The overall micro battery market is projected to raise from USD 128 million in 2019 to USD 631 million by 2025, at a CAGR of 30.4% between 2019 and 2025. The growth of this market will be driven by growth in the implementation of wearable devices, inherent benefits of micro batteries, need for compact batteries in medical devices, and increasing demand for thin and flexible batteries in IoT devices.
The market for the wearable devices application is expected to witness the highest CAGR during the forecast period. The increasing demand for intelligent smartwatches and fitness bands has assumed increase to the development of innovative product designs and the adoption of related components that are compact and flexible in nature. Most of the wearable devices need 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 wearable devices. 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, and increased life cycle.
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APAC accounts for largest market size during forecast period
APAC held the major share of the micro battery market in 2018, followed by North America and Europe. Major manufacturers of wearable devices and consumer electronics in this area are miniaturizing their product designs, which need micro power sources for compatibility with the miniaturized designs. Also, technology progressions 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 fueling the market growth of micro batteries in the APAC region.
Cymbet Corporation (US), STMicroelectronics N.V. (Switzerland), Samsung SDI Co., Ltd. (South Korea), Enfucell Oy Ltd. (Finland), BrightVolt Inc. (US), Power Paper Ltd. (Israel), ProLogium Technology Co., Ltd. (Taiwan), Front Edge Technology, Inc. (US), PolyPlus Battery Co. Inc. (US), Panasonic Corporation (Japan), TDK Corporation (Japan), Blue Spark Technologies, Inc. (US), NEC Energy Solutions Inc. (US), Jenax Inc. (South Korea), Ultralife Corporation (US), and Molex (US) are some of the major players operating in this market.
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