Micro batteries are flexible, lightweight, and compact in size. They can be cut, rolled, and customized into different shapes and sizes to complement the shape of the product in which they are to be used, without any loss of efficiency.
The miniaturization of electronic devices in various industries has given rise to the demand for micro batteries. Micro batteries are also less expensive as compared to conventional batteries. Smart cards, wearable devices, consumer electronics, wireless communications, and medical devices are some of the emerging applications for the micro battery market.
The micro battery market was valued at USD 128 million in 2019 and is expected to reach USD 631 million by 2025, at a CAGR of 30.4% between 2019 and 2025. Factors such as growth in the adoption of wearable devices, inherent advantages of micro batteries, need for compact batteries in medical devices, and increasing demand for thin and flexible batteries in IoT devices are driving the growth of the micro battery market.
The thin film battery market is expected to witness significant growth during the forecast period. Thin film batteries are widely used in applications such as smart packaging, smart cards, wearable devices, and medical devices. The trend of miniaturization in products used in these applications has increased the demand for thin film batteries, thus driving the growth of the thin film battery market significantly.
Secondary or rechargeable batteries with long lifespan are used in wearable devices, medical devices, wireless sensor nodes, and consumer electronics, among others. With the advancement in technologies used in wearable devices and medical devices, manufacturers are continuously making efforts to come up with innovative designs suitable for their devices. This, in turn, is increasing the need for flexible and high-capacity rechargeable batteries that can last long. Therefore, the demand for secondary micro batteries in the aforementioned applications is high and is expected to increase rapidly during the forecast period.
The market for wearable devices application is expected to witness the highest CAGR from 2019 to 2025. The increasing demand for intelligent smartwatches and fitness bands has given rise to the development of innovative product designs and the adoption of related components that are compact and flexible in nature. Incorporating micro batteries not only makes the devices lightweight but also meets the other critical requirements of the devices, such as energy density, power capacity, increased life cycle. Moreover, as wearable devices such as smartwatches, fitness bands, and smart glasses are gaining rapid attention from end users, micro batteries are anticipated to have a growing demand in this application.
The micro battery market in APAC is expected to grow at the highest CAGR during the forecast period. Major manufacturers of wearable devices and consumer electronics in this region are miniaturizing their product designs, which require micro power sources for compatibility with the miniaturized designs. Also, technology advancements in smart packaging (such as the use of printed RFID tags and smart labels in packages), as well as adoption of medical devices, mainly pacemakers, drug delivery systems, and medical patches, which require lightweight, flexible, and safe power sources, are fueling the market growth of micro batteries in the APAC region. Key players in the micro battery market are engaging in strategic partnerships and collaborations with potential end-user in the region, as well as innovating and developing their micro batteries based on the requirement of the aforementioned applications.
About MarketsandMarkets™
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
Contact:
Mr. Shelly Singh
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
Mr. Shelly Singh
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
No comments:
Post a Comment