The 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 2019 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 the 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. However, high upfront costs involved in the development of thin and flexible batteries, and the ecological implications of the disposing of battery wastes hinder the growth of the market.
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The printed battery segment is expected to grow at the highest CAGR during the forecast period. Printed batteries are a newer type of micro batteries. They are mostly composed of Zinc-based materials. Advantages such as thin size and small form factor, and their ability to be disposed off easily have made printed batteries popular in smart packaging and medical application markets, with their demand likely to be increasing further during the forecast period.
Based on rechargeability, the battery market for IoT for primary batteries is expected to grow at the highest CAGR 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 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.
The battery market for IoT for the aerospace and defense end-use application is expected to grow at the highest CAGR during the forecast period. The increasing 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 propelling the market growth.
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The IoT battery market in APAC is expected to grow at the highest CAGR during 2020–2025. APAC consists of a number of emerging economies such as Australia, India, China, Japan, and Singapore. The high rate of the adoption of new technologies has made this region a lucrative market for IT industries; attributed to this reason, the battery market for IoT in APAC is expected to grow at the highest rate. In addition, these countries are taking aggressive initiatives to upsurge the IT infrastructure enabling commercial users to adopt cutting-edge technologies.