Micro Battery Market
NEW YORK, Jan. 30, 2020 /PRNewswire/ --
Micro Battery Market Research Report: By Type (Alkaline, Silver Oxide, Lithium), Capacity (100 mAh), Rechargeability (Non-Rechargeable, Rechargeable), Application (Consumer Electronics, Automotive, Medical Devices, Wearable Devices), Geographical Outlook (U.S., Canada, U.K., Germany, France, Italy, Russia, China, Japan, India, Thailand, South Korea, Brazil, Mexico, South Africa, Turkey, Nigeria) - Industry, Share Analysis and Demand Forecast to 2024
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In 2018, the global micro battery market reached a value of $418.2 million and is projected to grow at a 18.4% CAGR during the forecast period (2019-2024). The factors contributing to the growth of the market include the growing usage of compact batteries in the healthcare sector, rising adoption of wearable devices, and surging usage of internet of things (IoT) in medical devices.
In terms of battery type, the micro battery market is divided into SR (silver oxide), LR (alkaline), CR (lithium), and others (which include vanadium rechargeable lithium battery (VL series), rechargeable lithium battery (ML series), and zinc air battery). Out of these, the largest share of the market in 2018 was held by the CR battery type, due to its large-scale application in several devices such as calculators, medical devices, and electronic toys. Moreover, these batteries have low self-discharge rate and offer high-energy density.
On the basis of rechargeability, the micro battery market is classified into rechargeable and non-rechargeable batteries. Among these, non-rechargeable battery contributed the larger revenue share to the market in 2018. This is ascribed to the various application areas of these batteries, such as remote-control devices, calculators, and other electronic devices, and their low cost when compared to rechargeable batteries. The rechargeable battery classification is predicted to grow at a faster pace during the forecast period, which is due to the increasing demand for memory backup applications and their longer life span.
Geographically, the largest revenue share of the micro battery market was held by Asia-Pacific (APAC) in 2018, and it is further going to register the fastest growth during the forecast period. This is attributed to the growing demand for medical devices and rising adoption of wearable devices. For example, it was recorded that the usage of wearable devices rose from 10% in 2015 to approximately 21% in 2017. The demand for wearable devices in APAC is further projected to increase in the coming years due to the growing enthusiasm for new technologies among adults and improving technological functionalities.
A key driving factor of the micro battery market is the rising adoption of IoT in medical devices. The healthcare industry is focusing on the adoption of high-tech solutions because of the growing level of chronic diseases and increasing aging population across the world. The growing penetration of wearable electronics and advanced medical devices is resulting in improved patient outcome and reduced healthcare costs. Thus, the requirement for micro batteries is rising in medical devices for decreasing the size of devices.
The rising adoption of smart meters is creating wide opportunities in the micro battery market. A smart meter is used for recording the consumption of electric energy and helps communicate the information to the electricity supplier for monitoring and billing. Due to the rising investments by various governments, such as that of the U.K., India, and the U.S., for the utilization of smart meters, is leading to the growth of the smart meters market. Since a micro battery is a significant power source for smart meters, the rising requirement for smart meters will also drive the demand for micro batteries.
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