Solid state batteries are gaining traction in various applications due to their advantages such as high energy density, faster charging, safety advantages, and long shelf life over conventional batteries. The global solid state battery market size is estimated to grow from USD 62 million in 2020 to USD 483 million by 2027; it is expected to grow at a CAGR of 34.2% from 2020 to 2027. Rising requirement of solid state batteries in electric vehicles, the increasing trend toward the miniaturization of consumer electronics, and growing R&D activities by major companies are a few of the major factors driving the growth of the market.
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The below 20 mAh segment is expected to dominate the market in 2020 and hold the majority share of the overall market. Batteries that fall under the capacity range of below 20 mAh are mostly thin-film batteries and are widely used in applications such as packaging, wireless sensors, medical & cosmetic patches, and other low-drain devices. Being compact in size and having limited internal space, these low-drain devices do not require high-capacity batteries for operation. The increasing demand for solid state batteries from the aforementioned applications is expected to drive the market in the near future.
The solid state battery market for secondary battery is expected to grow at a higher CAGR during the forecast period. Thin-film and solid-state chip batteries, the most commonly used batteries, are secondary batteries. Rechargeable batteries are used in medical devices, electric vehicles, wireless sensors, and consumer electronics. With advancements in the technologies used in wearables and medical devices, manufacturers are constantly trying to create innovative designs suitable for such devices, such as bendable, flexible, and high-capacity rechargeable batteries that can last long. Therefore, the demand for secondary micro batteries is high and is expected to increase rapidly during the forecast period.
The market in APAC is expected to grow at the highest CAGR during the forecast period owing to the technological advancements in wearable devices and consumer electronics sectors in this region. The major wearable devices and consumer electronics manufacturers based in APAC, such as Samsung (South Korea), LG Electronics (South Korea), and Panasonic (Japan), are developing the next-generation flexible devices. These devices require power sources that are not only small but also have high-power density to complement the product design; these requirements are fulfilled by thin-film batteries.
“Single-cell batteries to hold larger market share in global solid state battery market”
The Single-cell battery segment is expected to lead the solid state battery market during the forecast period. Single-cell batteries—also known as thin-film batteries—have been existing for more than a decade. Single-cell batteries are preferred for use in miniature devices. Manufacturers designing portable products with limited internal space prefer to use micro batteries over conventional batteries to overcome safety concerns and to increase battery life. Thin-film batteries are widely used in applications such as smart packaging, smart cards, wearable devices, and medical devices. The trend of the miniaturization of electronic devices has increased the demand for thin-film solid state batteries, thus propelling the growth of the single-cell battery market significantly.
“Medical devices application to account for largest market size in 2020”
The solid state battery market for medical devices is expected to hold the largest size in 2020. Currently, solid state batteries have been commercialized significantly in the medical devices industry, as several manufacturers are designing and offering solid state batteries to power medical devices, such as temperature sensors, pacemakers, and smart patches. Technological advancements and the penetration of IoT in the medical field have generated opportunities for new battery-powered medical devices. Implantable medical devices, such as neural stimulators, pacemakers, and defibrillators, require batteries that can deliver a steady, reliable power source for a long duration; solid state batteries meet such requirements owing to their reliability and performance.
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