Button Battery segment to hold the largest size of the Micro Battery Market from 2021 to 2026
Button batteries accounted for the largest share of the overall Micro Battery Market in 2020 and are projected to dominate the market from 2021 to 2026. Lithium button batteries are experiencing surging demand owing to their numerous applications. For instance, these batteries are used in motherboards that power computing devices such as smartphones and computers. Lithium button cells are also used in portable medical devices such as blood glucose meters, blood pressure meters, tensiometers and clinical thermometers; wrist watches; calculators; memory backups; laser pens; fitness appliances & wearables; and toys. Thus, the multi-applicability of these batteries is expected to drive their market in the near future.
The Micro Battery Market for the consumer electronics application is projected to grow at the highest CAGR during the forecast period
The Micro Battery Market for consumer electronics application is projected to grow at the highest CAGR from 2021 to 2026. The increasing demand for intelligent and smartwatches and fitness bands has given rise to the development of innovative product designs and the adoption of related components that are compact and flexible. Most wearable devices require batteries that have a high capacity, can be recharged at a fast rate, and are long-lasting. These requirements are opening doors for the applications of micro batteries in consumer electronic devices. Moreover, as consumer electronic devices such as smartwatches, fitness bands, and smart glasses are gaining rapid attention from end users, micro batteries are anticipated to witness growing demand in this application.
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APAC to be the fastest-growing market for Micro Batteries during the forecast period
The market in APAC is projected to grow at the highest CAGR from 2021 to 2026. 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, technology 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 fuelling the growth of micro batteries in the APAC region.
The Micro Battery Market is projected to reach USD 842 million by 2026 from USD 326 million in 2021 at a CAGR of 20.9%. The growth of the Micro Battery Market is driven by factors such as the use of printed flexible batteries in medical devices to treat COVID-19 patients, several advantages offered by micro batteries over traditional batteries, increasing adoption of wearable devices, growing use of micro batteries in medical and electronic devices, and demand for thin and flexible batteries in IoT applications. Moreover, the integration of micro batteries in smart textiles and the rise in the adoption of wireless sensors equipped with micro batteries are expected to offer significant growth opportunities for the Micro Battery Market during the forecast period.
The Key Players operating in the Micro Battery Market include Blue Spark Technologies (US); Cymbet Corporation (US); Enfucell Oy (Finland); Front Edge Technology, Inc. (US); Molex (US); Panasonic Corporation (Japan); Shenzhen Grepow Battery Co., Ltd. (China); TDK Corporation (Japan); Ultralife Corporation (US); VARTA AG (Germany); Murata Manufacturing Co., Ltd. (Japan); Seiko Instruments (Japan); Maxell Holdings, Ltd. (Japan); Renata SA (Switzerland); and Duracell Inc. (US).
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