IoT Battery Market Segmentation:
Type Segment Analysis
The chemical battery segment is expected to dominate the IoT battery market during the forecast period. Lithium-ion batteries are used in most applications as they supply the highest amount of power per unit of mass and volume. Li-ion power units have excellent energy density and minimal self-discharge. The most common cathode materials for lithium-ion batteries are LiCoO2, LiMn2O4, LiFePO4, and LiNiMnCoO2. This battery family meets various energy density and load capacity needs. Most reliable rechargeable batteries can be used repeatedly without losing power making them ideal for IoT devices. These batteries are prevalent in IoT devices like smartphones and smartwatches.
Umicore and Automotive Cells Company (ACC, a joint venture comprising Stellantis, Mercedes-Benz, TotalEnergies, and Saft) announced a long-term strategic supply agreement for European EV cathode materials in April 2022. Umicore provides ACC's future large-scale European battery plants with next-generation high nickel cathode materials from its Nysa, Poland greenfield project.
Rechargeability Segment Analysis
The primary battery segment in IoT battery market is expected to grow at the highest CAGR throughout the projected period. Products with limited lifespans and low power opt for primary batteries and are extensively popular in smart packaging, smart cards, home automation, retail, and cosmetic and medicinal patches. This is due to their shorter self-discharge durations than rechargeable thin-film batteries.
In October 2022, Alameda, CA Sila received USD 100 million from the U.S. Department of Energy (DOE) to build out its 600,000-square-foot Moses Lake, Washington plant and scale manufacturing of their revolutionary silicon anode materials. Sila's 160-acre campus rollout plan forecasts 20 GWh of capacity by 2026, enough to power (recharge) 200,000 electric vehicles. Mercedes-Benz, the facility's first commercial customer, will use Sila's anode materials to power its electric G-Class cars.
Application Segment Analysis
The healthcare application segment is projected to contribute a staggering revenue share to the IoT battery market. Wearable health monitors, remote patient monitoring systems, and smart medical implants depend on efficient and reliable batteries. For patient safety and convenience, these devices need long-lasting batteries to operate without regular recharges or replacements. The great energy density and endurance of lithium-ion and solid-state batteries are making them more popular in these applications.
Telemedicine and the use of IoT for real-time health tracking and diagnostics are driving demand for durable batteries to ensure ongoing performance and better patient outcomes. Additionally, better patient monitoring with sensor systems reduces tests, unneeded appointments, and expenditures. Hence, IoT technology is crucial to early disease identification and treatment.
Our in-depth analysis of the IoT battery market includes the following segments:
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