In 2019, the world was already home to 703 million people in the age group of 65 and above, and by 2050, there will be 1.5 billion of them, the United Nations (UN) says in its latest World Population Ageing report. Such people often suffer from illnesses for long periods, as they are physically weak and immunocompromised. Further, not all of them have solid finances, which is why they find it unfeasible to visit a doctor every now and then. This is why the adoption of simple as well as complex medical devices is rising.
According to P&S Intelligence, due to this reason, the micro battery market size will likely grow from $418.2 million in 2018 to over $1,000.0 million by 2024, at a healthy 18.4% CAGR between 2019 and 2024. This is because of the integration of internet connectivity in medical devices such as insulin pumps, critical parameter monitoring systems, glucometers, thermometers, and drug delivery systems. Being small in size and in a constant need of electricity, they require small but powerful batteries, or micro batteries.
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Micro Battery Market Analysis and Demand Forecast Report
Apart from miniature and connected medical devices, these energy storage instruments also find widespread usage in wearable devices, such as smartwatches, fitness bands, and headphones. With the increasing disposable income of people around the world, especially in the developing countries of Asia-Pacific (APAC), more people are purchasing wearable devices every day, which is leading to an increasing procurement of micro batteries by electronics companies. Besides connected medical and wearable devices, automobiles and related accessories and consumer electronics are also major application areas of micro batteries.
Yet another emerging application area of micro batteries is smart meters, which not only track the usage of utilities by people, but also enable the customer to communicate with the service provider. To check resource wastage and smoothen out the billing procedure, the U.S., India, China, and the U.K. are rapidly installing smart meters. For instance, India is planning to replace all of its conventional electricity meters with smart variants by 2022. Here micro batteries are used to keep the meters running during power outages.
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