The Battery Market for IoT is estimated to grow from USD 9.2 billion in 2020 to USD 15.9 billion in 2025; growing at a CAGR of 11.6% from 2020 to 2025 says the report published by MarketsandMarkets™. The major factors driving the growth of the market are multi-fold rise in the use of IoT and increase in the adoption of IoT-enabled devices, increase in global demand for wireless communication, surge in R&D activities to develop advanced, flexible, and thin batteries, and rise in demand for thin & flexible batteries used in IoT-enabled devices.
Printed batteries segment is expected to witness highest CAGR in battery market for IoT during forecast period
Printed batteries are the newer types of microbatteries. They are mostly composed of Zinc-based materials. Advantages such as thin size and small form factor, and their ability to be disposed off easily have made printed batteries popular in smart packaging and medical application markets, and their demand is expected to increase further during the forecast period.
Aerospace and defense end-use application is expected to witness highest CAGR in battery market for IoT to during forecast period
IoT technology is used in the aerospace and defense end-use application to ensure connectivity and the integration of aircraft, systems, and people to the Internet. This application makes use of sensors to capture comprehensive machine data. These sensors are installed on critical aerospace and defense equipment, machines, and vehicles. IoT technology also offers numerous opportunities for airlines to improve their baggage handling and equipment monitoring processes. The increasing installation of smart beacons that allow mobile apps to comprehend their position on a micro-local scale and deliver context to users based on their location using Bluetooth technology, is driving their market growth.
Battery market for IoT in APAC expected to grow at highest CAGR from 2020 to 2025
APAC comprises a number of emerging economies such as Australia, India, China, Japan, and Singapore. The high rate of the adoption of new technologies has made this region a lucrative market for IT industries; attributed to this reason, the battery market for IoT in APAC is expected to grow at the highest rate. In addition, these countries are taking aggressive initiatives to upsurge the IT infrastructure enabling commercial users to adopt cutting-edge technologies. The major manufacturers of wearable devices and consumer electronics in this region are miniaturizing their product designs, which require micro power sources for compatibility with the miniaturized designs. Also, technological advancements in smart packaging (such as the use of printed RFID tags and smart labels in packages), as well as the adoption of medical devices, mainly pacemakers, drug delivery systems, and medical patches, which require lightweight, flexible and safe power sources, are fueling the market growth of microbatteries in the APAC region.
Duracell Inc (Duracell) (US), Energizer Holdings Inc (Energizer) (US), Panasonic Corporation (Panasonic) (Japan), LG Chem Ltd (LG Chem) (South Korea), Samsung SDI Co (Samsung SDI) (South Korea), STmicroelectronics N.V (STmicroelectronics) (Switzerland), Cymbet Corporation Inc (Cymbet) (US), Ultralife Corporation (Ultralife) (US), Ilika Plc (Ilika) (UK), and Imprint Energy Inc (Imprint Energy) (US) are the prominent players in the global battery market for IoT.