributed to its large operating cycle, non-volatile, efficiency, non-flammable and high conductivity will surge the industry expansion.
 

Market, by Application

Automotive application is set to witness a rapid growth on account of the introduction of various incentives and subsides launched by respective government authorities. Growing focus toward zero emission vehicles along with robust investments toward development of electric vehicles will fuel the market value. Additionally, rising demand for personal mobility coupled with technological advancement toward commercialization of the product will foster the industry value.
 

Industrial application held 25% of revenue share in 2018 led by the ongoing acceptance of units across medical, military and marine. These batteries are being widely used in pacemakers, smart lenses, Wireless Body Area Network (WBAN), implantable devices and for various other medical purposes. Furthermore, the continuous technological advancement has led to their increasing use in military vehicles, remote military base stations and other military operations.
 

Market, by Region

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China solid state battery market is estimated to showcase substantial gains driven by the ongoing development & expansion of automotive manufacturing sector including electric and hybrid vehicles coupled with strong economic growth. Increasing government backed funding programs toward development of safer, reliable and efficient battery technologies will accelerate the market revenue.
 

The U.S. market is anticipated to reach USD 800 million by 2025. Paradigm shift toward deployment of sustainable energy technologies along with growing use of product across smart cards, RFID’s and other wearable devices will positively influence the business outlook. However, rising utilization of energy storage systems with various clean energy sources will impel the industry revenue.
 

Europe market is expected to grow significantly propelled by the favourable regulatory policies pertaining to the development of industrial sector coupled with ongoing usage of electric vehicles across the nations. In addition, growing investments toward development of renewable energy sector will enhance the market demand.
 

Competitive Market Share

Prominent players operating across the market are Cymbet, BrightVolt, Excellatron, Solid Power, Ilika, Prieto Battery, Hitachi Zosen, Robert Bosch, Planner Energy, STMicroelectronics, Toyota, Altair Nanotechnologies, QuantumScape, Front Edge, 24M Technologies. These industry leaders are extensively focusing toward research & development activities and product innovations to commercialize the batteries for large scale utilization. Moreover, technological collaborations with electric vehicle manufacturing companies have been a key strategic implication to remain competitive by the leading market participants.
 

Market research report on solid state battery includes in-depth coverage of the industry with estimates & forecast in terms of USD from 2014 to 2025, for the following segments:

Market by Product

• Thin film
• Bulk storage
• Others

Market by Application

• Industrial
• Automotive
• Consumer Electronics
• Energy Storage
• Others

The above information is provided on a regional & country basis for the following:

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Austria
  • Sweden
• Asia Pacific
  • China
  • Japan
  • Australia
  • South Korea
  • India
• Rest of World
  • Brazil
  • Saudi Arabia
  • UAE