Global Micro Battery Market Gearing Up for Roaring Growth: Projected to Grow at a CAGR of 20.4% by 2027
Published | 30 September 2021
The growing demand for electronic items in consumer goods such as wearable gadgets and medical technology is propelling global micro battery market. Furthermore, the high capacity and energy density of micro-batteries compared to other traditional batteries is another influencing element for the market’s growth.
A recent study conducted by the strategic consulting and market research firm BlueWeave Consulting revealed that global micro battery market was worth USD 296.5 million in the year 2020. It is estimated to grow at a CAGR of 20.4%, earning revenue of around USD 1,080.5 million by the end of 2027. Due to factors such as increased consumer electronics consumption, increasing use of micro-batteries in various healthcare devices as well as research and development activities to develop and improve the high power and capacity micro-batteries, the global micro battery market is flourishing at a high rate. Micro batteries are in also demand due to the growing manufacturing industry for consumer electronic products, especially in emerging economies like India and China. They are widely used in products such as mobile phones, wearables, and medical devices like pacemakers, hearing aids, defibrillators, and infusion pumps. However, the limited energy capacity of the micro batteries may act as a major restraining factor for the global micro battery market. Micro batteries with low power consumption need to be replaced often or charged constantly, which eventually increases the cost of the electronic device, which may limit its market adoption.
Increasing Demand for Compact Batteries in IoT Applications Projected To Drive the Global Micro Battery Market
With the emergence of IoT for basic purposes at homes, micro-batteries are likely to become more relevant. IoT instilled devices such as smart cards, sensors, smart door locks, smart security systems, smart fire alarms, etc., need thin batteries to function and remain interconnected with other devices in the premises. Due to their small size, these devices transfer data efficiently. The conventional batteries hamper the sensor performance of such devices and their ability to exchange data. Therefore, IoT device manufacturers use thin batteries like micro batteries which are expected to boost their market growth.
Growing Demand for Consumer Electronics Is Expected to Boost the Global Micro Battery Market
Based on applications the global micro battery market is categorized into consumer electronics, wireless sensor nodes, smart packaging, medical devices, smart cards, and others. The consumer electronics segment accounts for the largest market share as the electronic manufacturing industry is one of the fastest-growing industries in the world. The demand for consumer electronic products such as mobile phones, wearables, paper shredders, remote controllers, etc., has witnessed tremendous growth over the past few years. With a market value of US$1 trillion, this market is only expected to grow. With this growth, the demand for the micro battery is also projected to surge in the forecast period.
Global Micro Battery Market - By Recharge ability
Based on recharge abilities, the global micro battery market is categorized into primary batteries and secondary batteries. The secondary battery segment holds the largest market share because of its wide use in portable devices, such as wearables, medical devices, wireless sensors systems, etc. Medical devices are constantly getting better and become more accessible to patients, thanks to the increasing progress in developing high-capacity rechargeable batteries, resulting in a growing demand for micro-batteries.
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Global Micro Battery Market - Regional Insights
Geographically, the global micro battery market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle-East & Africa. The Asia-Pacific region dominates the market and is also projected to witness the highest CAGR during the forecast period. The presence of largest manufacturing industries for consumer goods electronics in countries like China and India is significantly propelling the demand for micro batteries in this region. Furthermore, the growing demand for various medical devices such as pacemakers, drug delivery systems is also influencing its market growth.
Impact of COVID-19 on Global Micro Battery Market
Following a lockdown imposed by various governments, the manufacturing and distribution of micro-batteries used in consumer electronics and medical devices was completely halted. This resulted in a sharp decline in the demand for micro-batteries, incurring severe losses to the micro battery manufacturers. However, the market is likely to recover in the post-COVID-19 period as the demand for consumer electronic goods witnessed a surge during the quarantine period. However, the obstruction in distribution channels led to a steep demand and supply gap in the market. Thus, manufacturers of micro-batteries will be able to overcome this slump only if they expand their production capacity to meet this growing demand.
The leading players in the global micro battery market are Cymbet, Seiko Instruments Inc., Enfucell Oy, Ultralife Corporation, Blue Spark Technologies, Tdk Corporation, Panasonic Corporation, Murata Manufacturing Co., Ltd., Varta Ag, Molex LLC, Front Edge Technology, Shenzhen Grepow Battery Co., Ltd., Renata SA, Maxell Holdings, Ltd., Duracell Inc., Brightvolt Inc., Power Paper Ltd., Iten SA, Guangzhou Fullriver Battery New Technology Co., Ltd., and other prominent players.
The market is fragmented, with various micro battery manufacturers and yet consolidated among a limited number of players. The companies invest significantly in R&D activities for innovating and advancing their products. They also focus on improving the life and energy of micro batteries to gain a competitive edge. Furthermore, the adoption of competitive strategies like mergers, acquisitions, partnerships, collaborations, etc., is also very prominent in the market.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global micro battery market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the global micro battery market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
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