Solid state batteries are advanced rechargeable batteries that utilize solid electrolytes instead of liquid ones. They offer superior safety characteristics compared to lithium-ion batteries as solid electrolytes are non-flammable and stable at room temperature. Solid state batteries can withstand higher temperatures without risk of fire and explode. They also have a longer shelf life and charging cycles. Being lighter in weight than traditional lithium-ion batteries, solid state batteries allow electric vehicles to travel longer distances on a single charge. Currently sold state batteries are being adopted in consumer electronics and hold promising future in electric vehicles.
The global Solid State Battery Market is estimated to be valued at US$ 1171.44 Bn in 2024 and is expected to exhibit a CAGR of 9.3% over the forecast period 2024 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the solid state battery market is the significant investments and collaborations between automotive companies and solid state battery manufacturers to develop next generation batteries for electric vehicles. For instance, in 2022, Toyota invested $100 million in Pure Energy, a startup focused on developing solid-state batteries for EVs. Furthermore, BMW has invested €20 million in startup Solid Power to develop solid-state technologies suited for automotive applications. Automakers are actively funding R&D in this space to secure next generation battery technologies and gain a competitive edge in electric mobility. Another major trend is the adoption of 3D printing technology for manufacturing solid state batteries at a large scale and reduce costs.
Porter’s Analysis
Threat of new entrants: The solid state battery market requires large investments in R&D which acts as a barrier for new entrants. Existing players have established relationships with OEMs which is also a challenge for new players.
Bargaining power of buyers: The demand for solid state batteries is increasing from various end-use industries like consumer electronics, automotive etc. This gives buyers greater bargaining power to negotiate on price and demand better products.
Bargaining power of suppliers: A few companies dominate the supply of raw materials required for solid state batteries like electrolytes and anodes. This gives them significant bargaining power over battery manufacturers.
Threat of new substitutes: Research is ongoing in developing advanced battery technologies like lithium-air batteries which can potentially replace solid state batteries in the future.
Competitive rivalry: The market is growing rapidly attracting many new players. Companies are investing heavily in R&D to develop better solid state battery designs and gain a competitive edge.
Key Takeaways
The Global Solid State Battery Market Size is expected to witness high growth over the forecast period supported by increasing demand for long battery life and fire-proof batteries from various industries.
Regional analysis: Asia Pacific is expected to dominate the market owing to presence of key battery manufacturers in countries like China, South Korea and Japan. Countries like US and Germany are also likely to capture significant shares supported by ongoing research projects in solid state batteries.
Key players: Key players operating in the solid state battery market are Stallergenes Greer, ALK-Abello A/S, Allergy Therapeutics, Allergopharma, HAL Allergy Group, Aimmune Therapeutics, DBV Technologies, Leti Pharma, and Jubilant HollisterStier. These companies are focusing on developing advanced solid state battery designs through collaborations and investments in R&D.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
