The Europe Micro Battery Market would witness market growth of 21.7% CAGR during the forecast period (2023-2030).
Growth in the application of micro battery in residential, commercial, automotive, consumer electronics, and others is expected to fuel the growth of the market during the forecast period. High adoption of wearable devices, smart cards, medical devices, and wireless communication sensors also contributes to market growth. Moreover, micro battery stores are renewable energy sources that make the power supply smooth and predictable.
Factors such as an increase in the need for condensed batteries in medical devices, a rise in the adoption of smart wearable devices, and a surge in demand for thin batteries in IoT devices are the key drivers for the market. Furthermore, an upsurge in the adoption of wireless sensors across various industry verticals provides lucrative opportunities for the market to flourish.
Smart textiles are designed to monitor & detect environmental conditions using flexible sensors and other parts, including microcontrollers and control units. Therefore, smart textiles require ultra-thin printed battery solutions to power these built-in sensor devices. The demand for printed battery solutions has increased with the growing use of smart textiles.
The main element fuelling the desire for remote patient monitoring devices is the increased prevalence of chronic diseases in the community. For instance, 6.199.9 thousand persons in Germany had diabetes in 2021. The growing elderly population, who are more likely to suffer chronic conditions, is predicted to increase demand for wearable devices for remote patient monitoring and their uptake because of their simplicity of use. This wide acceptance of remote patient monitoring and wearables is estimated to contribute to the regional market's expansion.
The Germany market dominated the Europe Micro Battery Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $132 million by 2030. The UK market is poised to grow at a CAGR of 20.7% during (2023 - 2030). Additionally, The France market would showcase a CAGR of 22.6% during (2023 - 2030).
Based on Battery Type, the market is segmented into Secondary, and Primary. Based on Type, the market is segmented into Thin Film Batteries, Printed Batteries, Solid-state Chip Batteries, and Button Batteries. Based on Material, the market is segmented into Lithium, Alkaline, and Silver Oxide & Others. Based on Application, the market is segmented into Medical Devices, Smart Packaging, Consumer Electronics, Smart Cards, Wireless Sensors, and Others. Based on Capacity, the market is segmented into 10-100 mAh, Below 10 mAh, and More than 100 mAh. Based on countries, the market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
Free Valuable Insights: The Worldwide Micro Battery Market is Projected to reach USD 2.1 Billion by 2030, at a CAGR of 22.2%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Panasonic Holdings Corporation, VARTA AG, Murata Manufacturing Co., Ltd., TDK Corporation, Berkshire Hathaway, Inc. (Duracell, Inc.), Ultralife Corporation, Maxwell Technologies (UCAP Power, Inc.), Cymbet Corporation, Enfucell Oy, Koch Industries, Inc. (Molex LLC).
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