“Growing adoption of wearable devices is propelling growth of micro battery market”
The global micro battery market is expected to grow at a CAGR of 30.4% from 2019 to 2025, reaching USD 631 million by 2025 from USD 128 million in 2019. The application areas of wearable devices are growing from consumer electronics and medical devices to wireless communication devices. The market for wearable technology is witnessing increasing product innovation with new product launches and developments. These come in many shapes and forms, and most wearable applications require ultra-thin durable batteries, creating a huge market potential for micro batteries. However, the technical inabilities of micro battery in terms of energy density and capacity, and lack of standardization in the development of these batteries are major factors restraining the micro battery market’s growth.
“Micro battery market to be driven by secondary batteries during forecast period”
The secondary battery segment is expected to hold a significant share of the micro battery market during the forecast period. 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 bendable, 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.
“Printed battery expected to grow at significant CAGR during forecast period”
The printed battery market is expected to witness significant growth during the forecast period. Printed batteries are a newer type of micro batteries. They are mostly built from zinc-based materials. Advantages such as thin size, small form factor, and ability to be disposed of easily have made printed batteries popular in the smart packaging and medical application markets. Recent technological advancements in printed batteries are also expected to fuel their demand.
“Micro battery market in APAC to witness highest growth rate in coming years”
The micro battery market in APAC is expected to grow at the highest CAGR from 2019 to 2025. The market in APAC mainly comprises developing economies, such as China and India, which have a huge potential for the micro battery. Increasing demand for IoT and portable consumer electronic devices in countries such as China, Japan, and South Korea is driving the market for micro battery in APAC. In this region, the popularity of next-generation smart cards is rapidly increasing. This has, in turn, led to the growth in demand for micro batteries to be integrated into the smart cards as power sources. The market for micro battery in APAC is expected to grow due to the demand for smart packaging, wearable devices, and consumer electronics from major countries in this region.
To determine and verify the market size of several segments and subsegments, extensive primary interviews have been conducted with key personalities in the micro battery market. Following is the breakup of the primary participants:
- By Company Type: Tier 1 = 35 %, Tier 2 = 45%, and Tier 3 = 20%
- By Designation: C-Level Executives = 35%, Directors = 25%, and Others = 40%
- By Region: North America = 45%, Europe = 20%, APAC = 30%, and RoW = 5%
The report profiles the key players in the micro battery market and analyzes their market rankings. Some of the prominent players profiled in this report include Cymbet Corporation (US), STMicroelectronics N.V. (Switzerland), Samsung SDI Co., Ltd. (South Korea), Enfucell Oy Ltd. (Finland), BrightVolt Inc. (US), Front Edge Technology, Inc. (US), PolyPlus Battery Co. Inc. (US), TDK Corporation (Japan), Blue Spark Technologies, Inc. (US), Jenax Inc. (South Korea), Ultralife Corporation (US), and Molex (US).
- This research report categorizes the micro battery market based on type, capacity, rechargeability, application, and region.
- The report describes the major drivers, restraints, challenges, and opportunities pertaining to this market, as well as the value chain and market ranking analyses.
Reasons To Buy the Report:
The report would help leaders/new entrants in the micro battery market in the following ways:
- The report segments the micro battery market comprehensively and provides the market size estimation for all subsegments across different regions.
- The report helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.
- The report would help stakeholders understand their competitors better and gain insights to improve their position in the micro battery market.
- The competitive landscape section describes the competitor ecosystem.