According to the new market research report “Micro Battery Market with COVID-19 Impact Analysis by Type (Thin-film, Printed, Solid-state Chip, Button Battery), Capacity, Rechargeability, Application (Medical Devices, Consumer Electronics, Smart Packaging) and Geography - Global Forecast to 2026”, the global micro battery market is projected to reach USD 842 million by 2026 from USD 326 million in 2021 at a CAGR of 20.9%. The growth of the micro battery market is driven by factors such as the use of printed flexible batteries in medical devices to treat COVID-19 patients, several advantages offered by micro batteries over traditional batteries, increasing adoption of wearable devices, growing use of micro batteries in medical and electronic devices, and demand for thin and flexible batteries in IoT applications. Moreover, the integration of micro batteries in smart textiles and the rise in the adoption of wireless sensors equipped with micro batteries are expected to offer significant growth opportunities for the micro battery market during the forecast period.
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Driver: Demand for thin and flexible batteries in IoT applications
The Internet of Things (IoT) provides network connectivity with the help of physical objects in which software and sensors are utilized to deliver data and exchange it with other connected devices. With the decreasing requirement of power in semiconductors and IoT applications experiencing rapid growth, many players are looking for flexible form factors to power distributed electronic devices. Applications such as smart cards, sensors, wireless sensor nodes, smart labels, RFID tags, and packaging require flexibility and thinness to exchange data efficiently. IoT uses traditional batteries to supply power to the network. However, in many applications, sensor performance is hampered due to the size of the battery embedded in the device. Thin and flexible batteries, on the other hand, provide services by harvesting energy for the device. These batteries provide a longer shelf time to sensors as they continuously power the sensors. As a result, the use of thin and flexible batteries in IoT is expected to increase, thus boosting the market for micro batteries.
Restraint: Technical inabilities of micro batteries
Though micro batteries have inherent advantages that enable them to outdo conventional batteries in several application areas, they also come with a few disadvantages that are expected to restrain their adoption in some application areas. As these batteries are small, power consumption takes place faster, thus requiring frequent charges to ensure their long-term use. This leads to limiting the potential application areas for micro batteries. Their size also determines their power capacity. Therefore, micro batteries have low energy density. Though they provide various features and specifications, micro batteries, unlike traditional batteries, cannot deliver high power.
The micro battery market for the consumer electronics application is projected to grow at the highest CAGR during the forecast period
The micro battery market for consumer electronics application is projected to grow at the highest CAGR from 2021 to 2026. The increasing demand for intelligent and 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. Most wearable devices require batteries that have a high capacity, can be recharged at a fast rate, and are long-lasting. These requirements are opening doors for the applications of micro batteries in consumer electronic devices. Moreover, as consumer electronic devices such as smartwatches, fitness bands, and smart glasses are gaining rapid attention from end users, micro batteries are anticipated to witness growing demand in this application.
APAC to be the fastest-growing market for micro batteries during the forecast period
The market in APAC is projected to grow at the highest CAGR from 2021 to 2026. 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 the adoption of medical devices, mainly pacemakers, drug delivery systems and medical patches, which require lightweight, flexible, and safe power sources, are fuelling the growth of micro batteries in the APAC region.
The key players operating in the micro battery market include Blue Spark Technologies (US); Cymbet Corporation (US); Enfucell Oy (Finland); Front Edge Technology, Inc. (US); Molex (US); Panasonic Corporation (Japan); Shenzhen Grepow Battery Co., Ltd. (China); TDK Corporation (Japan); Ultralife Corporation (US); VARTA AG (Germany); Murata Manufacturing Co., Ltd. (Japan); Seiko Instruments (Japan); Maxell Holdings, Ltd. (Japan); Renata SA (Switzerland); and Duracell Inc. (US).
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