by The silver oxide battery is one of the most popular primary battery chemistries used in a variety of portable consumer electronic devices like watches, calculators, and hearing aids owing to its high energy density, long shelf life and stable discharge voltage.
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 2031, as highlighted in a new report published by Coherent Market Insights.
Silver oxide batteries provide a stable current in applications where limited energy is required for extended periods of time. The chemistry used in silver oxide batteries allows them to deliver steady power without needing regular recharging like secondary batteries. They are commonly used in medical devices, toys, remote controls and other low-drain products. Silver oxide batteries store electrical energy through electrochemical reactions between silver oxide and zinc forming the electrodes and an alkaline electrolyte. The global rise in disposable income and increased consumer spending on portable consumer electronics has been a key driver boosting demand for silver oxide batteries from the electronics industry.
Market key trends:
One of the major trends driving the silver oxide battery market is the penetration of IoT devices across industries. The demand for IoT devices with longer battery life at affordable prices has propelled the need for primary batteries like silver oxide. IoT applications involving sensors, trackers and other low power usage devices rely heavily on primary batteries. Silver oxide batteries are well-suited to power such devices due to their long shelf life and ability to operate under a wide range of temperatures. Additionally, silver oxide batteries are being increasingly adopted in medical devices requiring stable power for extended durations. Technologies involving wearable medical devices, hearing aids and implants have augmented the consumption of silver oxide batteries from the healthcare sector.
Porter’s Analysis
Threat of new entrants: The silver oxide battery market requires high initial capital investments and technology expertise to produce high quality batteries. This poses moderate threat to new entrants.
Bargaining power of buyers: Buyers have moderate bargaining power in this market due to availability of established key players providing similar products. However, increased demand from various industries empowers buyers.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of substitutes for raw materials. However, suppliers hold an edge due to intellectual property ownership.
Threat of new substitutes: Availability of newer battery technologies like lithium-ion pose threats to silver oxide batteries, though silver oxide still maintains applications where life, safety and reliability are primary concerns.
Competitive rivalry: The market has presence of few large players controlling majority share. Intense competition exists based on pricing and performance.
Key Takeaways
The Global Silver Oxide Battery Market Size is expected to witness high growth over the forecast period. 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 2031.
Regional analysis Asia Pacific accounts for more than 35% of global silver oxide battery market share currently. China leads the regional market due to large consumer electronics industry. India is also among the fast growing markets in the region driven by medical device manufacturing.
Key players operating in the silver oxide battery market are Toshiba Electronic Devices & Storage Corporation (Toshiba Corp.), Hitachi Power Semiconductor Device Ltd., Panasonic Corporation, VARTA Microbattery GmbH, Duracell Inc., Sony Corporation, Renata SA, Energizer Holdings, Inc., Camelion Battery, and Vinnic Company. The market is led by Toshiba and Hitachi who focus on new product developments catering to applications with critical power needs.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
