Published: September 2019 | Report Code: 11730 | Available Format: PDF | Pages: 138
The micro battery market revenue stood at $418.2 million in 2018, and the market is predicted to progress at a CAGR of 18.4% between 2019 and 2024. The increasing usage of wearable devices, growing adoption of the internet of things (IoT) in medical devices, and soaring usage of compact batteries in the healthcare industry are the major factors fueling the expansion of the market.
The CR (lithium) category dominated the market for micro batteries in 2018, under the type segment, due to the extensive usage of these batteries in calculators, medical devices, and electronic toys. This is on account of their low self-discharge rate and high energy density, which keep the devices running for long hours.
The non-rechargeable battery category held the larger revenue share in the micro battery industry in 2018, within the rechargeability segment. This is credited to the lower cost of these batteries than rechargeable batteries. Moreover, non-rechargeable batteries are extensively used in a plethora of applications, such as remotes, electronic devices, and calculators. The rechargeable battery category will exhibit the faster growth in the market for micro batteries in the coming years owing to the longer life of and rising requirement for these instruments in memory backup applications.
Geographically, the Asia-Pacific (APAC) region dominated the micro battery market in 2018, and it is set to be the fastest-growing region in the coming years. The burgeoning requirement for medical devices and growing adoption of wearable devices are the major factors driving the market growth in this region. For example, the usage of wearable devices increased to nearly 21% in 2017 from 10% in 2015 in APAC.
Additionally, with the rapid improvements in their functionalities and growing enthusiasm for advanced technologies, the sales of wearable devices will surge in this region in the upcoming years.
The growing adoption of the IoT in medical devices is a major market growth driver. The mushrooming geriatric population and rising incidence of chronic diseases are fueling the adoption of such high-tech solutions in the healthcare industry. Furthermore, the ballooning usage of advanced medical devices, including wearable electronics, is improving the patient outcomes and reducing the healthcare costs.
For example, medical devices, such as cardiac monitoring systems and insulin pumps, are increasingly being integrated with IoT for enabling the remote monitoring of patients. Hence, the emergence of the IoT is pushing up the requirement for micro batteries in medical devices, to reduce the latter’s sizes.
The surging usage of smart meters is a major opportunity in the micro battery market. A smart meter is an electronic device that is used for recording the amount of power consumed and communicating this information to the power supplier for monitoring and billing. The market is growing rapidly due to the surging investments being made by the government of various countries, such as India, the U.K., and the U.S., for augmenting the use of smart meters.
For instance, the Indian government aims to replace all the electricity meters in the country with smart variants by 2022. The Energy Efficiency Services Limited (EESL), a body under the Ministry of Power, Government of India, signed a memorandum of understanding (MoU) each with South Bihar Power Distribution Company Limited and North Bihar Power Distribution Company Limited in 2018 for installing smart meters in nearly 130 towns and rural areas in the state.
In these meters, micro batteries are used in the real-time clocks that help the meters run during power outages. Thus, since a micro battery is an important power source for a smart meter, the mushrooming demand for the latter is propelling the micro battery market.
In recent years, key players in the micro battery market are increasingly focusing on the adoption of advanced technologies for improving efficiency of their products. The key players are also focusing on product launches and mergers & acquisitions to increase their product portfolios. For instance, in May 2019, VARTA AG acquired the European-based VARTA Consumer Batteries business, VARTA Consumer, from the U.S.-American Energizer Holdings Inc. With this acquisition, the company increased its battery portfolio.
Some of the key players operating in the global micro battery market include Panasonic Corporation, VARTA AG, Murata Manufacturing Co. Ltd., Energizer Holdings Inc., Seiko Holdings Corporation, The Swatch Group Ltd, Maxell Holdings Ltd., Berkshire Hathaway Inc., TOSHIBA LIFESTYLE PRODUCTS & SERVICES COPORATION, and GPI International Limited.
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