Published: September 2019 | Report Code: SE11730 | Available Format: PDF | Pages: 138
Micro Battery Market Overview
The global micro battery market was valued at $418.2 million in 2018, and is expected to advance at a CAGR of 18.4% during the forecast period. Growing adoption of wearable devices, increasing adoption of internet of things (IoT) in medical devices, and surging use of compact batteries in the healthcare sector are the key factors driving the growth of the market across the globe.
On the basis of battery type, the micro battery market is categorized into LR (alkaline), SR (silver oxide), CR (lithium), and others, wherein the others category includes zinc air battery, rechargeable lithium battery (ML series), and vanadium rechargeable lithium battery (VL series). Among these, the CR category held the largest share in the market in 2018, owing to large-scale applications of these batteries in various devices such as electronic toys, calculators, and medical devices. These batteries also offer high-energy density and have low self-discharge rate.
Based on rechargeability, the micro battery market is categorized into non-rechargeable and rechargeable batteries. Of these, the non-rechargeable battery category accounted for larger revenue share in 2018. This is attributed to low cost associated with these batteries as compared to rechargeable battery. The non-rechargeable batteries have a wide area of applications including calculators, remote-control devices, and various electronic devices. Whereas, the rechargeable battery category is expected to register faster growth over the forecast period. This can be attributed to longer life span of these batteries and growing demand for memory backup applications.
Based on region, the Asia-Pacific (APAC) micro battery market held the largest revenue share in 2018, and is also expected to witness the fastest growth during the forecast period. Rising demand for medical devices and increasing adoption of wearable devices are some major factors fueling the growth of the market. For instance, it has been recorded that the use of wearable devices has doubled from 10% in 2015 to around 21% in 2017. Additionally, with improving technological functionalities and increasing enthusiasm for new technologies in adults, the demand for wearable devices is expected to increase in the coming years.
Micro Battery Market Dynamics
Increasing adoption of IoT in medical devices is a key factor driving the growth of the micro battery market. With rising aging population and increasing level of chronic diseases across the world, the healthcare industry is increasingly moving toward adoption of high-tech solutions. The increasing proliferation of wearable electronics and advanced medical devices is improving the outcomes of patients and is further reducing healthcare costs. For instance, medical devices, such as insulin pumps and cardiac monitoring systems, are now connected with IoT for ensuring remote monitoring of the patients, which helps to provide real-time information of their health. Hence, with the advent of IoT, the demand for micro batteries in medical devices is increasing for reducing the size of the devices across the globe.
Increasing adoption of smart meters is a key opportunity in the micro battery market. Smart meter refers to electronic device that is used to record the electric energy consumption and helps to communicate the information to electricity supplier for billing and monitoring. The market for smart meters is growing at a faster pace, owing to increasing investments by governments, such as the U.S., the U.K., and India, toward the use of smart meters in these countries. The smart electricity meters require micro batteries for real-time clocks that help in running the meters in the event of power cut.
With increasing focus of governments toward the use of smart meters, the demand for micro batteries is increasing across the globe. For instance, in 2018, the Energy Efficiency Services Limited (EESL), a joint venture of public-sector units of the Ministry of Power and the Government of India, signed two memoranda of understanding (MoU) with North Bihar Power Distribution Company Limited and South Bihar Power Distribution Company Limited, for deploying smart meters in around 130 towns and in rural areas of Bihar. Further, the Government of India aims to convert all electricity meters with smart meters by 2022. As micro battery is an important power source for smart meter, the growing demand for smart meters is expected to propel the demand for micro batteries in the coming years.
Micro Battery Market Competitive Landscape
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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