Battery Market for IoT

The Battery Market for IoT is projected to grow from USD 9.2 billion in 2020 to USD 15.9 Billion in 2025, growing at a CAGR of 11.6% during the forecast period from 2020 to 2025.

Battery Market for IoT Size & Growth Drivers

The growth of the Battery Market for IoT is driven by the surging adoption of IoT devices across industries such as healthcare, smart homes, industrial automation, and agriculture. As IoT applications increasingly rely on wireless and portable devices, the demand for efficient, long-lasting, and compact batteries has risen significantly. The push for energy-efficient solutions, advancements in battery technologies like lithium-ion and solid-state batteries, and the integration of energy harvesting techniques further boost the market. Additionally, the rise of connected ecosystems, including smart cities and wearable devices, coupled with the growing need for reliable power sources in remote and low-maintenance environments, positions IoT batteries as a critical component for enabling seamless IoT operations.

IoT can be defined as an interconnected system of various devices and sensors that organizations use for different business functions. Most of the IoT end-use applications require devices with miniature characteristics; therefore, these devices use small-sized batteries that are flexible and lightweight. These batteries can be cut, rolled, and customized into different shapes and sizes—without any loss of efficiency to complement the form of the product in which they are to be used. These batteries are used in several IoT applications, including smart cards, wearable devices, and smart monitoring devices.

Battery Market for IoT Forecast to 2025

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Battery Market for IoT Dynamics:

Driver: Multifold rise in use of IoT and increase in adoption of IoT-enabled devices

The increasing adoption of wearable devices is leading the growth of the battery market for IoT. Wearable devices include eyewear, such as smart and virtual reality wearable glasses; footwear, such as athletic, fitness, and sports shoes; and wristwear, such as smartwatches and wristbands. People wear wearable devices to keep track of their daily activities, as well as their body movement and heart rate. Wearable devices are available in different shapes and forms. Most wearable applications require li-ion or li-polymer and ultra-thin durable batteries, creating a significant market demand for micro batteries. The application areas of wearable devices are growing from consumer electronics and medical devices to wireless communication devices.

Restraint: Ecological implications of disposing of battery wastes

A rapidly increasing number of IoT-enabled devices generates colossal volumes of chemical waste. Disposing of these wastes, as well as batteries after use, causes a severe environmental impact. Spent batteries, heavy metals, metal and plastic shells, cathode-anode separators, and other battery components can be hazardous and toxic to the environment if not disposed of properly. Therefore, the sustainable development of batteries has been the most daunting challenge. Though the demand for lithium-ion batteries is increasing globally, developing a real cost-effective, environment-friendly recycling process with high recycling efficiency remains challenging.

Opportunity: Development of new revenue streams for manufacturers of batteries owing to the launch of new IoT-enabled devices

The increasing adoption of IoT technology globally has enabled the development of controls to regulate the use of connected devices through a single, smart interface. There is increasing global penetration of this technology as several IoT-enabled devices are being launched daily. Several manufacturers that, include LG Chemical (South Korea), Samsung SDI (South Korea), and Panasonic (Japan), are scrambling to take advantage of IoT technology and enter the battery market for IoT. That results in developing new revenue streams for these large OEMs and ODMs.

Challenge: Development of cost-effective batteries

Batteries used in IoT-enabled devices are generally costlier than conventional batteries, especially the ones used in industrial applications. The manufacturing process of these batteries requires complex equipment and the cost of fabrication of the cells used by these batteries is high. Moreover, the prices of materials used for developing batteries used by IoT-enabled devices also play an important role in their overall costs. Developing cost-effective electrodes used by these batteries is a challenge for manufacturers to develop economical batteries. Hence, integrating these batteries into consumer electronics, wearable devices, etc., is a costly process.

Battery Market for IoT Segment Insights:

Based on type, the Lithium Batteries segment held the largest share of the market in 2019

By type, lithium batteries held the largest market share. Lithium-ion batteries are majorly used in consumer electronic devices. For IoT applications, small lithium-ion are being produced. Lithium batteries have many applications in IoT devices such as wearables, home automation devices, retail, aerospace, and defense. Moreover, features such as high energy density is key factor completing its growth among other batteries.

Based on rechargeability, the Secondary Batteries segment held the largest share of the market in the forecast period

By rechargeability, the secondary battery segment held a larger share in 2019. Most adopted batteries— lithium, thin film, and solid state chip batteries—are generally secondary batteries. Rechargeable batteries with long lifespans are used in wearable devices, medical devices, wireless sensor nodes, and consumer electronics. With the advancement in technologies used in wearable and medical devices, manufacturers are continuously making efforts to develop innovative designs suitable for their devices. This, in turn, is increasing the need for high-capacity rechargeable batteries that can last long. Therefore, the demand for secondary micro batteries in the applications mentioned above is high and is expected to increase rapidly during the forecast period.

Based on Industry, the home automation segment to dominate the Battery Market for IoT in the year 2019

The demand for energy-efficient solutions, enhanced security, increased venture capital funding, and the constant need to improve the living standards of individuals has led to the development of the battery market for IoT in home automation. Building automation, which started with wired technology, has now entered the era of wireless technology with technologies such as ZigBee, Wi-Fi, and Bluetooth Smart revolutionizing the market. The growing awareness toward energy conservation, stringent legislations and building directives, promotion of numerous smart grid technologies, and the availability of several open protocols are further driving the growth of the building automation market.

Regional Insights:

North America to hold the largest market share during the forecast period

North America held the largest IoT battery market share in 2019. Favorable economic conditions and technological advancements in IoT applications have fueled the demand for IoT in North America, thereby leading to the battery market growth for IoT. Demand for smart packaging is expected to drive the development of the 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.

Battery Market for IoT by Region

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Key Market Players:

Some of the Major players in the Battery Market for IoT are Cymbet (US), STMicroelectronics (Switzerland), Enfucell (Finland), Samsung SDI (South Korea), and LG Chem (South Korea). These players have adopted various growth strategies such as contracts, joint ventures, partnerships & agreements, acquisitions, and new product launches to expand their presence in the Battery Market for IoT.

Cymbet manufactures and provides solid-state energy storage technologies. The company offers its products under the brand name EnerChip. It offers solid-state thin-film rechargeable batteries with integrated power management capabilities that can be configured with integrated circuits (ICs), sensors, industrial controls, RFID tags, communication systems, medical devices, and portable electronic devices. Besides, the company also provides products under its EnerChip RTC (real-time clock) family and EnerChip Evaluation Kit, which provides access to EnerChip RTC through a USB stick. Cymbet was among the first companies to offer surface-mounted packaged energy storage solutions for embedded systems.

STMicroelectronics designs, develop, manufactures, and markets a wide range of semiconductor integrated circuits and discrete devices. The company operates through 3 segments: Automotive and Discrete Group (ADG), Analog MEMS and Sensors Group (AMS), Microcontrollers and Digital ICs Group (MDG), and Others. The company offers dedicated automotive ICs (both digital and analog) and discrete and power transistor products through its ADG. It provides low-power, high-end analog ICs both customized and general purpose) for all markets, smart power products for the industrial, computer, and personal electronics markets through its AMS segment. STMicroelectronics offers general purpose and secure microcontrollers, electrically erasable programmable read-only memory (EEPROM) solutions, digital application-specific integrated circuits (ASICs), and aerospace and defense products, including components for microwave and millimeter wave through its MDG segment.

Report of the Scope

Battery Market for IoT Segmentation:

 In this report, the battery market for IoT has been segmented into the following categories:

Battery Market for IoT based on type:

• Chemical Batteries
  • Lithium Batteries
  • Alkaline Batteries
  • Others
• Thin-film Batteries
• Printed Batteries
• Solid-state Chip Batteries

Battery Market for IoT based on rechargeability:

• Primary Batteries
• Secondary Batteries

Battery Market for IoT based on end-use application:

• Wearable Devices
• Consumer Electronics
• Healthcare
• Home Automation
• Retail
• Banking, Financial Services, and Insurance (BFSI)
• Aerospace & Defense
• Industrial
• Agriculture
• Smart Packaging

Battery Market for IoT based on region:

• North America
• Europe
• Asia Pacific (APAC)
• Rest of the World (RoW)

Battery Market for IoT Highlights:

 What is new?

• Major developments that can change the business landscape as well as market forecasts.

The Battery Market for the IoT industry has witnessed numerous technological advancements in materials and types. Substantial investments have been made in the Battery Market for IoT research & development and upgrades. The value chain of the Battery Market for the IoT ecosystem starts with research and development (R&D), which comprises system requirements analysis, comparison of electronics specifications, and prototype development, followed by manufacturing and system integration phases.

• Emerging Technology Trends
  • Internet of Things (IoT)
  • Cloud-based BMS
  • 5G
  • Addition/refinement in segmentation–Increase the depth or width of market segmentation.
• Battery Market for IoT, by Type
  • Chemical Batteries
    • Lithium Batteries
    • Alkaline Batteries
    • Others
  • Thin-Film Batteries
  • Printed Batteries
  • Solid-state Chip Batteries
• Battery Market for IoT, by Rechargeability
  • Primary Batteries
  • Secondary Batteries
• Battery Market for IoT, by End-Use Application
  • Wearable Devices
  • Consumer Electronics
  • Healthcare
  • Home Automation
  • Retail
  • Banking, Financial Services, and Insurance (BFSI)
  • Aerospace & Defense
  • Industrial
  • Agriculture
  • Smart Packaging
  • Inclusion of new players and change in the market share of existing players - Battery Market for IoT

  Company profiles: Company profiles give a glimpse of the key players in the market with respect to their business overviews, financials, product offerings, recent developments undertaken by them, and MnM view. In the new edition of the report, we have a total of 25 players (15 major, 10 Startups/SME). Moreover, we have also provided the share of companies operating in the ‘Battery Market for IoT’ and brief details of the start-up matrix.

  • Updated financial information and product portfolios of players operating in the Battery Market for IoT

  Newer and improved representation of financial information: The latest edition of the report provides updated financial information on the Battery Market for IoT till 2021/2022 for each listed company in the graphical representation in a single diagram (instead of multiple tables). This would help to easily analyze the present status of profiled companies in terms of their financial strength, profitability, key revenue-generating region/country, business segment focus in terms of the highest revenue-generating segment, and investment in research and development activities.

  • Recent market developments of the profiled players

  Recent Developments: Updated market developments such as contracts, joint ventures, partnerships & agreements, acquisitions, new product launches, investments, funding, and certification have been mapped for 2020 to 2022.

  • New data points/analysis which was not present in the previous version of the report
  • Competitive benchmarking of startups/SMEs covers employee details, financial status, the latest funding round, and total funding (if available).
  • Inclusion of the impact of megatrends on the Battery Market for IoT includes a shift in global climate change and disruptive technologies.
  • Technology analysis and case studies are added in this report edition to give the technological perspective and the significance of the advancements in the Battery Market for IoT.
  • We have included brief patent information for the overall market of Battery Market for IoTs.
  • The startup evaluation matrix is added in this edition of the report, covering startups.

  The new edition of the report consists of trends/disruptions in customer business, tariff & regulatory landscape, pricing analysis, and a market ecosystem map to better understand Battery Market for IoT's market dynamics.

  Recent Developments

  • In June 2022, Wiliot launched breakthrough battery-assisted IoT Pixel tags; Wiliot is now disrupting the battery-powered tag market by introducing its new business card-sized Battery-Assisted IoT Pixel tag. The new Battery-Assisted IoT Pixel tag leverages the same ultra-power-efficient cloud and chip technology.
  • In May 2022, Powermat Technologies launched the new Powermat PMT 100 Wireless Power Solution, designed to meet the needs of small medical, lifestyle, and smart home internet of things (IoT) devices.

  Frequently Asked Questions (FAQ’s)

  What is the current size of the Battery Market for IoT?

  The Battery Market for IoT is projected to grow from USD 9.2 billion in 2020 to USD 15.9 Billion by 2025, at a CAGR of 11.6% between 2020-2025.

  Who are the winners in the Battery Market for IoT?

  Cymbet (US), STMicroelectronics (Switzerland), Enfucell (Finland), Samsung SDI (South Korea), and LG Chem (South Korea).

  What are some of the technological advancements in the market?

  A battery that can operate within the ambient temperature range of its location is crucial for long-term sustainability and reliability. If the battery can no longer efficiently deliver energy, it could render the IoT device obsolete. Rechargeable lithium-ion batteries are prevalent in IoT devices, especially smartphones and smartwatches. In general, lithium-ion batteries have a high energy density and low self-discharge. 

  What are the factors driving the growth of the market?

  Multifold rise in use of IoT and adoption of IoT-enabled devices, increase in global demand for wireless communication, Surge in R&D activities to develop advanced, flexible, and thin batteries, Rise in demand for thin and flexible batteries used in IoT-enabled devices.

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