The Power of Miniaturization: Uncovering the $1.3 Billion Micro Battery Market
The Global Micro Battery Market Size is expected to grow from USD 0.5 billion in 2023 to USD 1.3 billion by 2028, at a CAGR of 22.4% from 2023 to 2028.
The increased demand for smart medical devices such as implantable sensors, transdermal patches, transdermal drug delivery devices, and medical patient monitoring systems fuels the market for micro batteries.
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By Type, the thin-film battery segment held a significant share of the Micro Battery Market in 2022. Thin-film batteries are composed of thinner materials of size in nanometers or micrometers. The thin-film battery comprises substrates, cathodes, anodes, electrolytes, and other components. Thin-film batteries are manufactured using solid-state materials and inorganic glass electrolytes. These batteries are intrinsically safer than conventional ones in the solid-state category. Rechargeable thin-film batteries have a higher demand as many electronic gadgets require rechargeable batteries with a long lifespan. Thin-film batteries are used in consumer electronics, wearable devices, medical devices, and wireless communications applications.
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The secondary battery segment is expected to grow at the highest CAGR during the forecast period by battery type or rechargeability. Rechargeable micro batteries are electric batteries that can be charged repeatedly. Rechargeable batteries are more expensive compared to single-use batteries. The most commonly used flexible rechargeable batteries are lithium-ion (Li-ion) and lithium-ion polymer (Li-ion polymer). Rechargeable batteries were developed for use in compact and flexible electronic devices. Now, rechargeable thin-film and printed batteries find application in consumer electronics, wearable devices, medical devices, and wireless communication devices. Traditional rechargeable batteries have limitations pertaining to their size and weight to cope with the latest technology-enabled devices. To overcome these limitations, the manufacturers of medical devices, wearable electronics, mobile sensors, and other healthcare products are now moving towards rechargeable batteries.
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Europe is projected to grow at a significant CAGR during the forecast period. The European Micro Battery Market includes the UK, Germany, France, and the rest of Europe. The demand for micro batteries is increasing rapidly due to the enormous growth in demand for IoT devices and wearables. The market for micro batteries in Europe is growing due to the high adoption of the latest technology trends and advancements across various industries, such as consumer electronics and healthcare. The major applications of the European micro battery market include smart packaging, wearable devices, smart cards, and medical devices. The packaging industry in Europe is witnessing a shift toward more visibility and intensive data collection by manufacturers, as well as more hygiene and convenience to end consumers. This is driving the manufacturers to use displays, RFID tags, and smart labels in their packages, wherein the micro battery can be integrated as a power source. Hence, the market is expected to witness significant growth.
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