Solid State Battery Market Segmentation:
Application Segment Analysis
The consumer electronics segment is estimated to capture around 40% of the solid state battery market share by the end of 2035. The miniaturization of solid state batteries is resulting in improved performance characteristics in wearable consumer electronic devices. The businesses are innovating to develop advanced power solutions that meet consumer electronics requirements for small and robust systems. For instance, in June 2024, TDK reached a major milestone in solid state battery material by developing a battery with 1,000 Wh/L capacity, which outpaces their existing battery performance by approximately 100 times. This advancement enables the development of lightweight batteries to extend the operational time of smartwatches and wireless earbuds. Such advancements are boosting the deployment of these batteries in small consumer devices as they provide enhanced safety and extended battery duration.
Category Segment Analysis
The multi-cell battery segment is projected to hold 60% share of the solid state battery market through 2035. Companies are upgrading cell designs in multi-layer solid state batteries to improve their performance and extend manufacturing capability. For instance, Ilika Technologies leads the £8 million (USD 9.9 million) Faraday Battery Challenge HISTORY project, launched February 1, 2023, to integrate high-silicon electrodes into its Goliath solid-state EV battery. Ilika secured a £2.8 million grant and partners with UK battery-materials leader Nexeon. The automotive application standardization work required the project to enhance manufacturing processes and material compatibility, which established vital progress toward extensive electric vehicle-scale production. Research into material compatibility and manufacturing process optimization within companies is enabling large-scale solid state battery production that establishes these batteries as a promising automotive energy storage technology for use.
Type Segment Analysis
The portable battery segment is projected to hold a significant share of the solid state battery market through 2035. Mainly because they are widely used in consumer electronics, electric vehicles, and energy storage systems. Portable batteries have compelling performance characteristics, such as high energy density, safety, and long cycle life, that meet the increasing demand for compact and reliable power sources. Government incentives and electric vehicle adoption further enhance large-scale production with portable batteries, which far exceed the applications of thin-film batteries, which have relatively niche usages. Approved in May 2021, the ₹18,100-crore PLI-ACC scheme supports 50 GWh advanced chemistry cell capacity, spurring Indian manufacturers and prompting over ten additional companies to plan cell production units exceeding 100 GWh beyond PLI beneficiaries.
Our in-depth analysis of the solid state battery market includes the following segments:
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