The Battery Market for IoT is projected to grow from USD 9.2 billion in 2020 to USD 15.9 Billion in 2025, at a CAGR of 11.6% between 2020-2025.


The increasing adoption of wearable devices is leading the growth of the battery market for IoT. Wearable devices include eyewear, such as smart and virtual reality wearable glasses; footwear, such as athletic, fitness, and sports shoes; and wristwear, such as smartwatches and wristbands.


Download PDF Brochure:

https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=153084557


A rapidly increasing number of IoT-enabled devices generates colossal volumes of chemical waste. Disposing of these wastes, as well as batteries after use, causes a severe environmental impact. Spent batteries, heavy metals, metal and plastic shells, cathode-anode separators, and other battery components can be hazardous and toxic to the environment if not disposed of properly.


The increasing adoption of IoT technology globally has enabled the development of controls to regulate the use of connected devices through a single, smart interface. There is increasing global penetration of this technology as several IoT-enabled devices are being launched daily. Several manufacturers that, include LG Chemical (South Korea), Samsung SDI (South Korea), and Panasonic (Japan), are scrambling to take advantage of IoT technology and enter the battery market for IoT.


Batteries used in IoT-enabled devices are generally costlier than conventional batteries, especially the ones used in industrial applications. The manufacturing process of these batteries requires complex equipment and the cost of fabrication of the cells used by these batteries is high.


North America held the largest IoT battery market share in 2019. Favorable economic conditions and technological advancements in IoT applications have fueled the demand for IoT in North America, thereby leading to the battery market growth for IoT. Demand for smart packaging is expected to drive the development of the thin-film and printed batteries segments of the battery market for IoT in North America.