Global Micro Battery Market 2024-2031

Global Micro Battery Market 2024-2031

Global Micro Battery Market Size, Share & Trends Analysis Report by Type (Thin Film Batteries, Printed Batteries, Solid-state chip Batteries, Button Batteries, and Other), by Material (Alkaline, Silver Oxide, Lithium, and Others) Forecast Period (2024-2031)

Micro battery market is anticipated to grow at a CAGR of 22.2% during the forecast period (2024-2031). Micro batteries, typically no bigger than a fingernail, are essential for running devices such as wireless earbuds, hearing aids, wearable health trackers, medical devices, and IoT sensors. They pack energy into a small space, enabling the creation of compact and lightweight electronic devices. Micro batteries use different chemistries and have a lower energy storage capacity than larger batteries.

Market Dynamics

Growing wearable industry

The booming wearable industry, encompassing fitness trackers, smartwatches, and other wearables, heavily relies on micro batteries for their operation. According to Cisco Systems, the unit sales of wearable devices in the Middle East & Africa are expected to reach 46 million by 2022, thereby fueling the growing penetration of smartwatches in the region is further expected to create a scope for industry growth. The increasing wearable sales are likely to drive the global market.

Advancements in Battery Technology

Research and development in micro battery technology are focused on improving energy density (storing more power in a smaller space) and lifespan.These advancements will make micro batteries even more attractive for powering a wider range of devices. For instance, in November 2023, Toshiba developed a new lithium-ion battery using a cobalt-free 5V-class cathode material, suitable for various applications, including power tools and electric vehicles. The new battery significantly suppresses performance-degrading gases produced as side reactions, ensuring high-voltage and high-power performance. The battery composition further promotes carbon neutrality and circular economy, as the cathode is free of cobalt and contains less nickel, making it a cost and resource-conservation solution. The technology also deactivates transferred ions on the anode surface, suppressing gas generation even with a conventional high-conductivity electrolyte. The new technology was evaluated with a prototype 1.5Ah-class pouch battery with an NTO anode, achieving high voltage, fast charging, durability, and excellent lifetime characteristics even at high temperatures. Toshiba plans to apply this battery in power tools, industrial equipment, and other applications where small size and high voltage are at a premium.

Market Segmentation

Our in-depth analysis of the global micro battery market includes the following segments by type, material, and capacity:

Based on type, the market is segmented into thin film batteries, printed batteries, solid-state chip batteries, and button batteries.

Based on material, the market is segmented into alkaline, silver oxide, lithium, and others.

Based on capacity, the market is segmented into below 10 mAH, 10 mAH to 100 mAH, and above 100 mAH.

Thin Film Batteries are Projected to Emerge as the Largest Segment

The thin film batteries segment is expected to hold the largest share of the market. The cost-effective manufacturing, customization, and improved safety features of these batteries make them highly opted batteries in electronic devices. They can be used in wearables, miniaturized devices, RFID tags, smart packaging, and medical implants. Thin film batteries can be scaled up using printing techniques, making them cost-effective. They offer customization possibilities in size, shape, and material properties, making them more suitable for specific device requirements.

Regional Outlook

The global micro battery market is further segmented based on geography including North America (the US, and Canada), Europe (UK, Italy, Spain, Germany, France, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia-Pacific), and the Rest of the World (the Middle East & Africa, and Latin America).

Asia-Pacific Holds Major Market Share

Asia-Pacific holds a significant share of the global micro battery market. The presence of a large and growing consumer base and strong manufacturing presence across the region is a key factor driving the growth of the growth of the regional market. This region's proximity to major manufacturing facilities provides a strategic advantage for businesses and investors. The region's rapid digitalization and industrialization in countries like China, India, and South Korea have created a breeding ground for the adoption of micro batteries in various industries, including IoT. The tech-savvy population drives the adoption of miniaturized electronics, making the Asia-Pacific region a major player in the micro battery industry.

The major companies serving the global micro battery market include Panasonic Corp., Samsung SDI, LG Chem Ltd., CATL, and BYD Company Ltd. Among others. The market players are increasingly focusing on business expansion and product development by applying strategies such as collaborations, mergers, and acquisitions to stay competitive. For instance, in September 2022, Maxell launched the PSB401515H, a high-capacity solid-state micro battery. This technology offers advantages like increased durability and safety compared to traditional lithium-ion batteries.