ID: MRFR/E&P/6999-HCR | February 2021 | Region: Global | 111 pages
Micro Battery Market value was marked at USD 326 million in the year 2021 and is expected to surpass 842 million by the year 2026, registering a CAGR of 20.9%.
Owing to advancements in technologies and smart devices, the Micro Battery Market growth is expected to witness huge growth in the forecast period. They are already adopted in wearable devices, incorporated in smart cards, medical monitoring devices, the automobile industry, sensors utilized in communication. Additionally, their adaptability of varied energy sources including renewable energy sources makes no issue at the power supply. On the other hand, the complex conventional batteries, leakage issue inspires manufacturers to adapt to advanced technologies.
COVID 19 Analysis:
The pandemic has created a severe economic shock across the globe. Many industries have reduced their production units due to reduced manpower, which has also led to a severe disturbance in the supply chain. Concerning the Micro Battery industry, a few end users like electronics, smart cards, and printed electronic devices smart textile manufacturers have reduced their manufacturing capacity owing to prolonged lockdown.
On the other side, electronic medical apparatus like pacemakers, drug-releasing pumps, hearing aids, defibrillators that are essential in monitoring and recording human body functions utilize micro batteries on a large scale. The period of the pandemic has created health awareness globally which has fueled the demand for these electronic medical appliances, thereby increased the Micro Battery Market growth. Additionally, the regulations imposed by the government of several countries as a responsive action to the pandemic have also increased the Micro Battery Market Value.
Growing demand for smart meters:
Several developed countries are actively involved in utilizing renewable energy sources for power generation and other commercial or industrial activities. Utilizing solar energy for power generation is rapidly increasing in countries like Europe, Asia-pacific, and Northern America. Such countries have been increasingly deploying smart meters to monitor their electrical energy consumption. Smart meters are capable of recording the electrical energy consumed by the industrial plant or a household and transmit the data to the electrical supplier for further billing purposes. As Micro Batteries are widely utilized for powering these smart meters, the increased demand for smart meters is more likely to augment the Micro Battery Market growth.
Demand in IoT applications:
The network connectivity enables the user to monitor the essential parameters with the help of software and sensors. Elderly care monitors, Smart door locks, Air quality Sensors, flood alert sensors; Home energy monitoring sensors are some of the widely utilized IoT applications that significantly operate with Micro Batteries as the size of the conventional batteries hamper the sensing capability. The increasing demand for these devices has augmented the Micro Battery market growth.
The micro batteries possess attractive characteristics such as Flexibility, Longer shelf time of the sensors as the sensors are continuously powered, light in weight, safer power sources as they use non-flammable, solid electrolyte materials instead of liquid electrolyte materials. These features increase the Micro Battery Market value across the globe.
The increasing popularity of smart textiles:
Smart textiles are printed fabrics that are capable of sensing the body's physiological parameters like body temperature, heart rate, blood pressure and are capable of altering the clothing temperature accordingly. They are highly utilized in the fitness and sports industries owing to their adaptive nature and flexible sensors and other essential components. Such smart clothes help in UV protection, monitoring truck driver or pilot’s health, monitoring the health of personnel who works in a hazardous environment. Such crucial applications have bolstered the Micro Battery market growth in recent years and are expected to multiply in the upcoming years.
Increased adaptation of Wireless sensors:
As the pandemic has led the governments of several countries to restrict the movement, there has been an increased demand for wireless sensors in several industrial sectors. Monitoring the medical aid devices, solar devices, other power generation devices are carried out using wireless sensors. This technology has eliminated the necessity of reaching out to the place physically while carrying out the essential monitoring of the data or collecting it. This change in trend in recent years has increased the Micro Battery Market Value in recent years.
Governmental regulations for installing smart meters:
Several Countries encourage replacing the existing aging electricity meters with smart electricity meters. The Ministry of Power in India has recently established its plan of installing smart meters in nearly 130 towns and rural areas in Bihar. The smart meters enable the personnel to monitor the electricity bills without having to reach every consumer. This feature has propelled the governments and industrial sector to adopt the technology. Rising demand for smart meters has propelled the Micro Battery Market growth.
Micro batteries require higher investments comparatively as they require more technical alignment to offer higher energy efficiency. Integrating the device and thin-film batteries should be functional without minimizing the power conditioning of the device. However, the process might reduce the overall energy efficiency. Such complexities impose significant restraining factors over the Micro Batteries Market growth.
Thin-film batteries are known for their robustness over conventional batteries; however, they are prone to irreversible damage due to voltage excursions. Such factors are considered as the major market restraint.
The thin-film lithium-ion batteries maintain stable electrochemical performance even at the deformed state. The fabrication process of these batteries is costly. The screening of the solid-state electrolyte is complex and so are the other components. These factors are considered a major challenge in manufacturing thin-film batteries.
Lithium batteries are producing about 50% of CO2 emissions when integrated with an electric vehicle, and such batteries are generally rejected at the production chain end as they are heavier on the pocket. Without proper quality management, they produce failures and unnecessary deviations.
Finding Lithium resources is difficult near manufacturing units, hence importing raw materials becomes mandatory which adds to the transportation costs.
Cumulative growth analysis:
The Micro batteries showcase the most advanced features like superior safety, longer life, and higher reliability as they utilize non-flammable and solid electrolyte materials instead of a liquid electrolyte. This has propelled the manufacturers to incorporate these batteries in several technological advancements. The usage of solid electrolytes eliminates the risk of fire hazards and leakage. All these factors have propelled the global Micro Battery Market growth in recent years.
The end-user applications of the Micro Battery industry are growing owing to the advent of new inventions in various sectors. Sensing devices are getting popular in every industrial sector, as the pandemic has forced people to monitor parameters from remote places. This change in trend has brought in sensor devices and IoT in every possible industry. This attitude has increased the value of the Micro Battery Industry. Additionally, there has been an increased awareness concerning health care and preventive health measures owing to the widespread of COVID 19. This change in attitude has increased the health monitoring devices globally which in turn bolstered the Micro Battery Market Growth.
Value Chain Analysis:
Growing Innovations in wearable electronic devices and the increasing necessity of non-flammable safe electrolytes have increased the Micro Battery Market Value. Micro batteries are few millimeters in every dimension while offering higher power and capacity that also lasts long. The applications require batteries that are bendable and highly flexible to adapt to other physical components. The recent invention of Gastric- fluid utilizing Micro Batteries is designed to be used in the stomach which utilizes the intestinal fluid as an electrolyte. A thin glass plate coated with platinum and a zinc plate is the positive and negative electrodes. Such advanced technological benefits the medical monitoring aids in monitoring essential parameters and thereby increases the Micro Battery Market Value.
The battery performance combined with excellent communication capabilities adds value to the Micro Battery Market Outlook. The non-rechargeable Micro Battery holds a larger market share as they are ascribed to several application areas like remote control devices, calculators, electronic toys, etc. The memory backup applications and longer lifespan have attributed to the growth of the segment.
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In the past few years, Asia-pacific is holding the largest share concerning the Micro Battery industry. The region shows increasing demand for mobile medical monitoring devices and wearable devices. The value is expected to surpass USD 27.4 Billion in the year 2021. The ability of smart devices to sync with the mobile or cloud and updating the information in-app or web browsers has stimulated their popularity in recent years. Their convenience and easy access to data have promoted Micro Battery growth in Asia pacific.
The Micro Battery industry in countries like Europe, Germany is witnessing extensive growth owing to the intensive usage of electrical equipment. Additionally, Flexible batteries are preferred by the smart packaging industries. Consumers prefer smart packaging and smart labels to access essential information. The higher income rate recorded in countries like Saudi Arabia, UAE are expected to adopt wearable devices and smart technologies over other developed countries. These changes in lifestyle and growing technologies have fueled the growth of smart labels and smart packaging which rely on Micro Batteries.
Micro batteries are comparatively smaller in size, making them more suitable for compact applications like wearable smart devices, smartphones, and mobile health monitoring devices. These single-cell batteries are made of metal components that protect the body, formed when two or more electrochemical cells are combined. Their lightweight and flexible feature enables them to get customized according to the convenient shape and size without losing efficiency.
Anton Bauer has unveiled Sony FX6 micro battery slide pro which will be available in two configurations of Gold-Mount and V-Mount. Both Gold-Mount and V-Mount will offer a profile which fits neatly into a camera case.
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|CAGR||20.9% CAGR (2022-2030)|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Component, Type, Product, Capacity and Application|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Cymbet Corporation (US), STMicroelectronics N.V. (Switzerland), Samsung SDI Co., Ltd. (South Korea), Enfucell Oy Ltd. (Finland), BrightVolt Inc. (US), ProLogium Technology Co., Ltd. (Taiwan), Front Edge Technology, Inc. (US), Panasonic Corporation (Japan), Imprint Energy (California), Ultralife Corporation (US), Blue Spark Technologies (US), and Jenax (South Korea)|
|Key Market Opportunities||
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
They are traditionally expensive, the manufacturing process is difficult to scale. Operating in lower temperatures is challenging.
They deliver higher density by integrating with lithium metal anodes. They avoid dangerous and toxic materials, unlike commercial batteries.
Thin-film batteries utilize a Li-ion transfer cell system, that offers higher specific energy and higher power yet is cheaper to manufacture. They utilize solid-state electrolytes hence conforming to the shape of the battery and do not require a separator.
• Consumer Electronics • Medical Devices • Smart Packaging • Smart Cards • Wireless Sensor Nodes