Silver Oxide Battery Market is Estimated to Witness High Growth Owing to Rising Demand for Wearable Devices
Silver oxide batteries are widely used in various miniature electronics due to their long shelf-life, ability to deliver stable voltage over its lifetime and high energy density. Silver oxide batteries are commonly used in applications such as watches, calculators, hearing aids, wearable devices and more.
The global silver oxide battery market 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 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Rising Demand for Wearable Devices
The demand for wearable devices such as smartwatches and fitness bands has increased significantly over the past few years. Silver oxide batteries are preferred for powering wearable devices due to their small size and lightweight. According to Coherent Market Insights analysis, the wearable devices market was valued at over US$ 30 Bn in 2020 and is expected to grow at a CAGR of over 15% from 2021 to 2028. The rapid growth of the wearable devices market will support the demand for silver oxide batteries during the forecast period.
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SWOT Analysis
Strength: Silver oxide batteries have a long shelf life and can maintain charge over an extended period without use. They are known for their high energy density and ability to operate over a wide temperature range. Silver oxide batteries provide reliable power for a variety of applications.
Weakness: Silver oxide batteries have a relatively high self-discharge rate and their performance decreases at lower temperatures. Manufacturing silver oxide batteries involves the use of silver, which makes them more expensive than other battery types.
Opportunity: Growing demand for batteries suitable for applications such as medical devices, consumer electronics, and IoT sensors present an opportunity for silver oxide batteries. Their properties make them well-suited for devices requiring long-term power in remote locations.
Threats: Alternative battery chemistries like lithium batteries provide higher energy densities and are becoming more widely used. This increasing competition poses a threat to the silver oxide battery market. Fluctuations in silver prices can negatively impact production costs.
Key Takeaways
Global Silver Oxide Battery Market Size is expected to witness steady growth over the forecast period. Rising demand for dependable power sources from various industries drives the need for silver oxide batteries. Their properties make them especially suitable for medical devices and wider applications in the IoT sector. The global silver oxide battery market 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 2024 to 2031.
Regional analysis: North America holds a dominant share of the silver oxide battery market currently due to widespread use in applications such as smart wearables, IoT devices, and medical equipment. The Asia Pacific region is expected to grow at the fastest pace, led by countries like China, India, and Japan. Increasing manufacturing activity in the region boosts demand for reliable batteries.
Key players: Key players operating in the silver oxide battery market are Toshiba Electronic Devices & Storage Corporation (Toshiba Corp.), Hitachi Power Semiconductor Device, Ltd., Varta AG, GP Batteries International Limited, Sony Corporation, and Camelion Batterien GmbH. These companies focus on expanding their manufacturing capabilities and developing enhanced battery chemistries to strengthen market position.
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