Published Date : 15 Feb 2023
The global IoT battery market size accounted for USD 10.47 billion in 2022 and is expected to hold around USD 22.7 billion by 2030, growing at a CAGR of 10.16 % from 2022 to 2030.
IoT, or the Internet of Things, technology, has become increasingly popular in recent years. Smart speakers, fitness trackers, smart home security equipment, and even smartphones are examples of IoT gadgets. They are technological gadgets that communicate with one another over the internet and the cloud. The IoT battery market is estimated to reach $15.9 Bn by 2025.
Internet of things (IoT) technology improvements may be slowed by power and battery issues. Therefore, in order to hold enough power to operate a device and not lose power over time, these iot-based gadgets require high-capacity batteries and lengthy shelf lives. Because Iot devices are used in a variety of industries, including consumer electronics, home automation, wearable technology, bfsi, industrial, retail, agriculture, aerospace & military, and healthcare, choosing the right battery for them is essential.
Report Highlights
IoT Battery Market Report Scope
| Report Coverage | Details |
| Market Size in 2023 | USD 11.53 Billion |
| Market Size in 2030 | USD 22.7 Billion |
| Growth Rate | CAGR of 10.16% |
| Largest Market | North America |
| Base Year | 2022 |
| Forecast Period | 2022 To 2030 |
| Segments Covered | By Type, By Rechargeability and By Application |
| Regions Covered | North America, Europe, Asia-Pacific, Latin America and Middle East & Africa |
Regional Snapshots
North America is dominant and is likely to remain the same throughout the forecast period. Due to the presence of some of the biggest international firms, like cisco systems, texas instruments, and intel, this region is a crucial market for batteries used in IoT-enabled devices. In addition, a number of North American businesses are creating batteries for use in wireless communication systems, smart packaging, smart cards, medical devices, and wearable technology.
One of the main factors propelling the growth of the battery market in this area is the rising demand for wearables and medical devices. Smart sensors, RFID tags, and smart labels are now included in packages owning to developments in the North American packaging sector. Printed tiny batteries are used in smart packaging.
The expansion of the thin-film and printed batteries segments of the North American Iot battery market is anticipated to be driven by the increase in demand for smart packaging. The demand for thin-film and printed batteries in North America is anticipated to rise due to the rising adoption of iot in medical devices and the shrinking of wireless devices.
Market Dynamics
Drivers
The market's primary development drivers are anticipated to be the expansion of internet connectivity in developed countries and the rising need for reasonably priced smart wireless sensor networks. The industry is also projected to gain greatly from the growing popularity of the Internet of Things in the future (IoT). Throughout the forecast period, numerous IoT applications, such as industrial automation, smart appliances, and wearable devices, are anticipated to significantly drive the market.
Additionally, it is predicted that throughout the projection period, the market for wearable technology would grow due to the rising popularity of IoT and growing awareness of tools for physical fitness in developing countries like India, China, and Japan. The Internet of Things (IoT) seems prepared to become widely used in commerce.
Advanced fundamental technologies and an abundance of gadgets have facilitated the development of IoT technologies. Battery for IoT market growth is boosted by increased use of IoT-enabled devices, multifold increase in IoT usage, and increase in applications in cutting-edge and portable equipment.
Future growth indicators for the global flexible battery market include expanding electronic assembler and manufacturer demand for flexible batteries, rising production capacities at manufacturing and assembly locations around the world, and growing electronic assembler and manufacturer presence globally.
Additional elements that are likely to have a significant impact on the global flexible batteries market include the rising popularity of various smart wearable devices, ongoing R&D projects in developing nations related to flexible battery manufacturing technology in developed nations, and the Asia Pacific region's easy access to skilled labor and raw materials.
Moreover, the rise of the battery market for IoT for home automation, healthcare, and wearable devices is due to the desire for energy-efficient solutions, improved security, greater venture capital financing, and the continual need to raise people's living standards. Building automation, which began with wired technology, is now in the wireless technology era, pleased to innovations in ZigBee, Wi-Fi, and Bluetooth Smart.
The building automation market is expanding as a result of rising energy conservation consciousness, strict laws and building regulations, the promotion of several smart grid technologies, and the availability of numerous open protocols. These factors are driving the IoT battery market.
Restraints
The market expansion of batteries for the internet of things is projected to be constrained by the fluctuation in raw material prices and the availability of product substitutes. Moreover, the market's expansion is being hampered by the high investment requirements and the absence of adequate standards for improving flexible batteries.
Opportunities
The growth of computer-embedded technologies, wireless technology, and data analytics techniques like big data have brought about significant changes in the healthcare industry recently. By enabling the analysis of enormous amounts of complex medical data including genetic data, bioinformatics, and metagenomics, IoT technologies are also transforming clinical research.
IoT battery market expansion will be accelerated by the adoption of IoT and Wi-Fi, as well as by investments in healthcare technology, which are all predicted to offer attractive business opportunities.
Challenges
The alternatives of IOT battery could hamper the growth of the market. Researchers are working on enabling devices without battery, that could be the biggest challenge for IoT battery market. By combining RF backscatter with new technology, researchers have gone a step closer to realizing battery-free electronics.
Recent Developments
The smallest cylindrical lithium-ion rechargeable battery with a diameter of 3.65 mm and a length of 20 mm was introduced by Panasonic. This rechargeable battery makes the perfect power source for wearable devices due to its small size and high output capability, both of which are necessary for near-field communication (NFC).
Major Key Players
Market Segmentation
By Type
By Rechargeability
By Application
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