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% from 2020 to 2025. 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, the surge in R&D activities to develop advanced, flexible, and thin batteries, and rise in demand for thin and flexible batteries used in IoT-enabled devices.
Lithium batteries projected to hold largest share in battery market for IoT during forecast period
Lithium batteries have a plethora of applications in IoT devices such as wearables, home automation devices, retail, aerospace, and defense. Moreover, features such as high energy density is a key factor complementing its growth among other batteries.
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Battery Market for primary batteries is expected to grow at highest CAGR during 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 areas such as 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. Therefore, the market for primary batteries is expected to grow at the highest CAGR during the forecast period.
Battery Market for IoT in North America accounted for largest size of market in 2019
The North American region is a key market for batteries used in IoT-enabled devices as it is home to some of the largest multinational corporations such as Intel (US), Texas Instruments (US), and Cisco Systems (US) that are key IoT enablers. Additionally, a number of North America-based companies are developing batteries for use in wearable devices, smart packaging, smart cards, medical devices, and wireless communication systems. The increasing demand for wearables and medical devices is a key factor driving the growth of the battery market in this region. Advancements in the packaging industry in North America have led to the integration of smart sensors, RFID tags, and smart labels in packages. Smart packages use printed thin batteries. The rise in the demand for smart packaging is expected to drive the growth of thin-film and printed batteries segments of the battery market for IoT in North America. The increased penetration of IoT in medical devices and the miniaturization of wireless devices are expected to increase the demand for thin-film and printed batteries in North America.
Key Market Players
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), and Cymbet Corporation Inc (Cymbet) (US) are a few of the key market players in the battery market for IoT.