CHICAGO, July 4, 2023 /PRNewswire/ -- The global micro battery market size is expected to grow from USD 0.5 billion in 2023 to USD 1.3 billion by 2028, at a CAGR of 22.4% from 2023 to 2028 according to a new report by MarketsandMarkets. Medical IoT devices are gaining popularity in developing countries like China and India due to the growing need for better healthcare infrastructure and services. Batteries must be ultra-thin in size to complement the design of these medical devices. Due to their ultra-thin and flexible design, micro batteries can be the best option for medical devices. Integrating thin-film and printed power sources also enables medical device manufacturers to modify the structure of the devices and enhance their efficiency. Thus, the need for batteries with these parameters is increasing rapidly.
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Browse in-depth TOC on "Micro Battery Market"
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200 - Pages
Micro Battery Market Report Scope:
Report Coverage | Details |
Market Revenue in 2023 | $0.5 billion |
Estimated Value by 2028 | $1.3 billion |
Growth Rate | Poised to grow at a CAGR of 22.4% |
Market Size Available for | 2019-2028 |
Forecast Period | 2023-2028 |
Forecast Units | Value (USD Million/Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | By Type, Capacity, Battery Type, Application and Region |
Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
Key Market Challenge | Complexities in battery fabrication |
Key Market Opportunities | Growing use of wireless sensors equipped with micro batteries |
Key Market Drivers | Rising demand for wearable devices |
The market for printed battery segment is expected to grow at a significant CAGR during the forecast period.
Printed batteries are composed of materials such as zinc dioxide, manganese dioxide, zinc chloride, and carbon zinc. These materials cost less than lithium chemistries used in thin-film or conventional batteries. Printed batteries are developed by printing the electrodes over a paper or plastic film substrate through screen printing technology and then laminating the electrolytes between those electrodes. Printed batteries can be manufactured in different shapes to fit any custom flexible device. Their non-toxic and non-volatile properties, such as implanted medical devices, make them safe even within the bioelectronics context. Printed batteries benefit applications where portability and small size are the main requirements.
The smart packaging application is projected to grow at an impressive CAGR from 2023 to 2028.
Smart packaging includes printed electronic products such as disposable batteries, sensors, displays, circuits, and other electronic components such as anti-theft tags, radio-frequency identification (RFID) tags, and smart labels. The requirement for packaging has been increasing over the years. The packaging of products has a direct impact on the customer's purchasing decision. Therefore, packaging manufacturers use thin and printed power sources to integrate sound, display text, and interactive media in item-level packages and point-of-sale promotional displays to attract consumer attention. RFID tags and smart labels also help manufacturers track their inventories. They are also used as security and informational devices to monitor various products. Using a micro battery improves the range of communication, ensures the durability of tags, and enables better tracking and tracing functions.
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North America is expected to hold a significant share of the micro battery market during the forecast period.
The North American micro battery industry has been segmented into the US, Canada, and Mexico. Many North America-based companies are developing micro batteries for application in wearable devices, smart packaging, smart cards, medical devices, and wireless sensors. Increasing demand for wearable and medical devices is a crucial factor driving the micro battery market in this region. Advancements in the packaging industry in this region have led to the integration of intelligent sensors, RFID tags, and smart labels in packages. Smart packages require printed thin batteries to supply power. The growth in smart packaging is expected to drive the thin-film and printed batteries market. The increasing penetration of IoT in medical devices and the miniaturization of wireless devices are also likely to increase the demand for thin-film and printed batteries in this region.
The major players in the micro battery companies include Cymbet Corporation (US), Enfucell (Finland), Ultralife Corporation (US), Molex, LLC (US), Panasonic Holdings Corporation (Japan), Murata Manufacturing Co., Ltd. (Japan), TDK Corporation (Japan), Maxell, Ltd. (Japan), VARTA AG (Germany), Renata SA (Switzerland), and Duracell Inc. (US) among others.
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