Beyond Expectations: The $1.3 Billion Micro Battery Market Outlook
With forecasts predicting a rise from USD 0.5 billion in 2023 to USD 1.3 billion by 2028, at an excellent CAGR of 22.4% during the forecast period, the worldwide Micro Battery Market is expected to experience significant growth. This forecast was derived from a thorough report by MarketsandMarketsTM. Because of the development of portable and wearable electronics, IoT technologies, and miniaturised electronics, micro batteries are being used increasingly frequently in a variety of industries, including electronics, healthcare, automotive, and more. The market's exponential growth illustrates the importance of microbatteries in supplying energy to the next generation of small, energy-saving products.
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Growing demand for better healthcare infrastructure and services is driving the adoption of medical IoT devices in developing nations like China and India. Micro batteries are the best option because these devices require ultra-thin batteries to complement their design. They are perfect for incorporation into medical devices because of their ultra-thin and flexible architecture, which enables manufacturers to change the device's structure and increase efficiency. The integration of thin-film and printed power sources further increases the allure of microbatteries, prompting a quick rise in demand for batteries with these particular specifications to suit the changing requirements of the medical sector.
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The market for printed battery segment is expected to grow at a significant CAGR during the forecast period.
The printed battery market is anticipated to expand significantly, with a considerable compound annual growth rate (CAGR) over the course of the forecast period. Compared to lithium-based chemistries used in conventional batteries, printed batteries have an advantage since they are made of more affordable materials including zinc dioxide, manganese dioxide, zinc chloride, and carbon zinc. These batteries, which were created using screen printing technology, can be moulded into a variety of shapes to fit flexible gadgets. They are safe for applications like implanted medical devices within the bioelectronics framework due to their non-toxic and non-volatile characteristics. The popularity of printed batteries is being fueled by the rising demand for portable and compact solutions in a variety of industries where portability and small size are crucial requirements.
The smart packaging application is projected to grow at an impressive CAGR from 2023 to 2028.
The smart packaging application is anticipated to increase rapidly between 2023 and 2028, with a sizable compound annual growth rate (CAGR). Printed electrical devices including disposable batteries, sensors, displays, circuits, RFID tags, anti-theft tags, and smart labels are all included in smart packaging. Packaging manufacturers are increasingly adopting thin and printed power sources to incorporate sound, display text, and interactive media into item-level packages and promotional displays, increasing consumer engagement. This is due to the growing significance of packaging in influencing consumer purchasing decisions. RFID tags and smart labels are also essential for monitoring product information, security, and inventory. The addition of tiny batteries expands the communication range, tag endurance, and tracking and tracing capabilities, which supports the market expansion of smart packaging.
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North America is expected to hold a significant share of the micro battery market during the forecast period.
North America is anticipated to dominate the micro battery market during the forecast period. The micro battery market in this region, which includes the US, Canada, and Mexico, is expanding due to a number of causes. Companies in North America are working hard to produce microbatteries for wireless sensors, smart packaging, wearable technology, and smart cards. The market is expanding as a result of rising demand for wearable and medical technology as well as improvements in the packaging sector that incorporate intelligent sensors, RFID tags, and smart labels in products. The market for thin-film and printed batteries in North America is anticipated to significantly expand as smart packaging becomes more prevalent, driven by the demand for printed thin batteries to power these products.
The major players in the micro battery companies include Cymbet Corporation (US), Enfucell (Finland), Ultralife Corporation (US), Molex, LLC (US), Panasonic Holdings Corporation (Japan), Murata Manufacturing Co., Ltd. (Japan), TDK Corporation (Japan), Maxell, Ltd. (Japan), VARTA AG (Germany), Renata SA (Switzerland), and Duracell Inc. (US) among others.
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