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A47254 | Pages: 281 | Charts: 58 | Tables: 155 |
The global fibre batteries market size was valued at $62.5 million in 2021, and fibre batteries industry is projected to reach $422.1 million by 2031, growing at a CAGR of 21.1% from 2022 to 2031.
Fibre batteries are batteries that are manufactured using fibre and can also be printed on fibre to power low-powered wearable medical and consumer devices.
The increase in population and the gradual surge in the utilization of electronic gadgets in daily life have a positive impact on the fibre batteries market. 5G, artificial intelligence can be used to determine the potential diagnoses and treatment for a specific patient. Furthermore, AI (Artificial Intelligence) can help predict which patients are more likely to have postoperative complications, allowing healthcare systems to provide early interventions. Real-time learning with a high volume of data needs trustworthy and high bandwidth networks. Hence with the help of 5G networks, healthcare organizations can use AI tools to provide the best care possible in real-time. Thus, the use of emerging advanced tools and technologies like AI and 5G will boost the demand for wearable devices which will drive the demand for the fibre batteries market during the forecast period.
Fibre batteries are a new variety of batteries that are still under development and have low energy storage value compared to conventional energy storage devices, however, the presence of various advantages in comparison with conventional batteries has led to an increase in investment. However, high costs associated with research and development proficiencies will hamper the development of the market. The stringent regulatory framework in developing economies and lack of standardization will further dampen the development of the market.
In addition, large-scale technological and infrastructural limitations will further hamper the development of the market. The increase in the investment of the government and policies to develop smart cities & smart electronic wearables have driven the Internet of things industry. The above trends and growing demand for smart electronic gadgets will provide ample opportunities to drive the growth of the fibre battery market during this forecast period.
The use of fibre batteries is rising rapidly in various end uses such as in consumer electronics, smart cards, and smart packaging. Consumer electronics are highly penetrated consumer products across the globe. Consumer electronics refers to electronic products for non-commercial use.
The increased adoption of wider varieties of consumer electronics in the household sector has significantly boosted the growth of the global consumer electronics market. Manufacturers are heavily investing in the integration of various digital technologies in consumer electronic products and increasingly focusing on providing high-quality experiences to consumers. The miniaturization of electronic products is gaining rapid traction across the globe. Portability and lightweight electronic goods are gaining popularity among consumers.
Fibre batteries are utilized in smart cards and smart packaging. Smart packaging is an umbrella term used to describe a package with increased functionality through new technology. The rapid and deep technological advances are driving strong smart packaging market growth. In the future, customers will be more inclined to buy items packaged in smart packaging that can control humidity levels. Smart cards provide ways to securely identify and authenticate the holder and third parties who want access to the card.
After the pandemic, shops and businesses accepted contactless payments. Due to the ease and convenience of smart cards, the adoption rate is higher for the smart card market. More awareness about these cards has led to high revenue for the market.
The fibre batteries market forecast is segmented on the basis of type, rechargeability, capacity, end use, and region. By type, the market is divided into thin-film, printed, and others. By rechargeability, the market is divided into primary and secondary. By capacity, it is divided into below 10 MAh. 10 MAh-100 MAh, and above 100 MAh. By end use, it is divided into consumer electronics, smart packaging, smart cards, wireless sensors, and others. By region, the market is segmented into North America, Europe, Asia-Pacific, and LAMEA.
[TYPEGRAPH]
On the basis of type, thin film segment dominated the market in 2021. The growing miniaturization of devices such as mobile phones, medical devices, and smartwatches has led to rising demand for the miniaturization of electronic components. Various compact electronic devices and systems are being developed across the world. The need for miniaturization is also growing as conventional batteries possess a challenge to reducing the size of electronic devices. In addition, the shrinking form factors of implantable, wearable devices have led to the requirement for small batteries. The above-mentioned are some of the primary factors influencing the fibre batteries market's growth.
[RECHARGEABILITYGRAPH]
On the basis of rechargeability, secondary segment dominated the market in 2021. The surge in population and urbanization has led to the demand for smart electronic gadgets. The increase in the augmented sale of consumer electronics has led to the demand for secondary batteries. The presence of the release of hazardous substances during the production of secondary batteries hampers the development of secondary batteries.
[CAPACITYGRAPH]
On the basis of capacity, 10mAh-100mAh segment dominated the market in 2021. The rapid increase in population and the development of portable medical equipment to provide comfort for users have a positive impact on the demand for fibre batteries. In addition, the application of wireless sensors can be seen in various electronic gadgets to connect each other in order to transfer information has driven the demand for the fibre batteries which are utilized with wireless sensors.
[ENDUSEGRAPH]
On the basis of end use, consumer electronics segment dominated the fibre batteries market share in 2021. The adoption of miniature electric components is driving the growth of the global consumer electronics market across the globe. The shifting focus of the manufacturers toward the development of easy-to-use and convenient products is expected to drive the sales of consumer electronics across the globe. The most popular consumer electronic products include mobile devices, laptops, computers, televisions, smartphones, refrigerators, home appliances, and wearable devices.
[REGIONGRAPH]
On the basis of region, Asia-Pacific region dominated the market in 2021. India and China are major players in this region majorly due to their huge populations and due to their demand for energy. China and India require cheap and eco-friendly energy storage sources for portable electronic and medical devices. The presence of developing countries in this region and the need for technological renovation in these countries has led to an increase in the demand for fibre batteries. China and India are the most populated countries in the world where there is high demand for electronic and medical gadgets market is available. Countries such as India, China, Japan, and others are experiencing high demand for fibre batteries which provide ample opportunities for the development of the fibre batteries market growth.
North America is projected to grow at a significant CAGR throughout the forecast period. The presence of huge borders to protect national security has boosted the innovation in portable monitoring and energy storage equipment. The U.S. is one of the major countries which provide huge investments towards the military sector to provide the soldiers required comfort in unusual places. The above factors will provide ample opportunities for the development of the fibre batteries market in this region during this forecast period.
In Europe, the increase in the demand for electronic appliances and rapid development in medical facilities in modern society is one of the key factors for the growth of the market. The presence of medical equipment manufacturing companies in this region such as Pfizer, Novartis, Philips, Siemens, and Fresenius Medical care is innovating a variety of portable medical gadgets which are driven by the fibre batteries as their energy source. The rapid innovation and development in wearable electronic gadgets and the increase in the usage of electronic products to make life comfortable are one of the factors driving the growth of fibre batteries market.
The demand for fibre batteries will increase significantly in the Middle East countries, which have a significant impact on market growth. This surge is mostly due to the presence of rich people in Saudi Arabia who require medical attention at a regular period of intervals. This factor will provide ample opportunities for the development of the market.
Impact of COVID-19 on the global fibre batteries market
The COVID-19 pandemic led to a decline in the demand for the fibre batteries market due to a decline in the demand for power generation across the globe. In addition, the shutdown of manufacturing industries and the demand for power from various industries have a significant impact on the market.
Furthermore, the outbreak of the pandemic has created awareness among the people regarding the advantages of the utilization of fibre batteries as a power source for medical & consumer electronic devices in the LAMEA region which has driven the growth of the global fibre batteries market.
Key players in the fibre batteries industry are Saft Batteries, Bren-Tronics, Inventus Power, Navitas Advanced Solutions Group, Ultralife, Lionrock Batteries, Brightvolt Batteries, Hitachi, Planar Energy, and ProLogium. These players have adopted various strategies to gain a higher share or retain leading positions in the market.
Key Market Segments
Key Market Players