The rise in adoption of sustainable energy solutions and the surge in demand for high-performance and safe energy storage systems are synergistically driving the demand for solid-state lithium batteries. As the global energy sector increasingly prioritizes environmental stewardship, there is a growing need for alternatives to traditional batteries with high environmental impacts, such as conventional lithium-ion batteries.
WILMINGTON, Del., Sept. 18, 2024 /PRNewswire/ -- Allied Market Research published a report, titled, "Solid-State Lithium Battery Market by Manufacturing Type (Thin-Film Battery, Bulk Battery and Others), and Application (Consumer Electronics and Electric Vehicles (EVs), Energy Storage Systems, Medical Devices, and Others): Global Opportunity Analysis and Industry Forecast, 2024-2030". According to the report, the solid-state lithium battery market was valued at $0.4 billion in 2023, and is estimated to reach $1.3 billion by 2030, growing at a CAGR of 18.2% from 2024 to 2030.
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Prime determinants of growth
Solid-state lithium batteries have the potential to achieve higher energy densities compared to conventional lithium-ion batteries, owing to their ability to utilize metallic lithium as the anode material. This increased energy density translates to longer battery life and extended operating ranges for electric vehicles, as well as longer runtimes for portable electronics, addressing the growing demand for more efficient and long-lasting battery solutions.
The higher energy density of solid-state lithium batteries also results in improved overall performance. Electric vehicles equipped with solid-state lithium batteries can achieve longer driving ranges on a single charge, reducing the need for frequent recharging, and improving the overall efficiency of the vehicle. Similarly, portable electronics powered by solid-state lithium batteries can operate for longer durations between charges, enhancing user convenience and satisfaction.
Report coverage & details:
Report Coverage | Details |
Forecast Period | 2024-2030 |
Base Year | 2023 |
Market Size in 2023 | $0.4 billion |
Market Size in 2030 | $1.3 billion |
CAGR | 18.2 % |
No. of Pages in Report | 340 |
Segments Covered | Manufacturing Type, Application, and Region. |
Drivers | Technological Innovations. Market demand from EVs and renewable energy Integration. |
Opportunity | Electric vehicle market expansion. |
Restraint | Manufacturing complexity. |
The thin-film segment is expected to experience the fastest growth throughout the forecast period.
By manufacturing type, the thin-film segment held the highest market share in 2023 and is estimated to maintain its leadership status throughout the forecast period. Thin-film batteries are characterized by their small size, light weight, and high flexibility. These features allow them to be integrated into compact and portable devices, making them ideal for use in consumer electronics such as smartphones, wearables, and other portable gadgets.
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The electric vehicles (EVs) segment is expected to experience the fastest growth throughout the forecast period.
Based on application, the electric vehicles (EVs) segment held the highest market share in 2023 and is estimated to dominate during the forecast period. The electric vehicle (EV) segment is the dominant force in the solid-state lithium battery market, driven by the critical need for higher energy density, improved safety, and longer lifespan in battery technology. Automakers are increasingly adopting solid-state batteries to meet stringent regulatory standards and consumer demand for longer-range and safer electric vehicles as the global push for sustainable and clean energy intensifies.
Asia-Pacific is expected to grow at fastest CAGR throughout the forecast period
Based on region, Asia-Pacific was the fastest growing region in terms of revenue in 2023. Asia-Pacific fuels the growth of the solid-state lithium battery market. Governments across the region are implementing stringent emission regulations and offering incentives to promote the adoption of EVs, leading to a surge in demand for high-performance batteries. Solid-state lithium batteries, with their higher energy densities and enhanced safety profiles, are well-suited to meet the requirements of EV manufacturers and consumers alike, propelling market dominance in the region.
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Leading Market Players: -
- Solid Power Inc.
- SAMSUNG SDI CO., LTD.
- Blue Solutions.
- Ilika
- Toyota
- SES AI Corporation
- Hitachi Zosen Corporation
- Johnson Energy Storage, Inc.
- QuantumScape Battery, Inc.
- Excellatron
The report provides a detailed analysis of these key players in the global solid-state lithium battery market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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