Solid-State Lithium-Ion Batteries Market

Solid-State Lithium-Ion Batteries Market Overview

The global Solid-State Lithium-Ion Batteries Market size was valued at XX million in 2023 and is predicted to reach XX million by 2030 with a CAGR of XX % from 2024-2030. Solid-State Lithium-Ion Batteries are rechargeable batteries that use solid electrolytes instead of liquid electrolytes to store energy.

They are considered to be an improvement over traditional Lithium-Ion batteries as they offer higher energy density, longer cycle life, improved safety, and faster charging times. The use of solid-state electrolytes eliminates the risk of leakage and reduces the risk of fire compared to traditional Lithium-Ion batteries, making them a promising technology for a variety of applications, including electric vehicles, wearable devices, and grid storage.

Market Dynamics and Trends

The demand for the solid-state lithium-ion batteries market is increasing due to the growing demand for high energy density batteries in consumer electronics, and energy storage systems. The high energy density of solid-state lithium-ion batteries provides longer run-time compared to traditional lithium-ion batteries, making them an attractive option for applications that require high energy density and long run-time.

Moreover, the increasing demand for electric vehicles is driving the demand for high-performance batteries, including solid-state lithium-ion batteries market. EVs require high-performance batteries with high energy density and long run-time in order to increase their driving range and reduce charging time. Solid-state lithium-ion batteries are considered to be a promising technology for use in EVs, due to their high energy density, improved safety, and stability compared to traditional lithium-ion batteries. According to the International Energy Agency as of May 2022, Sales of electric cars including fully electric and plug-in hybrids doubled in 2021 to a new record of 6.6 million units.

Furthermore, the increasing research and development (R&D) activities for the development of solid-state lithium-Ion batteries is further boosting the growth of the market. For instance, in May 2022, SOLiTHOR raised USD 10.6 million to develop a new solid-state battery cell technology. The R&D aims to develop reliable, economical, and high-energy storage solutions that provide energy density, charging speed, weight, and volume.

However, solid-state batteries are currently more expensive to produce compared to traditional liquid electrolyte batteries. The manufacturing processes involved in creating solid-state batteries, as well as the cost of materials, contribute to their higher production costs, thus restraining the market growth. On the other hand, exploration of novel solid electrolytes and electrode materials to improve performance, safety, and energy density in solid-state lithium-ion batteries are expected to create ample growth opportunities for the market in the future.

Market Segmentation and Scope of Study

The global solid-state lithium-ion batteries market report is segmented on the basis of type, material, capacity, application, and geography. Based on type, the market is classified into thin film batteries, bulk batteries, and other batteries. Based on material, the market is segmented into lithium metal, lithium-sulfur, and lithium-polymer. On the basis of capacity, the market is segmented into less than 20mAh, 20mAh to 500mAh, and above 500mAh. Based on the application, the market is segmented into consumer & portable electronics, electric vehicle, energy harvesting, and wearable & medical devices. Geographical breakdown and analysis of each of the aforesaid classifications include regions comprising of North America, Europe, Asia-Pacific, and RoW.

Geographical Analysis

Asia Pacific dominates the global solid-state lithium-Ion market and is potently expected to remain dominant in the market throughout the forecast period. This is attributed to the growing automotive industry in the region along with China being the largest automotive manufacturer in the world. According to the International Energy Agency as of May 2022, In China, electric car sales nearly tripled in 2021 to 3.3 million, accounting for about half of the global total.

Moreover, factors such as the large population base coupled with the rising demand for IoT and consumer electronics such as tablets, smartphones, and other electronic devices with fast charging in countries including China, Japan, and South Korea, is further boosting the growth of the market.  According to the Indian Ministry of Information and Broadcasting, the number of mobile users reached 1.2 billion in India in 2022.

On the other hand, North America shows substantial growth in solid-state lithium-Ion batteries owing to the booming healthcare industry in countries including the U.S. and Canada. The increasing reliance on portable medical devices, such as wearables, implantable devices, and remote monitoring systems, necessitates advanced energy storage solutions. According to the Center for Medicare and Medicaid Services, the healthcare industry in the U.S. reached 4.3 trillion in 2021.

As healthcare providers and manufacturers focus on developing innovative, patient-centric technologies, the adoption of solid-state lithium-ion batteries becomes instrumental in ensuring reliable and long-lasting power sources for these critical healthcare applications. This synergy between the growing healthcare sector and the advantages of solid-state battery technology is driving the adoption of these batteries across the North American healthcare landscape.

Moreover, the growing demand for electric vehicles along with various government initiatives to promote the adoption of EV’s in the region is significantly fuelling the growth of the market. For instance, in July 2021, the US government passed an infrastructure bill to invest USD 15 billion to promote the usage of EVs and build 500,000 electric vehicle charging outlets. The investment aims to seek auto industry cooperation on anti-pollution rules to curb climate change.

Competitive Landscape

Various market players operating in the solid-state lithium-Ion batteries industry include QuantumScape Battery, Inc., ProLogium Technology CO., Ltd., Solid Power Inc, Ilika, Blue Solutions, BrightVolt, Excellatron Solid State LLC, Poly Plus Battery Co., Prieto Battery, Inc., STMicroelectronics. These market players are adopting various strategies such as innovation and collaboration to maintain their dominance in the global market.

For instance, in December 2022, Solid Power, Inc. partnered with the BMW Group. Under an expanded Joint Development Agreement. Through this partnership, Solid Power has granted the BMW Group a research and development license to Solid Power’s all-solid-state cell design and manufacturing activities at both Solid Power and the BMW Group to further advance the capability of Solid Power’s technology. Moreover, in January 2022, QuantumScape entered into an agreement with Fluence. Through this agreement, the company aimed to develop solid-state lithium-metal battery technology for stationary storage. 

Key Benefits

• The report provides quantitative analysis and estimations of the solid-state lithium-Ion batteries market from 2024 to 2030, which assists in identifying the prevailing market opportunities.

• The study comprises a deep dive analysis of the solid-state lithium-Ion batteries market including the current and future trends to depict prevalent investment pockets in the market.

• Information related to key drivers, restraints, and opportunities and their impact on the solid-state lithium-Ion batteries market is provided in the report. 

• Competitive analysis of the players, along with their market share is provided in the report.

• SWOT analysis and Porters Five Forces model is elaborated in the study.

• Value chain analysis in the market study provides a clear picture of roles of stakeholders.

Solid-State Lithium-Ion Batteries Market Key Segments

• By Type   

  • Thin Film Batteries

  • Bulk Batteries

  • Other Batteries

• By Material

  • Lithium metal

  • Lithium-sulfur

  • Lithium-polymer

• By Capacity 

  • Less than 20mAh

  • 20mAh to 500mAh

  • Above 500mAh

• By Application 

  • Consumer and Portable Electronics

  • Electric Vehicle

  • Energy Harvesting

  • Wearable & Medical Devices

By Geography

• North America

  • The U.S.

  • Canada

  • Mexico

• Europe

  • The UK

  • Germany

  • France        

  • Italy        

  • Spain        

  • Denmark        

  • Netherlands        

  • Finland        

  • Sweden        

  • Norway        

  • Russia        

  • Rest of Europe    

• Asia Pacific

  • China

  • Japan

  • India

  • South Korea

  • Australia

  • Indonesia

  • Singapore

  • Taiwan

  • Thailand

  • Rest of Asia Pacific

• RoW

  • Latin America

  • Middle East

  • Africa

Key Players

• QuantumScape Battery, Inc.

• ProLogium Technology CO., Ltd.

• Solid Power Inc

• Ilika

• Blue Solutions

• BrightVolt

• Excellatron Solid State LLC

• Poly Plus Battery Co.

• Prieto Battery, Inc.

• STMicroelectronics

REPORT SCOPE AND SEGMENTATION: