by The silver oxide battery market has witnessed significant growth in recent years due to wide use in portable equipment and IoT devices. Silver oxide batteries offer advantages such as long shelf life, high energy density, and stable voltage during discharge. They are often used as primary batteries in applications such as watches, calculators, remote controls, hearing aids, switches, toys, radio frequency identification tags, wireless sensors, and medical devices.
The demand for IoT devices and wearables is on the rise with growing internet penetration which has significantly boosted the silver oxide battery market.
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 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.
The growing demand for portable consumer electronics and wearable devices augurs well for growth of key players in the Silver Oxide Battery Market Demand. The miniaturization trend in electronics is another key opportunity area as it drives demand for small, thin and lightweight battery solutions.
The global silver oxide battery market is poised to witness steady growth with rising sales of IoT and wearable devices across regions. Major players are focusing on innovation, cost reduction and expansion into emerging markets to capitalize on opportunities.
Market Drivers
The main driver for the silver oxide battery market is the increasing demand for portable equipment and IoT devices where silver oxide batteries are commonly used due to their long shelf life and stable power output. Growing penetration of the internet and connectivity has boosted the market for smartphones, tablets, smartwatches, fitness bands and other wearables which use silver oxide batteries. IoT adoption across various industries is another key factor fueling demand.
PEST Analysis
Political: Battery requirements are mandated by governments to push electronics manufacturers towards more environment friendly batteries like Silver Oxide batteries. Regulations are promoting the usage of recyclable batteries.
Economic: The cost of Silver is increasing which is impacting the manufacturing cost of Silver Oxide batteries. However, their long shelf-life and maintenance-free operations reduce overall cost of ownership.
Social: People are aware of the environmental hazards of batteries and prefer sustainable battery technologies like Silver Oxide batteries which do not contain toxic chemicals like mercury.
Technological: Silver Oxide batteries have long shelf-life and are more durable than alkaline batteries making them suitable for battery powered devices that require long term power backup without maintenance. Recent improvements in manufacturing processes have enhanced their energy density.
North America accounts for the largest share of the global Silver Oxide Battery market in terms of value due to high demand from industrial and consumer electronics sectors. The Asia Pacific region is projected to be the fastest growing market during the forecast period due to rising electronics production and sales in countries like China and India. Countries like Japan, South Korea are also major manufacturers of Silver Oxide batteries contributing to the regional market growth.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
