Micro Battery Market Overview:
Micro Battery Market value was marked at USD 326 million in the year 2021 and is expected to surpass USD 842 million by the year 2026, registering a CAGR of 20.9%.
The micro battery market refers to the industry that produces and sells small-sized batteries with a capacity typically below 1000mAh. These batteries are commonly used in a wide range of portable electronic devices such as wearables, Internet of Things (IoT) devices, hearing aids, medical implants, and remote sensors.
Micro batteries are components used in electronic devices due to being compatible with renewable energy. Advances in battery technology and state-of-the-art facilities established by battery manufacturers can widen the prospects of the market. The global micro battery market report on MRFR underscores the changing dynamics of battery consumption and range of electronic devices being developed annually. It contains growth drivers and hurdles to be faced by key leaders for the forecast period (2020-2026). The COVID-19 pandemic’s effects on the industry are summarized in the report.
The COVID-19 outbreak has severely affected the micro battery market growth. This is attributed to sudden shutdown of manufacturing facilities and trade embargoes placed by certain countries. But the use of electronic device and equipment in the medical sector can provide numerous growth opportunities to the market.
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Demand for Batteries in IoT Applications
The huge demand for rechargeable batteries in IoT applications as well as low power consumption by devices can drive demand in the micro battery market. Applications in sensors, smart cards, and RFID tags to exchange electronic data efficiently can bode well for the market. Long life of batteries as well as wide ambit of IoT in industries can drive market growth.
Technical Limits of Micro Batteries to Hamper Market Growth
Small size of micro batteries and rapid consumption of power by its applications can hamper market growth.
Electrolyte Component to Capture Large Market Share
By component, the global market includes electrodes, current collectors, electrolytes, substrates, and others. The electrolytes segment is expected to hold the largest share during the forecast period. Electrolytes can transport positive ions between cathode and anode terminals.
Thin-film Battery to Lead in Market Demand
By type, the global market is segmented into solid-state chip battery, thin-film battery, and printed battery. The thin-film battery is expected to witness the highest CAGR during the forecast period as thin-film batteries are rechargeable and have a higher demand. On the other hand, solid-state chip batteries are safe and possess a long shelf-life owing to being fire-resistant and emergence of internet of things (IoT).
Primary Battery to Dominate Market Growth
On the basis of product, the global micro battery market has been bifurcated into primary battery and secondary battery. The primary battery segment will dominate within the global micro battery market. This is attributed to its use after being kept in storage. In addition, its ability to deliver more power and save on energy costs can drive segment growth.
Between 10 mAh & 100 mAh Segment to Lead in Global Market
By capacity, the global market is segmented as below 10 mAh, between 10 mAh to 100 mAh, and above 100 mAh. The between 10 mAh & 100 mAh segment of the micro battery market is expected to witness the highest CAGR during the forecast period due to use of thin-film and printed batteries. The batteries in this capacity range are used in applications of wearable devices, smart cards, medical devices, and e-textiles.
Smart Cards Application to Net Higher Market Revenues
By application, the global market is segmented into wearable devices, smart packaging, consumer electronics, medical devices, smart cards, and others. The smart cards segment is expected to expand at the highest rate during the forecast period due to deployment of one-time batteries in smart cards. Rise of contactless payments and aim of lowering workloads of banks can drive demand of micro batteries in smart cards.
Bardan Cells, the joint venture between AMTE Power Plc and InfraNomics Technologies Pty Ltd for a building a production line for micro batteries.
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Front Edge Technology, Inc., Ultralife Corporation, Enfucell Oy Ltd., Blue Spark Technologies, Panasonic Corporation, STMicroelectronics N.V., BrightVolt Inc., Samsung SDI Co., Ltd., Imprint Energy, Jenax, ProLogium Technology Co., Ltd., and Cymbet Corporation are prominent players of the global micro battery market. Development of patents to limit barriers to competition and investments in research and development are prime strategies used by players to capture market share.
APAC to Dominate Global Market Share
Asia-Pacific (APAC) is set to dominate the global market share owing to rapid pace of developments in batteries and demand for compact consumer electronic devices. Rise of miniaturization of products and use of wearables can drive market demand. Use of power sources for charging micro batteries can drive market growth. Adoption of portable drug delivery systems, pace makers, and medical patches coupled with strides made in smart packaging can augur favorably for the market.
Europe to Capture Significant Market Share
Europe is likely to be pivotal in the global micro battery market owing to extensive use of electric equipment. Preferences of smart packaging and labels by leading manufacturers and change in lifestyles of customers can drive regional market growth.