The micro battery market is driven by factors such as an increase in adoption of wearable devices that propels the growth and demand for flexible and thin batteries in the Internet of Things (IoT) industry.
WILMINGTON, Del., Dec. 1, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Micro Battery Market by Type (Button Batteries, Thin Film Batteries, Printed Batteries, and Solid-State Chip Batteries), Application (Consumer Electronics, Medical Devices, Smart Packaging, Smart Cards, Wireless Sensors, and Others), and Battery Type (Primary and Secondary)". According to the report, the global micro battery market was valued at $0.5 billion in 2022, and is projected to reach $4.0 billion by 2032, registering a CAGR of 21.63% from 2023 to 2032.
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- 122 - Tables
- 66 - Charts
- 387 - Pages
Prime Determinants of Growth
The surge in use of wearable technology, the growth of the semiconductor sector, and the rise in private expenditures on technical R&D for Internet of Things (IoT) technology are the main drivers of market revenue growth. The market demand is also driven by consumers switching from conventional batteries to micro batteries due to their many benefits. Rise in awareness of the advantages of micro batteries is a major factor driving the worldwide market for micro batteries.
Micro batteries often have a large operating temperature range and a high energy density. The batteries are flexible, lightweight, and able to be shaped into any shape without sacrificing their effectiveness. These attributes make micro batteries pivotal in powering portable and wearable electronic devices, where space and weight considerations are critical. As industries and consumers alike recognize the benefits of these compact power sources, the demand for micro batteries continues to escalate, driving innovation in their design and application across an array of technological domains.
Report Coverage & Details:
Report Coverage | Details |
Forecast Period | 2023-2032 |
Base Year | 2022 |
Market Size in 2022 | $0.5 billion |
Market Size in 2032 | $4.0 billion |
CAGR | 21.63 % |
No. of Pages in Report | 387 |
Segments covered | Type, Battery Type, Application, and Region. |
Drivers | Increase in adoption of wearable devices. Propelling the growth and demand for flexible and thin batteries in the Internet of Things (IoT) |
Opportunities | Surge in integration of micro batteries in small textiles |
Restraints | Lack of designs in fabrication |
COVID-19 Scenario
- The COVID-19 pandemic had a positive impact on the micro battery market witnessed an increased demand for power electronics components in medical devices and healthcare infrastructure.
The Button Batteries Segment to Maintain its Leadership Status Throughout the Forecast Period
By type, the button batteries segment held the highest market share in 2022, accounting for nearly half of the global micro battery market revenue, and is estimated to maintain its leadership status throughout the forecast period, due to the surge in need for small and portable electronic gadgets is one important factor. Button batteries are vital power sources due to the rise in usage of consumer gadgets, including smartwatches, fitness trackers, and hearing aids, which are smaller and having a higher energy density. In addition, the button batteries segment is projected to manifest the highest CAGR of 22.19% from 2023 to 2032.
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The Primary Segment to Maintain its Leadership Status Throughout the Forecast Period
By battery type, the primary segment held the highest market share in 2022, accounting for two-third of the global micro battery market revenue and is estimated to maintain its leadership status throughout the forecast period. In addition, the secondary segment is projected to manifest the highest CAGR of 22.33% from 2023 to 2032 due to increase in electrical appliances, smartphones and others.
The Consumer Electronics Segment to Maintain its Leadership Status Throughout the Forecast Period
By application, the consumer electronics segment held the highest market share in 2022, accounting for more than one-third of the global micro battery market revenue, and is estimated to maintain its leadership status throughout the forecast period, due to the growing need for small and portable electronics. In addition, the consumer electronics segment is projected to manifest the highest CAGR of 22.59% from 2023 to 2032.
Asia-Pacific to Maintain its Dominance by 2032
By region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for more than half of the global micro battery industry revenue. This region is expected to witness the fastest CAGR of 22.48% from 2023 to 2032, owing to the world's rapid industrialization, technical developments, and the growing demand for consumer electronics in nations such as South Korea, Japan, and China. The micro battery market is growing due in part to the region's proactive adoption of emerging technologies, particularly on the Internet of Things (IoT) and smart device sectors.
Leading Market Players:
- Panasonic Corporation
- Murata Manufacturing Co Ltd.
- TDK Corporation
- Maxell, Ltd.
- VARTA AG
- Enfucell
- Duracell
- Molex
- Renata
- Seiko Instruments Inc
The report provides a detailed analysis of these key players of the global micro battery market. These players have adopted different strategies such as product development, and product launch to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Key Benefits For Stakeholders:
- As per the micro battery market outlook, this report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the micro battery market analysis from 2022 to 2032 to identify the prevailing micro battery market opportunities.
- The micro battery Market Forecast research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the micro battery market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global micro battery market trends, key players, market segments, application areas, and micro battery Market growth strategies.
Micro Battery Key Segments:
By Type
- Button Batteries
- Thin Film Batteries
- Printed Batteries
- Solid State Chip Batteries
By Battery Type
- Primary
- Secondary
By Application
- Consumer Electronics
- Medical Devices
- Smart Packaging
- SmartCards
- Wireless Sensors
- Others
By Region
- North America (U.S., Canada, Mexico)
- Europe (Germany, UK, France, Spain, Italy, Rest of Europe)
- Asia-Pacific (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific)
- LAMEA (Brazil, Saudi Arebia, United Arab Emirates, South Africa, Rest of LAMEA)
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