The global 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% between 2020-2025.
The major factors driving the market growth are the increase in the use of IoT, a surge in the adoption of IoT-enabled devices, an increase in the global demand for wireless communication, and a rise in R&D activities to develop advanced, flexible, and thin batteries. However, the high upfront costs of developing thin and flexible batteries and the ecological implications of disposing of battery wastes hinder the markets growth.
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 (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.
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The printed batteries segment is expected to witness the highest CAGR in the battery market for IoT during the forecast period
Printed batteries are increasingly used in applications wherein portability and small size is the main requirements. Printed flexible batteries are eco-friendly and bio-friendly as they do not contain heavy metals and harmful chemicals used in conventional batteries, such as mercury, lead, or cadmium. Moreover, printed batteries also offer biodegradability, cost-effectiveness, safety, flexibility, and ease of integration.
The primary batteries segment is expected to witness the highest CAGR in the battery market for IoT during the forecast period
Primary batteries are used in products that do not require high power and have a limited lifespan. These batteries are witnessing increasing applications in smart packaging, smart cards, home automation, retail, and medical and cosmetic patches, as they have low self-discharge time compared to rechargeable thin film batteries.
Aerospace and Defense end-use application is expected to witness the highest CAGR in the battery market for IoT during the 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. Increasing the Installation of smart beacons that allow mobile apps to comprehend their position on a micro-local scale and deliver content to users based on their location using Bluetooth technology is driving its market growth.
Battery market for IoT in APAC expected to grow at highest CAGR from 2020 to 2025
As the demand for IoT devices is increasing significantly in APAC, the battery market for IoT in the region is projected to grow at the highest rate during the forecast period. With an increasing number of new M2M connections per year, the demand for smart consumer devices and the requirement for the industrial revolution is high in APAC. Given the large population base in some of the emerging economies, such as China and India of APAC, coupled with healthcare and energy management issues, the IoT applications seem to have significant opportunities to improve the standard of living and revolutionize the industrial sector of the region.