According to the latest research conducted by MarketsandMarkets, the global solid-state battery market size is expected to grow from USD 85 million in 2023 to USD 963 million by 2030, at a CAGR of 41.5%.

The demand for wearable devices is continuously increasing in the consumer electronics and healthcare sectors and the industrial sector. Moreover, the advent of mobile healthcare devices and wireless healthcare monitoring systems has transformed the global healthcare sector. The market for wearable electronics is continuously flourishing with new product launches and developments. These devices require small and compact form factor batteries such as solid-state batteries, and hence, the demand for solid-state batteries is expected to increase in wearable devices.

List of Industry Players in the Solid-State Battery

• Blue Solutions (France)
• Ilika (UK)
• Solid Power (US)
• QuantumScape (US)
• ProLogium Technology Co., Ltd. (Taiwan)
• BrightVolt (US)
• Excellatron (US)
• Sakuu Corporation (US)
• Hitachi Zosen Corporation (Japan)

Attractive Opportunities in the Solid-State Battery Market

• This market's growth can be attributed to increasing investments in the development of solid-state batteries and partnerships between technology providers.
• Electric vehicles and consumer electronics applications are expected to grow at impressive growth rates during the forecast period.
• Agreements and partnerships would offer lucrative opportunities for market players in the next five years.
• The market growth in Asia Pacific is attributed to the huge presence of key consumer electronics, automotive, and battery manufacturers in the region.

Solid-State Battery Market Segmentation

The market for above 500 mAh is projected to grow with a substantial CAGR during the forecast period.

Solid-state batteries with a capacity of above 500 mAh are designed for products and devices with high energy requirements and long battery shelf life. The target audience for these batteries includes electric vehicles and energy harvesting, among others. The use cases require high power sources to improve their functionalities and complement the designs of products. These high-power batteries can last longer on a single charge, which makes them ideal for electric vehicles.

The market for secondary batteries is projected to grow with an impressive CAGR during the forecast period.

Secondary batteries are most suitable for electric vehicles as the complete mechanism of electric vehicles depends on the charging capacity of the battery. Secondary solid-state batteries, having high energy density and charging capabilities, have a huge potential to be employed in electric vehicles. Also, the use of wearable devices and medical devices, such as smartwatches and fitness bands, has increased in recent years, which is expected to drive the market for rechargeable solid-state batteries. Consumer electronic devices also require rechargeable power sources, thus creating an opportunity for market growth.

The Market in Asia Pacific is Projected to Grow with the Highest CAGR from 2023 to 2030.

The market in Asia Pacific has been segmented into China, Japan, India, South Korea, and the Rest of Asia Pacific. The presence of not only developing economies that are witnessing high economic growth but also several consumer electronics and wearable devices manufacturers, such as Panasonic Holdings Corporation (Japan), Sony Corporation (Japan, Samsung (South Korea), and LG Electronics Inc. (South Korea), and the increasing demand for IoT and consumer electronics in countries such as Japan, China, and South Korea are expected to boost the growth of the region significantly and pose huge potential for the solid-state battery market.

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