The micro battery market is driven by factors such as an increase in adoption of wearable devices that propels the growth and demand for flexible and thin batteries in the Internet of Things (IoT) industry.
WILMINGTON, Del., Dec. 1, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Micro Battery Market by Type (Button Batteries, Thin Film Batteries, Printed Batteries, and Solid-State Chip Batteries), Application (Consumer Electronics, Medical Devices, Smart Packaging, Smart Cards, Wireless Sensors, and Others), and Battery Type (Primary and Secondary)". According to the report, the global micro battery market was valued at $0.5 billion in 2022, and is projected to reach $4.0 billion by 2032, registering a CAGR of 21.63% from 2023 to 2032.
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Prime Determinants of Growth
The surge in use of wearable technology, the growth of the semiconductor sector, and the rise in private expenditures on technical R&D for Internet of Things (IoT) technology are the main drivers of market revenue growth. The market demand is also driven by consumers switching from conventional batteries to micro batteries due to their many benefits. Rise in awareness of the advantages of micro batteries is a major factor driving the worldwide market for micro batteries.
Micro batteries often have a large operating temperature range and a high energy density. The batteries are flexible, lightweight, and able to be shaped into any shape without sacrificing their effectiveness. These attributes make micro batteries pivotal in powering portable and wearable electronic devices, where space and weight considerations are critical. As industries and consumers alike recognize the benefits of these compact power sources, the demand for micro batteries continues to escalate, driving innovation in their design and application across an array of technological domains.
Report Coverage & Details:
Market Size in 2022
Market Size in 2032
No. of Pages in Report
Type, Battery Type, Application, and Region.
Increase in adoption of wearable devices.
Propelling the growth and demand for flexible and thin batteries in the Internet of Things (IoT)
Surge in integration of micro batteries in small textiles
Lack of designs in fabrication
The Button Batteries Segment to Maintain its Leadership Status Throughout the Forecast Period
By type, the button batteries segment held the highest market share in 2022, accounting for nearly half of the global micro battery market revenue, and is estimated to maintain its leadership status throughout the forecast period, due to the surge in need for small and portable electronic gadgets is one important factor. Button batteries are vital power sources due to the rise in usage of consumer gadgets, including smartwatches, fitness trackers, and hearing aids, which are smaller and having a higher energy density. In addition, the button batteries segment is projected to manifest the highest CAGR of 22.19% from 2023 to 2032.
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The Primary Segment to Maintain its Leadership Status Throughout the Forecast Period
By battery type, the primary segment held the highest market share in 2022, accounting for two-third of the global micro battery market revenue and is estimated to maintain its leadership status throughout the forecast period. In addition, the secondary segment is projected to manifest the highest CAGR of 22.33% from 2023 to 2032 due to increase in electrical appliances, smartphones and others.
The Consumer Electronics Segment to Maintain its Leadership Status Throughout the Forecast Period
By application, the consumer electronics segment held the highest market share in 2022, accounting for more than one-third of the global micro battery market revenue, and is estimated to maintain its leadership status throughout the forecast period, due to the growing need for small and portable electronics. In addition, the consumer electronics segment is projected to manifest the highest CAGR of 22.59% from 2023 to 2032.
Asia-Pacific to Maintain its Dominance by 2032
By region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for more than half of the global micro battery industry revenue. This region is expected to witness the fastest CAGR of 22.48% from 2023 to 2032, owing to the world's rapid industrialization, technical developments, and the growing demand for consumer electronics in nations such as South Korea, Japan, and China. The micro battery market is growing due in part to the region's proactive adoption of emerging technologies, particularly on the Internet of Things (IoT) and smart device sectors.
Leading Market Players:
The report provides a detailed analysis of these key players of the global micro battery market. These players have adopted different strategies such as product development, and product launch to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Key Benefits For Stakeholders:
Micro Battery Key Segments:
By Battery Type
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