Micro Battery Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2020 - 2030
Category: Semiconductors and Electronics
Micro Battery Market: Overview
Technological breakthroughs in medical devices and healthcare equipment, which includes integration of internet of things (IoT) is anticipated to drive growth in the micro battery market. The increased demand for wearables due to growing health consciousness among people from the developed countries is also adding value to the micro battery market. The use of wearables helps the sportsperson and geriatric population to track their heart and pulse records. It will provide lucrative growth opportunities for the market players. The compact batteries are used in the healthcare industry to boost medical performance in the present COVID-19 situation. Apart from this, the complexities associated with traditional battery technologies are also boosting the growth in the micro battery market.
A micro battery is a thin-film battery. Two or more electrochemical cells are blended in this battery. The chemical energy is converted into electrical energy through the use of these cells. This battery comes with a small single cell and is composed of metal components for the protection of the body from circuit breakage and wire. Flexible, compact battery, and light-weighted are some key features of these batteries. These batteries come with flexibility of customization to enable them to fit into any product type. All these features expand their application, and finally enable growth in the micro battery market.
Micro Battery Market: Key Trends
The micro battery market has a vast expanse as it is applied in different areas such as commercial, residential, consumer electronics, automotive, and others. Increased adoption of smart cards, wearable devices, wireless communication sensors, and medical devices are also fueling the growth in the micro battery market. Furthermore, the stores of micro-batteries contain renewable energy sources and make the power supply predictable and smooth. On the other hand, conventional battery technologies are complex in operation. So, people are adopting energy-efficient and advanced battery solutions instead of traditional batteries solutions that result in growth in the micro battery market.
The increased demand for condensed batteries in the healthcare industry, adoption of wearable devices at a large scale, and requirements of thin batteries in IoT devices are also fueling growth in the micro battery market. However, high initial costs and inadequacy of standard infrastructure may restrict the growth in the micro battery market. The CR (lithium) category of micro-batteries is extensively used in medical devices, electronic toys, and calculators. The key driving factor is high energy density and low self-discharge rate to enable the devices to work for long hours.
Micro Battery Market: Competitive Dynamics and Key Developments
The mushrooming geriatric population and increasing chronic diseases are paving path for the adoption of high-tech medical solutions in the healthcare industry. The technologically advanced devices, wearable electronics are also contributing to improved healthcare and decline in the number of patients visiting emergency services. Insulin pumps and cardiac monitoring systems are using IoT for remote access. This indirectly fuels growth in the micro battery market. Some key market players are working on mergers and acquisitions and new product launches for the improvement of their product portfolio. Such as, VARTA AG has acquired VARTA Consumer Batteries, in May 2019 to increase its battery portfolio.
Some key market players in the micro battery market include;
Micro Battery Market: Regional Assessment
Asia Pacific is expected to dominate the micro battery market with increasing demand for wearables and IoT devices.
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