Battery Market Set to Grow Significantly with Advancements in IoT Technology by 2025

The Battery Market for IoT is projected to grow from USD 9.2 billion in 2020 to USD 15.9 Billion in 2025, at a CAGR of 11.6% between 2020-2025.

IoT can be defined as an interconnected system of various devices and sensors that organizations use for different business functions. Most of the IoT end-use applications require devices with miniature characteristics; therefore, these devices use small-sized batteries that are flexible and lightweight. These batteries can be cut, rolled, and customized into different shapes and sizes—without any loss of efficiency to complement the form of the product in which they are to be used. These batteries are used in several IoT applications, including smart cards, wearable devices, and smart monitoring devices.

Download PDF Brochure:
https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=153084557

Opportunity: Development of new revenue streams for manufacturers of batteries owing to the launch of new IoT-enabled devices

The increasing adoption of IoT technology globally has enabled the development of controls to regulate the use of connected devices through a single, smart interface. There is increasing global penetration of this technology as several IoT-enabled devices are being launched daily. Several manufacturers that, include LG Chemical (South Korea), Samsung SDI (South Korea), and Panasonic (Japan), are scrambling to take advantage of IoT technology and enter the battery market for IoT. That results in developing new revenue streams for these large OEMs and ODMs.

Challenge: Development of cost-effective batteries

Batteries used in IoT-enabled devices are generally costlier than conventional batteries, especially the ones used in industrial applications. The manufacturing process of these batteries requires complex equipment and the cost of fabrication of the cells used by these batteries is high. Moreover, the prices of materials used for developing batteries used by IoT-enabled devices also play an important role in their overall costs. Developing cost-effective electrodes used by these batteries is a challenge for manufacturers to develop economical batteries. Hence, integrating these batteries into consumer electronics, wearable devices, etc., is a costly process.