Lithium Thionyl Chloride Battery Market - Regional Analysis
APAC Market Insights
Asia Pacific industry is expected to dominate majority revenue share of 31% by 2035. The growing demand for lithium thionyl chloride batteries across a range of industries, including medical devices, industrial applications, and military and aerospace, is propelling the expansion of the market for these batteries in Asia Pacific. Because of their growing application in the aerospace and defense industries, innovative lithium-based batteries are in high demand in this region. According to the International Trade Association, India's domestic aviation sector is predicted to reach $30 billion by 2024, ranking third internationally.
North America Pacific Market Insights
The lithium thionyl chloride battery market in the North America region is anticipated to grow significantly by the end of forecast period. Growing developments in the medical device industry in North America, coupled with the region's abundance of lithium thionyl chloride battery producers, are the main drivers of market expansion in that region. According to a 2017 data analysis from the U.S. Department of Commerce's International Trade Administration (ITA), the United States continues to lead the world in the production of medical devices. Furthermore, the medical device industry in Canada was projected to be worth US$6.8 billion in 2022. It is anticipated that the market will expand by 5.4% a year until 2028.
