The Worldwide Micro Battery Industry is Expected to Reach $842 Million by 2026 at a CAGR of 20.9% from 2021 – ResearchAndMarkets.com | Financial Buzz

The Worldwide Micro Battery Industry is Expected to Reach $842 Million by 2026 at a CAGR of 20.9% from 2021 – ResearchAndMarkets.com

The “Micro Battery Market with COVID-19 Impact Analysis by Type (Thin-film, Printed, Solid-state Chip, Button Battery), Capacity, Rechargeability, Application (Medical Devices, Consumer Electronics, Smart Packaging) and Geography – Global Forecast to 2026” report has been added to ResearchAndMarkets.com’s offering.

The global micro battery market size is estimated at USD 326 million in 2021. It is projected to reach USD 842 million by 2026; it is expected to grow at a CAGR of 20.9% from 2021 to 2026.

The growth of the micro battery market is driven by factors such as the use of printed flexible batteries in medical devices to treat COVID-19 patients, several advantages offered by micro batteries over traditional batteries, increasing adoption of wearable devices, growing use of micro batteries in medical and electronic devices, and demand for thin and flexible batteries in IoT applications.

The market for solid-state chip batteries to witness high-growth potential during the forecast period.

The market for solid-state chip batteries is expected to grow at a significant rate between 2021 and 2026. These batteries possess superior safety, longer lifespan, and high reliability as it uses non-flammable, stable, and solid electrolyte materials instead of a liquid. This eliminates the risk of fire and leakage. Lithium-ion batteries that have high energy density are commonly used today in electronic devices such as electric bikes, drones, and communication devices. However, as these batteries are made up of a flammable, organic solvent electrolyte, they carry a risk of leakage and fire. This has created a need for safer power and more reliable solid-state batteries containing non-flammable and safe electrolyte materials among the IoT device makers. This is expected to drive the demand for solid-state chip batteries over the forecast period.

The micro battery market for consumer electronics to grow at highest CAGR during the forecast period.

The micro battery market for consumer electronics is expected to grow at the highest CAGR between 2021 and 2026. The consumer electronics industry is now moving toward the development of miniaturized electronic devices with flexible, thin, and large-area form factors. Wearable devices such as smartwatches, fitness bands, wrist straps, smart glasses, and smart rings, and bracelets require ultra-thin batteries to comply with the flexibility of the device. Conventional batteries may fulfill the energy requirements of wearable products, but they face problems in terms of flexibility, weight, and thickness. Wearable devices require an ultra-thin power source to comply with their design and flexibility. Due to these requirements, micro batteries are increasingly being used in these devices.

APAC to be the largest market for micro batteries during the forecast period.

The APAC region is estimated to account for the largest share of the overall micro battery market. Major manufacturers of wearable devices and consumer electronics in this region are miniaturizing their product designs, which require micro power sources for compatibility with the miniaturized designs. Also, technology advancements in smart packaging (such as the use of printed RFID tags and smart labels in packages), as well as the adoption of medical devices, mainly pacemakers, drug delivery systems and medical patches, which require lightweight, flexible, and safe power sources, are fueling the growth of micro batteries in the APAC region.

Market Dynamics

Drivers

  • Use of Printed Flexible Batteries in Medical Devices to Treat COVID-19 Patients
  • Advantages Offered by Micro Batteries Over Traditional Batteries
  • Increasing Use of Micro Batteries in Medical and Electronic Devices
  • Growing Adoption of Wearable Devices
  • Demand for Thin and Flexible Batteries in IoT Applications

Restraints

  • High Investments Required for Developing Micro Batteries
  • Technical Inabilities of Micro Batteries
  • Lack of Standardization for Development of Micro Batteries

Opportunities

  • Integration of Micro Batteries in Smart Textiles
  • Rising Adoption of Wireless Sensors Equipped with Micro Batteries

Challenges

  • Complexities in Fabrication

Companies Mentioned

  • Blue Spark Technologies
  • Brightvolt Inc.
  • Cymbet
  • Duracell Inc.
  • Energy Diagnostics Limited
  • Enfucell Oy
  • Excellatron Solid State, LLC
  • Front Edge Technology
  • GMB Co., Ltd.
  • Guangzhou Fullriver Battery New Technology Co., Ltd.
  • Imprint Energy Inc.
  • Iten Sa
  • Jenax Inc.
  • Maxell Holdings, Ltd.
  • Molex LLC
  • Murata Manufacturing Co., Ltd.
  • Panasonic Corporation
  • Power Paper Ltd.
  • Prologium Technology Co., Ltd.
  • Renata Sa
  • Seiko Instruments Inc.
  • Shenzhen Grepow Battery Co., Ltd.
  • TDK Corporation
  • Ultralife Corporation
  • Varta Ag

For more information about this report visit https://www.researchandmarkets.com/r/8lzb77

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