How Will IoT Add to Micro Battery Market Growth?

 The burgeoning demand for wearable devices, escalating usage of compact batteries, and rising adoption of internet of things (IoT) technology in medical devices will fuel the micro battery market growth at 18.4% CAGR during the forecast period (2019–2024). The market stood at $0.418 billion in 2018 and it is projected to reach $1.1 billion by 2024. Further, the increasing adoption of smart meter has become a market trend. It is an electronic device that records electric energy consumption and assists electricity supplier for monitoring and billing by using micro batteries.


One of the key factors facilitating the micro battery market growth is the rising adoption of IoT solutions in medical devices. The healthcare sector is swiftly marching toward high-tech solutions, due to the booming geriatric population and increasing prevalence of chronic ailments. For example, medical devices like cardiac monitoring systems and insulin pumps are now connected with IoT to ensure remote monitoring of the patients. These advancements assist in providing real-time information of the patient’s health. With the advent of IoT, the adoption of micro batteries has significantly surged in the medical industry.

Access Report Summary - Micro Battery Market Segmentation Analysis Report

Moreover, the escalating support from government organizations is expected to boost the market growth. For example, the Energy Efficiency Services Limited (EESL), a joint venture of the Government of India and the Ministry of Power signed two memorandums of understanding (MoU) with South Bihar Power Distribution Company Limited and North Bihar Power Distribution Company Limited for installing smart meters in nearly 130 cities and in rural areas of Bihar. As micro batteries are a vital source of power for smart meters, largescale adoption of these meters will add to their high demand.

Categories under the application segment of the micro battery market include automotive, consumer electronics, wearable devices, medical devices, and others (including smart meters and wireless sensor networks). Among these, the medical devices category held the largest market share in 2018, due to the growing installation of micro batteries in devices such as insulin pumps, glucometers, drug delivery systems, and thermometers. Whereas, the wearable devices category is expected to register the fastest growth throughout the forecast period, owing to the high demand for wearable devices like watches, fitness bands, and headphones.


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