Solid State Battery Market Growth & Trends

The global solid state battery market size is expected to reach USD 87.5 billion by 2027, escalating at a CAGR of 13% over the forecast period, according to a new report by Grand View Research, Inc. Growing demand for solid-state batteries across end-use markets along with rising R&D focused on developing advanced batteries is likely to drive the market growth over the forecast period.

The market is also driven by the rising deployment of Electric Vehicles (EVs), increasing utility of battery energy storage systems, and the growing adoption of electronic gadgets. Solid-state batteries offer higher electrochemical stability, higher energy density, and low flammability as compared to conventional batteries. These characteristics have widened the application base, thereby enhancing the commercial value of solid-state batteries.

Industry participants are following several strategic initiatives, such as partnerships, joint ventures, and mergers and acquisitions, to enhance their foothold in the market. For instance, in April 2019, Ford Motor Company entered into a partnership with Solid Power to design and develop a product for EVs segment of the automotive sector.

High costs associated with the initial-stage product development are anticipated to hamper the market growth over the forecast period. Moreover, the outbreak of the COVID-19 pandemic has severely impacted the market supply chain that includes electrode material producers, raw material suppliers, battery pack manufacturers, and others.

Solid State Battery Market Report Highlights

  • Consumer & portable electronics segment occupied the largest market share in 2019 owing to the high demand for portable electronic devices in various end-use segments
  • The EVs segment occupied the second-largest market share in 2019 owing to the increased deployment of clean energy-powered vehicles across major economies
  • Below 20 mAh capacity segment is anticipated to register the fastest CAGR over the forecast period owing to the wide scope of application in low drain devices that do not require a high battery capacity
  • The thin-film type segment is expected to record the fastest CAGR from 2020 to 2027 owing to the compact design and efficient recharging rate of these products
  • Asia Pacific led the global market in 2019 and will retain the dominant position over the forecast years due to rising deployment of EVs across economies, such as China & India