Global Solid-State Battery Market Expected to Surge to $1.7 Billion by 2029, Growing at a 36.7% CAGR

"As electric vehicle adoption surges globally, manufacturers and users grapple with safety, range, and charging limitations. Solid-state batteries (SSBs) emerge as a solution, offering enhanced safety, extended driving ranges, and rapid charging capabilities."

BOSTON, June 19, 2024 /PRNewswire/ -- "According to the latest BCC Research study, the demand for The global market for solid-state batteries is estimated to increase from $274.0 million in 2023 to reach $1.7 billion by 2029, at a compound annual growth rate (CAGR) of 36.7% from 2024 through 2029."

The report analyzes the global solid-state battery (SSB) market, focusing on the products, strategies, and initiatives of leading companies. Using 2023 as the base year, it provides market estimates for 2024 and forecasts through 2029, with a focus on battery electric vehicles (BEVs). The market is segmented by type (bulk, thin film), cell type (single-cell, multi-cell), rechargeability (primary, secondary), capacity (below 20 mAh, 20-500 mAh, above 500 mAh), end-use industry (EVs, industrial, medical, consumer electronics, others), and region (North America, Europe, Asia-Pacific, rest of the world). Revenue projections are in constant U.S. dollars, unadjusted for inflation.

The global solid-state battery market is driven by the following factors:

Demand for Higher Battery Energy Densities: As electronic gadgets become more sophisticated and energy-hungry, there is a growing need for batteries with higher energy densities. Solid-state batteries hold the promise of significantly increased energy storage capacity compared to traditional lithium-ion batteries. This rising demand is driven by applications such as smartphones, laptops, wearables, and electric vehicles (EVs), where longer battery life and smaller form factors are crucial.

SSBs Safer than Lithium-Ion Batteries: Safety concerns associated with lithium-ion batteries have led to increased interest in solid-state alternatives. Solid-state batteries use solid electrolytes instead of the flammable liquid electrolytes found in lithium-ion batteries. The absence of flammable components reduces the risk of fire or explosion, making solid-state batteries a safer option for consumer electronics, EVs, and medical devices.

Improved Medical Device Performance and Safety: Medical devices, including implantable devices like pacemakers and insulin pumps, rely on batteries for power. Solid-state batteries offer advantages such as longer lifespan, stable performance, and improved safety. Their non-flammable nature and resistance to leakage make them ideal for medical applications, ensuring reliable operation and patient safety.

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Report Synopsis 

Key Interesting Facts About The global market for solid-state batteries:

• According to the International Energy Agency, electric car sales increased by 40% in 2023 compared to the previous year.
• Battery electric vehicles (BEVs) accounted for nearly 70% of overall electric car sales in 2023.
• The U.S. government aims to have 50% of all new vehicle registrations be electric vehicles by 2030.
• Blue Solutions, a French solid-state battery (SSB) manufacturer, projects that SSBs will achieve approximately 15% market penetration in the global EV battery market by 2035.

The global market for solid-state batteries worldwide the report includes in-depth data and analysis addressing the following important queries:

1. What is the market's projected market size and growth rate?
   The projected market size in 2029 is $1.7 billion, and the market's CAGR is 36.7% during the forecast period.
   
   
2. What are the key factors driving the growth of the market? 
   • Increasing demand for enhancing the energy density of EV batteries.
   • Enhanced safety compared to Li-ion batteries. 
   • Emerging use cases on medical device applications for improved safety and performance.
     
     
3. What segments are covered in the market?
   • By Battery Type
   • By Cell Type
   • By Rechargeability
   • By Capacity
   • By End Use
     
     
4. By cell type, which segment will dominate the market by the end of 2029?
   The multi-cell battery segment will dominate the market by 2029.
   
   
5. Which region has the highest market share in the market?
   The Asia-Pacific region holds the largest share of the global market.

Some of the Key Market Players Are:

•  AMPCERA
•  BLUESOLUTIONS
•  HITACHI ZOSEN CORP.
•  ILIKA
•  PROLOGIUM TECHNOLOGY CO. LTD.
•  QUANTUMSCAPE CORP.
•  SAMSUNG SDI CO. LTD.
•  SK ON CO. LTD.
•  SOLID POWER INC.
•  TOYOTA MOTOR CORP.

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