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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The market for solid-state chip battery to grow at the highest CAGR from 2021 to 2026
The development of solid-state chip batteries as a replacement for conventional lithium-ion batteries is currently underway in the global micro battery industry. These batteries possess superior safety, longer lifespan, and high reliability as it uses non-flammable, stable, and solid electrolyte materials instead of a liquid. This eliminates the risk of fire and leakage. With the advent of IoT, almost everything is connected to the internet. Battery performance has become one of the essential factors to consider while designing electronic devices in addition to compactness and communication capabilities. Lithium-ion batteries that have high energy density are commonly used today in electronic devices such as electric bikes, drones, and communication devices. However, as these batteries are made up of a flammable, organic solvent electrolyte, they carry a risk of leakage and fire. This has created a need for safer power and more reliable solid-state batteries containing non-flammable and safe electrolyte materials among the IoT device makers. This is expected to drive the demand for solid-state chip batteries over the forecast period.
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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