The micro battery market has been growing rapidly in recent years due to several drivers. Some of the main drivers of the micro battery market include:
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Increasing demand for portable electronic devices: With the rise of smartphones, wearables, and other portable electronic devices, there has been a growing demand for smaller, more efficient batteries that can power these devices for longer periods of time.
Growing adoption of IoT devices: The Internet of Things (IoT) is driving demand for micro batteries that can power sensors and other low-power devices. As more and more devices are connected to the internet, the demand for micro batteries is expected to increase.
Advancements in battery technology: Advances in battery technology, such as the development of solid-state batteries and lithium-sulfur batteries, are driving innovation in the micro battery market. These technologies promise higher energy density, longer cycle life, and improved safety, making them ideal for use in small devices.
Increasing demand for medical devices: The medical device market is another major driver of the micro battery market. Micro batteries are used to power a wide range of medical devices, including pacemakers, hearing aids, and implantable sensors.
Growing demand for electric vehicles: As the demand for electric vehicles (EVs) continues to grow, there is a growing need for small, lightweight batteries that can be used in EV charging stations and other applications. Micro batteries are ideal for these applications due to their small size and high energy density.
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 2030, registering a CAGR of 20.9%.
COVID-19 Impact
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.
Segmentation Analysis
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.
