The silver oxide battery market has been gaining significant traction over the past few years, owing to the increasing demand for miniature power sources from various IoT devices and wearable electronics. Silver oxide batteries are primar batteries that have high energy density and deliver long shelf life. They provide stable voltage and are ideal for powering small electronic devices that require stable voltage for prolonged duration. Most IoT sensors and wearable devices operate on button cell batteries for years without needing replacement and silver oxide batteries are well-suited to fulfill this need.
The global silver oxide battery market size is estimated to be valued at US$ 22 Mn in 2024 and is expected to exhibit a CAGR of 4.0% over the forecast period of 2024 to 2030.
Key Takeaways
Key players operating in the silver oxide battery market are Toshiba Electronic Devices & Storage Corporation (Toshiba Corp.), Hitachi Power Semiconductor Device Ltd (Hitachi Ltd), Mitsubishi Electric Corporation, Vishay Intertechnology Inc., NXP Semiconductors NV, ON Semiconductor Corporation, Microsemi Corporation (Microchip Technology), Diodes Incorporated, STMicroelectronics NV, Eaton Corporation PLC, ROHM Co. Ltd, Renesas Electronics Corporation, Nexperia BV, Fuji Electric Co. Ltd, Cree Inc., Qorvo Inc., D3 Semiconductor LLC, ABB Limited, Infineon Technologies AG, United Silicon Carbide Inc., Taiwan Semiconductor Co. Ltd, Littelfuse Inc. and General Electric Company.
Some of the key opportunities in the market include rising popularity of medical wearables and increasing adoption of IoT-based smart home devices. The silver oxide battery market players are focusing on expanding their geographical presence in high growth regions such as Asia Pacific and Latin America.
Market Drivers
Rising demand for long-life batteries from IoT devices is one of the key factors driving the growth of the silver oxide battery market. IoT sensors and devices typically operate for years on small button cell batteries and silver oxide batteries meet this demand excellently with their stable voltage and long shelf life.
Market Restrains
High material cost of silver used in Silver Oxide Battery Market Demand production poses a major challenge. Fluctuating silver prices can negatively impact the production cost of silver oxide batteries.
Segment Analysis
The silver oxide battery market is dominated by the primary battery segment which holds around 70% market share. Primary batteries are non-rechargeable batteries that provide power until discharged and then are disposed of. They find widespread application in devices that require portability and convenience like toys, radios, remotes where replacing batteries frequently would not be practical. The properties of high energy density, long shelf life and steady voltage during discharge make primary silver oxide batteries very useful for such applications where a reliable standalone power source is needed.
Global Analysis
The Asia Pacific region currently dominates the global silver oxide battery market with a share of over 40% due to strong presence of manufacturing base of battery and consumer electronics products in countries like China, Japan and South Korea. Countries in this region have emerged as hubs for manufacturing battery powered electronics toys, remote controls, watches etc. where silver oxide batteries are commonly used. Europe and North America follow Asia Pacific in the silver oxide battery market with demand driven by requirements of industries like healthcare, defense, telecommunication among others and uptake of reliable battery backup solutions. However, the market is expected to witness faster growth in regions like Latin America and Middle East & Africa over the forecast period as availability of affordable electronics increases consumer demand for batteries in these regions.
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