- Printed batteries segment is expected to see the highest CAGR in battery market for IoT during the forecast period
- The battery market for IoT in APAC is expected to grow at the highest CAGR from 2020 to 2025
The battery market for IoT is estimated to grow To $15.9 billion in 2025 at a CAGR of 11.6 per cent from 2020 to 2025 as per a report by MarketsandMarkets. The report titled, ” Battery Market for IoT by Type, Rechargeability, End-use Application, and Geography – Global Forecast to 2025″ also said that the market valuation will stand at $9.2 billion in 2020.
As per the report, the printed batteries segment is expected to see the highest CAGR in the battery market for IoT during the forecast period. Printed batteries are the newer types of micro batteries. They are thin in size and have a small form factor. They can be disposed off easily as well.
Aerospace and defense end-use application
The major factors that will drive the growth of the battery market for IoT are the rise in the use of IoT and an increase in the adoption of IoT-enabled devices, increase in global demand for wireless communication. The report also said that other factors are the rise in R&D activities to develop advanced, flexible, and thin batteries, and a rise in demand for thin and flexible batteries used in IoT-enabled devices
The report said that aerospace and defense end-use application is expected to witness the highest CAGR in the battery market for IoT to during forecast period. IoT technology is used in the aerospace and defense end-use application for connectivity and the integration of aircraft, systems, and people to the Internet. It has made the use of sensors to capture comprehensive machine data. These sensors are installed on critical aerospace and defense equipment, machines, and vehicles.
APAC to lead
The report stated, “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.”
As per the report, the battery market for IoT in APAC is expected to grow at the highest CAGR from 2020 to 2025. The high rate of the adoption of new technologies has made this region a lucrative market for IT industries. The countries here are taking aggressive initiatives to upsurge the IT infrastructure to enable commercial users to adopt cutting-edge technologies. As per the report, the major manufacturers of wearable devices and consumer electronics in this region are miniaturising their product designs. This requires micro power sources for compatibility with the miniaturised designs.
The report also said that technological advancements in smart packaging like radio frequency identification (RFID) tags and smart labels in packages are boosting the market growth of micro-batteries in the APAC region. Another reason is the adoption of medical devices, mainly pacemakers, drug delivery systems, and medical patches, which require lightweight, flexible, and safe power sources that are leading to growth.
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 micro-batteries in the APAC region.
