Solid State Battery Market Size By Product (Portable, Thin-Film), By Capacity (Below 20 mAh, 20 - 500 mAh, Above 500 mAh), By Application (Industrial, Automotive, Consumer Electronics, Energy Storage), COVID-19 Impact Analysis, Regional Outlook, Growth Po

Solid State Battery Market Size By Product (Portable, Thin-Film), By Capacity (Below 20 mAh, 20 - 500 mAh, Above 500 mAh), By Application (Industrial, Automotive, Consumer Electronics, Energy Storage), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2023 - 2032

Solid State Battery Market is anticipated to demonstrate a positive trajectory from 2023 to 2032, impelled by the rising trend toward EVs. Electric vehicles have witnessed a significant surge over the past few years owing to the ambitious targets set toward lowering the vehicles’ emissions. Supportive policies and increasing investment in electric vehicles have contributed toward reducing global consumer barriers.

Solid-state batteries deliver 2.5 times more energy density as compared to lithium-ion batteries. Besides, they are comparatively more durable, safer, reliable, less expensive, lighter in weight, and compact in nature. The solid electrolyte used in solid-state batteries is non-flammable, making them less prone to catch fire.

Overall, the solid-state battery industry is segmented in terms of product, capacity, application, and region.

Based on the product, the thin-film product segment is slated to grow considerably during 2023-2032. These batteries offer high-power density and safety and are durable. Product usage across various applications, including radio frequency identification tags, smart cards, renewable energy storage devices, portable electronics, neural stimulators, pacemakers, defibrillators, and wireless sensors anticipated to increase their penetration through the estimated timeframe.

By capacity, the above 500 mAh segment will gain prominence globally owing to the constant investments by private players toward commercializing these batteries for electric vehicles.

In addition, mounting investments toward sustainable energy technologies have offered a substantial boom to the energy storage industry, with several key players opting for new and advanced battery technology for energy storage.

Considering the application, the industrial segment will exhibit over 32% by 2032. Increasing deployment of solid-state batteries across the military, medical, and marine industries will support the segmental expansion. The wide application of such batteries across WBAN, pacemakers, implantable devices, smart lenses, and other medical purposes will influence the solid-state battery demand in the ensuing years.

Constant technological advancements have enhanced utilization across military base stations, vehicles, and other operations. Furthermore, the rising demand for safe, efficient, and bulk energy storage systems across the manufacturing, chemical, and food & beverage industry will propel the industry growth over the forecast timeframe.

Regionally, the Europe solid-state battery industry will record substantial growth through 2032. Increasing regional investment in developing medical facilities and related equipment in hospitals, clinics, and other infrastructure will bolster the industry outlook. Besides, supportive policies to encourage the adoption of renewable energy systems will stimulate product demand across energy storage applications in the region.