New York, July 23, 2021 (GLOBE NEWSWIRE) -- Micro Battery Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Micro Battery Market Research Report, Component, Type, Product, Capacity, Application and Region - Forecast till 2027” the market size is projected to be worth USD 1.47 billion by 2027, registering a CAGR of 26.7% during the forecast period (2021 - 2027), The market was valued at USD 336 million in 2021.
COVID-19 Analysis
The COVID-19 outbreak had a noteworthy impact on the micro battery market as well as its end users. Some end users like smart textile manufacturers, smart cards, printed electronics, wearables, and consumer electronics, had been badly hit by the outbreak and had to slow down production. Other end users however like electronic medical device manufacturers had to ramp up and set up additional production capacity for adapting to increased consumption. The overall long-term impact of the crisis on the micro battery market is likely to rest on different factors like the global spread as well as the duration of the outbreak, actions undertaken by different authorities across the globe in response to the outbreak, and the disease’s severity.
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Key Players
Eminent players profiled in the global micro battery industry report include-
- 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)
- Jenax (South Korea)
The global micro battery market is fragmented and also competitive for the presence of different international & domestic key players. These players have incorporated innovative strategies to remain at the vanguard and also suffice the burgeoning demand of the customers , including collaborations, contracts, partnerships, joint ventures, geographic expansions, & new product launches, and more.
Industry Updates
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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Micro Battery Market Drivers/Micro Battery Market Trends
Growing Adoption of IoT in Medical Devices to Spur Market Growth
The growing adoption of IoT in medical devices will boost the market growth over the forecast period. The healthcare sector is focused to adopt high-tech solutions owing to the increase in chronic diseases coupled with an aging population all over the globe. The rising penetration of wearable electronic devices & advanced medical devices is translating into lower healthcare costs and better patient outcomes. Hence, the need for micro batteries in medical devices is on the rise to cut down the size of the devices.
Opportunities
Growing Adoption of Smart Meters to offer Robust Opportunities
The growing adoption of smart meters will offer robust opportunities for the market. A smart meter is used to record the electric energy consumption and helps in communicating information to electricity suppliers for billing and monitoring. Owing to the growing investments by different governments like the US, India, and the UK for the use of smart meters is boosting market growth. As a micro battery is a vital power source for smart meters, the growing need for smart meters is driving the demand for micro batteries.
Restraints
High Cost of Investment to act as Market Restraint
The high cost of investment and lack of standardized infrastructure and policies regarding the manufacturing of such products will impact the global micro battery market value over the forecast period.
Challenges
Complications in Technical Applications to act as Market Challenge
The complications involved in the technical applications of such batteries will impact the global micro battery market share over the forecast period.
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Market Segmentation
By component, the electrolytes segment will lead the market over the forecast period.
By type, the thin-film battery segment will dominate the market over the forecast period as these are rechargeable and possess a higher demand as most applications and devices need rechargeable batteries with a long lifespan.
By product, the primary battery segment will spearhead the market over the forecast period.
By capacity, the between 10 mAh & 100 mAh segment will have the lions share in the market over the forecast period.
By application, the smart cards segment will have the largest share in the market over the forecast period for the deployment of one-time batteries in smart cards.
Regional Analysis
APAC to Command Micro Battery Market
The Asia Pacific region will command the micro battery market over the forecast period. Technological advancements in smart packaging and in the healthcare industry, the growing need for medical devices such as medical patches, drug delivery systems, and pacemakers that increase the demand of micro batteries, growing adoption of technologically advanced products like drug delivery systems, medical devices, and smart cards, high demand for wearable devices & consumer electronics in China, major manufacturers of consumer electronics and wearable devices miniaturizing their product designs and need micro power sources for compatibility with the miniaturized designs, the adoption of medical devices that need safe, flexible, and lightweight sources, increased adoption of wearable technological devices and internet of things technology, the availability of raw materials, availability of skilled workforce, and low setup and production costs, are adding to the global micro battery market growth in the region.
Segmentation of Market covered in the research:
Information by Component (Electrodes, Electrolytes, Substrates, Current Collectors and others), Type (Thin Film Battery, Printed Battery, Solid State Chip Battery), Product (Primary Battery and Secondary Battery), Capacity (Below 10 mAh, Between 10 mAh to 100 mAh and Above 100 mAh), Application (Consumer Electronics, Medical Devices, Smart Packaging, Smart Cards, Wearable Devices and others) and Region (North America, Europe, Asia-Pacific, Middle East & Africa and South America)
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