The new report by Expert Market Research titled, ‘Global Micro Battery Market Growth, Price, Share, Size, Report and Forecast 2023-2028’, gives an in-depth analysis of the global micro battery market, assessing the market based on its segments like type, rechargeability, capacity, application, components, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analyzing the market based on the SWOT and Porter’s Five Forces models.
The key highlights of the report include:
Market Overview (2018-2028)
- Forecast CAGR (2023-2028): 34.1%
- Forecast Market Size (2028): USD 2038 Million
The micro battery industry is expanding as a result of reasons such as micro batteries’ intrinsic benefits, the increased adoption of wearable devices, the requirement for compact batteries in medical equipment, and the demand for thin and flexible batteries in IoT devices.
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Micro batteries have drawbacks, such as reduced resource consumption and a lack of uniformity in the industry. These batteries are small, light, and versatile. They have a diameter of 5 to 25 mm and a height of 1 to 6 mm. The expanding deployment of the Iot technology in medical devices is also a major market growth driver. The increasing prevalence of chronic diseases and the growing senior population are driving the adoption of such high-tech solutions in the healthcare industry.
Furthermore, the growing use of cutting-edge medical equipment, such as wearable electronics, is improving patient outcomes and lowering healthcare costs. The increasing demand for small and versatile batteries in IoT systems and the rising use of wearable instrumentation, will fuel growth in this market.
Micro Battery Industry Definition and Major Segments
Micro batteries are batteries with a footprint of a few square millimetres or less. A battery is a device that converts chemical energy into electricity by employing specific chemicals in a predetermined manner. Batteries are found in a wide range of electrical devices, including flashlights, cell phones, and electric vehicles.
When the anode and cathode of a battery are connected to a circuit, a chemical reaction occurs between the anode and the electrolyte. Battery technologies include lithium-ion batteries, lead-acid batteries, nickel-metal hydride batteries, and other types of batteries.
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By application, the market is divided into:
- Consumer Electronics
- Medical Devices
- Smart Packaging
- Wearable Devices
- Smart Cards
- Wireless Sensor Nodes
By type, the market is divided into:
- Thin Film Battery
- Printed Battery
- Solid State Chip Battery
By rechargeability, the market is divided into:
- Primary Battery
- Secondary Battery
By capacity, the market is divided into:
- Below 10 mAh
- Between 10 mAh to 100 mAh
- Above 100 mAh
By components, the market is divided into:
- Current Collectors
By region, the industry is categorised into:
- North America
- The Asia Pacific
- Latin America
- The Middle East and Africa
Micro Battery Market Trends
The rising integration of smart textiles with wearable devices and the emerging trend of electronics miniaturisation are some of the factors that are projected to continue bringing up significant market growth for both established companies and new entrants in the industry. Smart fabrics are quickly becoming popular in the healthcare and sports industries for detecting muscle vibrations, regulating body temperatures, and providing protection against a variety of hazards.
Furthermore, improvements in the electronics sector have made it easier to integrate smart textiles with small electrical components such as micro batteries, sensors, and control consoles in wearable and electronic devices. The growing adoption of smart metres creates a huge market opportunity for micro batteries. A smart meter is an electronic gadget that keeps track of how much energy is used and sends that information to the power company for billing and monitoring.
As a result of rising government investments in countries like as India, the United Kingdom, and the United States to extend the usage of smart metres, the industry is fast expanding.
North America is expected to continue to lead the global micro battery market in the next years, owing to rising government spending, and an increase in the IoT technologies. Because of the rising adoption of wearable technological gadgets and internet of things technology, Asia Pacific now dominates the micro battery market and will continue to do so over the projection period.
The availability of raw materials, low production and setup costs, and a qualified workforce will all contribute to the profitable micro battery market’s expansion. The Asia Pacific region includes a diverse range of expanding economies with significant natural and human resources, with China and India likely to be major investment hotspots for battery businesses in the next years as a result of government policy support for the manufacturing industry. The fast adoption of electric vehicles and the construction of renewable energy plants in China and India is likely to fuel tremendous demand for batteries.
Key Market Players
The major players in the market are Cymbet Corporation, STMicroelectronics, Enfucell Oy, SAMSUNG SDI CO., LTD., BrightVolt., Front Edge Technology, Inc., IMPRINT ENERGY, Ultralife Corporation, and Blue Spark Technologies. The report covers the market shares, capacities, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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