Solid-state and Polymer Batteries Market - Global Solid-State and Polymer Batteries Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2023-2030 - (By Type Coverage, By Rechargeability Coverage, By Capacity Coverage, By Applica

Solid-state and Polymer Batteries Market - Global Solid-State and Polymer Batteries Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2023-2030 - (By Type Coverage, By Rechargeability Coverage, By Capacity Coverage, By Application Coverage, By Geographic Coverage and Leading Companies)

Solid-State and Polymer Batteries Market Set for Remarkable Growth, Projected to Reach US$1.5 Billion by 2030 with a CAGR of 35%

The global solid-state and polymer batteries market are poised for substantial growth, with an anticipated CAGR of 35% from 2023 to 2030. The market value is expected to surge, reaching approximately US$1.5 billion by the end of 2030.

Solid-State and Polymer Batteries Revolutionize Energy Storage
Solid-state batteries, which differ from traditional lithium-ion or lithium-polymer batteries by employing solid electrodes and electrolytes rather than liquid or polymer electrolytes, are gaining traction in the market. These batteries offer several advantages, including higher energy density, lower flammability, and enhanced electrochemical stability. Compared to conventional batteries, solid-state batteries are smaller, less expensive, and find applications in various sectors, including wearables, pacemakers, and radio-frequency identification (RFID) devices.

Key Findings from the Report
• The solid-state and polymer batteries market are poised for significant revenue expansion by 2030.
• Factors driving this market's growth include increased demand for solid-state batteries in electric vehicles and substantial research and development efforts by major corporations.
• Demand for single-cell batteries remains high in the solid-state and polymer batteries market.
• The primary battery category held the highest market revenue share in 2022.
• The category between 20 mAh and 500 mAh held the highest market revenue share in 2022.
• Electric vehicles dominate the market, with the highest revenue share in 2022.
• Asia Pacific is expected to continue leading the market, with North America experiencing the strongest growth by 2030.

Driving Factors
Longer Shelf-Life Compared to Conventional Batteries
Solid-state batteries offer a promising alternative to the limitations of traditional lithium-ion batteries. They provide a longer lifespan, higher energy density, and support fast charging, all of which contribute to reducing the cost of electric vehicles (EVs).

Silicon, known for its tenfold higher energy density compared to graphite, is a sought-after material for battery anodes. However, it comes with challenges such as rapid expansion and deterioration during charging and discharging. Solid-state batteries are considered more durable, cost-effective, and safer.

One of the promising aspects of solid-state batteries is their use of sodium-ion chemistries, leveraging the abundant and inexpensive nature of sodium compared to lithium. These batteries have the potential to be used in large-scale grid energy storage systems for renewable energy sources, reducing peak demand.

Moreover, solid-state batteries are non-combustible, reducing the risk of thermal runaway and allowing for tighter cell packing, enhancing design flexibility and volumetric density.

Pacing Research and Development (R&D) Activity
Solid-state batteries, despite some challenges like high reactivity, low ionic conductivity, and higher cost, are experiencing rapid demand growth. Companies are developing various solid-state electrolytes using different materials to overcome these limitations.

Notable players in the industry, including Robert Bosch, QuantumScape, Planar Energy Devices, and Toyota Motor, are actively engaged in solid-state battery development. This increased focus by major players is accelerating the adoption of solid-state batteries across industries.

Challenges
Intricate Manufacturing Procedures
The development and manufacturing of solid-state batteries involve intricate techniques and processes. Precise material deposition is required during battery construction, necessitating specialized manufacturing equipment. Solid-state batteries are constructed by arranging electrodes and solid electrolytes in a specific sequence. These solid electrolytes must be impermeable to water to prevent dendrite growth between electrodes.

Gaps between the solid electrolytes can result in short circuits and reduced battery efficiency. Achieving adequate conductivity is crucial to minimizing charge and discharge times and maximizing power output. Manufacturers must invest in ongoing R&D to address the complexity of solid-state battery production.

Overview of Key Segments
Preference for 20 mAh-500 mAh Battery Capacity
The market for solid-state and polymer batteries is primarily dominated by batteries with capacities ranging from 20 mAh to 500 mAh. This segment is expected to drive market growth due to its broad and diverse range of applications.

Electronics such as wearables, miniature wireless sensors, and medical patches are powered by these batteries. Increased R&D and deployment, especially in military applications like base stations and munitions, contribute to the demand for 20-500 mAh batteries.

EVs Contribute Significantly
Electric vehicles (EVs) are expected to dominate the solid-state and polymer batteries market. The adoption of advanced EVs designed to reduce greenhouse gas emissions is driving the popularity of automotive solid-state batteries.

Major automakers, such as Nissan, are investing in all-solid-state batteries to address EV limitations such as price, safety, and range. Solid-state batteries, characterized by their safety, lightweight nature, compact size, affordability, and increased power density, are positioned to play a significant role in the future of EVs.

Growth Opportunities Across Regions
Asia Pacific Spearheads Growth
Asia Pacific is set to lead the solid-state and polymer batteries market due to increasing demand in key economies like China and India. The deployment of electric vehicles and the demand for portable electronic devices are significant drivers of the regional market.

Notably, Beijing Weilan New Energy Technology received substantial funding in 2021 to develop all-solid-state batteries for EVs, highlighting the region's commitment to innovative battery technology.

Europe Develops a Lucrative Market
The European market for solid-state and polymer batteries is expected to exhibit substantial growth, driven by EU funding and government incentives supporting electric vehicle manufacturing. Increased investment in environmentally friendly products and growing demand for solar energy systems and e-bikes contribute to industry expansion.

Competitive Landscape
Leading players in the solid-state and polymer batteries market include Ionic Materials, SES, Toyota, Blue Solutions, Thinfilm, Solid Power, QuantumScape, and Hitachi Zosen. These companies are actively contributing to the development and adoption of solid-state batteries across various industries.

Please note: The PDF e-mail from publisher version of this report is for a global site license. Delivery Timelines - 5 working days.