Lithium Thionyl Chloride Battery Market Size

Lithium Thionyl Chloride Battery Market size is estimated to cross USD 15.4 billion by the end of 2036, growing at a CAGR of 7% during the forecast period i.e., 2024-2036. In the year 2023, the industry size of lithium thionyl chloride battery was over USD 8 billion. The global market for lithium thionyl chloride batteries is anticipated to be significantly influenced by the increase in industrialization and modernization on a global scale. Because of this, the market is anticipated to be driven by the safety and dependability that these batteries provide. The market for lithium thionyl chloride batteries is experiencing rapid growth as a result of rising sales of wireless or handheld devices—such as utility metering devices and tracking devices—that run on primary batteries as well as increased research and development into primary batteries. For instance; it is projected that by 2030, there will be over 29 billion Internet of Things (IoT) devices globally, nearly doubling from 15 billion in 2020.

The market is also expanding due to the growing demand for primary lithium battery types in a variety of devices. The market is benefiting from developments in digital technology that allow for more effective production, portfolio expansion, efficient operational maintenance, and sales tracking. Among the major market changes are the growing demand for smart automation, decentralized networks, smart storage, and rising disposable incomes in rapidly emerging countries.