Biobatteries Market Expected to Reach $295.5 Million by 2040—Allied Market Research

According to a new report published by Allied Market Research, titled, “Biobatteries Market," The biobatteries market is estimated at $140.8 million in 2030, and is estimated to reach $295.5 million by 2040, growing at a CAGR of 7.8% from 2031 to 2040.

The biobatteries use enzymes to convert sugar into energy similar to the way biological systems use enzymes to convert food into energy. The heart of the device is a nanocomposite anode which contains enzymes capable of oxidizing glucose and other sugars, releasing electrons, and generating energy. Biobatteries have numerous advantages over existing batteries.

The biggest advantage is that the theoretical energy density is 10 times greater than that of current state-of-the-art Li-ion batteries. These biobatteries also utilize renewable biocatalysts as opposed to expensive and toxic transition metal catalysts of other batteries. In addition, biobatteries allow for instant recharge (through supply of more sugar) in comparison with traditional batteries which require access to power for 2+ hours for recharging.

The existing biobattery technologies lack in many forms. They lack many significant properties and characteristics offered by chemical and metal-based batteries. One of them is that chemical/metal-based batteries can be used for a longer time period, that is, they have a longer lifespan. However, the current biobatteries technology is only for short-term use and is limited to smaller devices that require low power to run. Such factor acts as a market constraint and thus limits the biobatteries market growth.

The world is experiencing a shift in the energy industry. The shift or transition from fossil-based fuels to renewable and environment-friendly sources of energy is gaining traction worldwide. Several treaties and accords are being made with set targets to achieve reduced carbon emissions. Majority of countries are working endlessly toward reducing carbon emissions and meeting their net 2030 and 2050 targets.

The recent Paris Accord and COP-22 conferences have also geared up things with several commitments from world leaders for adding renewable sources of energy and cutting their own fossil-fuel dependencies. A breakthrough in biobatteries technology that can compare and overcome the advantages of existing batteries. This is projected to encourage the use of biobatteries in several applications including electric vehicles and thus surge the market growth.

The biobatteries market size is studied across type, application, and region. Depending on the type, the biobatteries market is segmented into enzymatic bio-battery, sugar, microbial, and others (lemon, body fluid based bio-batteries, and cellulose-based bio-batteries). The enzymatic bio-battery segment is expected to hold dominance in the market and continue to maintain its position during the forecast period. The microbial biobatteries segment is expected to grow at a significant CAGR during the projection years.

A lemon battery is a simple battery often made for the purpose of education. Typically, a piece of zinc metal (such as a galvanized nail) and a piece of copper (such as a penny) are inserted into a lemon and connected by wires. Power generated by the reaction of the metals is used to power a small device such as a light-emitting diode (LED).

Other such batteries are body fluid-based biobatteries and cellulose-based biobatteries. The lemon battery illustrates the type of chemical reaction (oxidation-reduction) that occurs in batteries. Zinc and copper are called electrodes, and the juice inside the lemon is called electrolyte. There are many variations of the lemon cell that use different fruits (or liquids) as electrolytes and metals other than zinc and copper as electrodes.

Based on application, the biobatteries market is divided into medical implants (pacemakers, insulin pumps), mobile phones/tablets, and small electric tools (power banks, remote sensing, toys, and spying devices). The medical implants segment is expected to dominate the market share.

Medical implants can use biobatteries that will be operating on the glucose available in the human body and these are likely to be developed at higher pace. The mobile phones/tablets segment is expected to dominate the market share during the projection period. This is attributed to a rise in customer base of mobile phones/tablets leading to increase in demand for batteries.

Region-wise, the biobatteries market analysis is done across North America, Europe, Asia-Pacific, and LAMEA (Latin America, the Middle East, and Africa). Region-wise, North America is expected to take the lead and maintain its dominance due to higher contribution in research and product development from companies and institute in the region. The key players operating in the biobatteries industry are Sony, Nexus, Panasonic Energy Co., Ltd., SEC Battery, and BeFC.

Key findings of the study

• The biobatteries market size is provided in terms of revenue.
• North America is projected to grow at the highest CAGR, accounting for more than 35%, in terms of during the biobatteries market forecast period.
• By application, medical implants dominated the biobatteries market share by over 30% in 2030
• By type, enzymatic biobattery dominated the biobatteries market, accounting for more than 50% share.