Solid State Battery Market Size, Share & Trends Report

Solid State Battery Market Size, Share & Trends Analysis Report By Application (Energy Harvesting, EVs), By Battery Type (Thin Film, Portable Batteries), By Capacity (Below 20 mAh, Above 500 mAh), And Segment Forecasts, 2020 - 2027

  • Published Date: Aug, 2020
  • Base Year for Estimate: 2019
  • Report ID: GVR-4-68039-000-4
  • Format: Electronic (PDF)
  • Historical Data: 2016 - 2018
  • Number of Pages: 100

Report Overview

The global solid state battery market size was valued at USD 32.9 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 13% from 2020 to 2027. Rising demand for solid-state batteries among end-use sectors along with the rising research and development activities focused on commercializing the battery cost are expected to propel the market growth over the forecast period. The growing adoption of electronic gadgets, the increasing utility of battery energy storage systems, and the rising deployment of electric vehicles are among the key factors driving the industry. These batteries offer higher energy density, low flammability, and higher electrochemical stability when compared to conventional batteries, thereby enhancing their commercial market value.

China solid-state battery market size

China dominates the global market on account of the bulk manufacturing of batteries and the presence of major market players across the country. Vehicle manufacturers in China, such as Nio, Enovate, and Weltmeister, are focusing on the commercial development of solid-state batteries that can be used in the transportation sector. Moreover, the Chinese government is providing heavy funding to battery production projects, thereby driving the market growth across the country.

Strategic partnerships among leading industry players are expected to further boost the product demand across several end-use segments. For instance, in February 2020, Panasonic Corp. and Toyota Motor Corp. announced a joint venture named Prime Planet Energy & Solutions, Inc. that will focus on the development, manufacturing, and marketing of solid-state batteries in the automotive sector.

High costs associated with the initial stage development of solid-state batteries are expected to hinder the commercial viability of the product. In addition, the growing impact of the COVID-19 pandemic on the market supply chain is expected to further impede market growth. Battery pack manufacturers, electrode material producers, raw material suppliers, and others have suffered a major setback and are estimated to take a significant amount of time to recover.

Application Insights

Consumer & portable electronics segment occupied the largest market share of over 18% in 2019 owing to the high demand for portable electronic devices in various end-use segments. Rapid urbanization along with rising discretionary expenditures are expected to result in higher purchasing of electronic devices including smartphones, laptops, media players, gaming consoles, and others. This trend is anticipated to stimulate segment growth over the forecast period.

The electric vehicles segment is anticipated to occupy the leading position in the market, in terms of revenue share, by 2027 owing to the rising deployment of clean energy-powered vehicles across major economies of the world. Technological advancements in batteries along with the presence of favorable regulatory policies encouraging the adoption of electric vehicles is expected to boost the segment growth.

The Wearable & medical devices segment accounted for a significant market share and is anticipated to witness a prominent growth over the forecast period. Rising demand for small energy storage sources and wearable electronics is projected to favor the segment growth. Moreover, innovations in medical technology are likely to maximize the penetration rate of wearable batteries.

Capacity Insights

Below the 20 mAh segment is anticipated to register the fastest CAGR of over 18% during the forecast period. The batteries that fall under this category are majorly thin-film batteries that cater to a wide application base including cosmetic and medical patches, wireless sensors, packaging, and others. Limited internal space, compact size, and usage across low drain devices that do not require large battery capacity are among the key factors bolstering the demand for batteries below 20 mAh of capacity.

The above 500mAh segment dominated the market in 2019 owing to the increased usage of solid-state batteries in the electric vehicles market. Government policies favoring the deployment of clean energy transportation is driving the current segment demand. In addition, growing demand for battery energy storage systems across commercial and industrial sectors further augments the segment growth.

Battery Type Insights

The thin-film battery segment is expected to register the highest CAGR of over 13% from 220 to 2027 owing to the wide application base. These batteries are mainly used in IoT and wearable devices, such as fitness bands, smart clothing, and smartwatches, due to their efficient recharging rate and compact design. Unlike conventional batteries, thin-film batteries have a minimum environmental impact, thereby augmenting the industry growth over the forecast period.

Global solid-state battery market share

The portable type segment occupied the largest market share in 2019 owing to the increasing demand for portable electronic devices, such as mobile phones, calculators, laptops, watches, calculators, and others. Moreover, a growing number of wireless devices in medical applications, such as diagnostic monitoring patches and hearing aids, are projected to augment segment growth.

Regional Insights

Asia Pacific accounted for the largest share of 33.0% in 2019 owing to the high demand for solid-state batteries across major economies, such as China and India. Ongoing strategic deployment of electric vehicles across these nations along with the growing demand for portable electronic devices is expected to enhance the regional market growth over the forecast period.

Europe occupied the second-largest market share in 2019 and is anticipated to retain its market position over the forecast period. The growth can be attributed to the strict implementation of favorable regulatory policies regarding the deployment of battery energy storage systems and electric vehicles across the region. In addition, the European Commission funding aimed at battery-specific R&D projects is expected to further boost the regional market growth.

North America is projected to attain significant growth over the forecast period, with the U.S. being the major contributor to regional growth. High investments in R&D activities along with the government funding aimed at deploying electric vehicles across the country are expected to stimulate the industry growth in the U.S. Moreover, technological advancements in consumer and portable electronics are expected to have a positive impact on the product demand.

Key Companies & Market Share Insights

Market players are investing in research and development activities to enhance the technical aspects of solid-state cells and modules that offer lower battery cost, longer life, and better performance when compared to conventional batteries. Industry participants have undertaken several strategic initiatives, such as offering diversified product range, joint ventures, collaborations, and mergers and acquisitions. These strategies enable companies to enhance their foothold in the global market. Some of the prominent players in the solid state battery market include:

  • Samsung SDI Co. Ltd.

  • Solvay

  • Cymbet

  • Robert Bosch GmbH

  • Saft

Solid State Battery Market Report Scope

Report Attribute

Details

Market size value in 2020

USD 34.2 billion

Revenue forecast in 2027

USD 87.5 billion

Growth Rate

CAGR of 13% from 2020 to 2027

Base year for estimation

2019

Historical data

2016 - 2018

Forecast period

2020 - 2027

Quantitative units

Revenue in USD billion and CAGR from 2020 to 2027

Report coverage

Revenue forecast, company ranking, competitive landscape, growth factors, and trends

Segments covered

Application, capacity, battery type, region

Regional scope

North America; Europe; Asia Pacific; Central & South America; MEA

Country scope

The U.S.; Canada; Mexico; Germany; Russia; The U.K.; Spain; Italy; France; China; Japan; South Korea; India; Australia; Brazil; Colombia; Paraguay; Saudi Arabia; UAE; South Africa; Egypt

Key companies profiled

Samsung SDI Co. Ltd.; Solvay; Cymbet; Pathion Inc.; Robert Bosch GmbH; Saft; Excellatron Solid-state; Toyota Motor; BrightVolt; Solid Power

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Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2027. For the purpose of this study, Grand View Research has segmented the global solid state battery market report on the basis of application, capacity, battery type, and region:

  • Application Outlook (Revenue, USD Billion, 2016 - 2027)

    • Consumer & Portable Electronics

    • Electric Vehicles

    • Energy Harvesting

    • Wearable & Medical Devices

    • Others

  • Capacity Outlook (Revenue, USD Billion, 2016 - 2027)

    • Below 20mAh

    • 20mAh-500mAh

    • Above 500mAh

  • Battery Type Outlook (Revenue, USD Billion, 2016 - 2027)

    • Thin Film

    • Portable

  • Regional Outlook (Revenue, USD Billion, 2016 - 2027)

    • North America

      • The U.S.

      • Canada

      • Mexico

    • Europe

      • Germany

      • Russia

      • The U.K.

      • Spain

      • Italy

      • France

    • Asia Pacific

      • China

      • Japan

      • South Korea

      • India

      • Australia

    • Central & South America

      • Brazil

      • Colombia

      • Paraguay

    • Middle East & Africa

      • Saudi Arabia

      • UAE

      • South Africa

      • Egypt

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