8-Billion Dollar Market Opportunity Enabled by Solid-State Batteries
Mar 09, 2023 Dr Xiaoxi He
Solid-state battery, one of the most promising next-generation battery technologies, has the potential to reshuffle the global battery supply chain, and a US$8 billion-market-size opportunity is potentially waiting for solid-state batteries, according to IDTechEx's report "Solid-State and Polymer Batteries 2023-2033: Technology, Forecasts, Players".
The market demand for solid-state batteries mainly comes from electric vehicles, although energy storage systems and consumer electronics such as smartphones, tablets, and laptops are also its target markets, and the latter may come true earlier. Decarbonization requirements drive the movement of electrification, leaving huge market opportunities for electric vehicles.
Solid-state battery addressable market. Source: IDTechEx
Although lithium-ion technology has been dominating the market for about a decade and is very mature, with tera wat hours of lithium-ion batteries being manufactured, due to the performance limitation, environmental concerns, and supply chain security, next-generation battery technologies are still being explored. Among them, solid-state batteries have attracted tremendous attention in the electric vehicle sectors, with most automotive OEMs partnering or investing in solid-state battery technologies.
Conventional lithium-ion battery manufacturing has been dominated by East Asia, with Japan, China, and South Korea playing a significant role. US and European countries are competing in the race, shifting the added values away from East Asia and building battery manufacturing close to the application market. New material/component selection and changes in manufacturing procedures indicate a reshuffle of the battery supply chain. From both technology and business point of view, the development of solid-state batteries has become part of the next-generation battery strategy. It has become a global game with regional interests and governmental support. Opportunities will be available with new materials, components, systems, manufacturing methods, and know-how.
IDTechEx has launched the report "Solid-State and Polymer Batteries 2023-2033: Technology, Forecasts, Players", offering technology benchmarking and analysis, market estimation and forecast, player activity tracking and evaluation, and supply chain establishment and security.
Key takeaways from this report:
- Overview of lithium-ion batteries, various solid-state battery technologies, analysis and benchmarking
- Technology and manufacturing timelines, roadmaps
- Manufacturing methods
- Market analysis and forecasts
- Cost and energy density analysis
- Solid-state battery hype vs hope analysis
- Player activity tracking & evaluation
- Supply chain analysis
- Regulations and recycling
For further understanding of the markets, players, technologies, opportunities and challenges, please refer to IDTechEx's report "Solid-State and Polymer Batteries 2023-2033: Technology, Forecasts, Players" for more information.