June 16, 2024

Silver Oxide Battery Market Poised for Growth due to Advancements in Energy Storage Technologies

The silver oxide battery market has been gaining significant traction over the recent years. Silver oxide batteries offer several advantages over other conventional batteries such as high energy density, low self-discharge rate, long shelf life, and wide operating temperature range. They are increasingly being used in applications requiring reliable and long-term power backup such as medical devices, automotive sensors, wearables, IoT devices, and surveillance equipment.

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.

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 key players are focusing on new product innovations and launches to gain a competitive edge in the market.

The key opportunities in the Silver Oxide Battery Market Size include increasing demand for long-lasting batteries from medical device manufacturers, growing IoT industry, and rising sales of portable consumer electronics. Advancements in nanotechnology and material sciences are allowing manufacturers to enhance battery performance in terms of capacity, power, and cycle life.

Market Drivers

The major market driver for the growth of the silver oxide battery market is the increasing adoption of safety devices, medical implants, wearables and IoT applications that require compact, long-lasting and reliable battery power solutions. In addition, growing demand for long autonomous operating devices from the defense, aerospace and offshore oil & gas industries is driving the need for high-energy density batteries like silver oxide. Stringent regulations regarding hazardous materials in batteries is further propelling the demand for environment-friendly batteries like silver oxide.

Challenges in Silver Oxide Battery Market
The silver oxide battery market is facing several challenges. High manufacturing costs are a major issue as silver is an expensive material. Supply constraints for silver and other raw materials also pose a challenge as reliable sourcing of inputs is crucial for continuous production. Changing consumer preferences towards newer battery technologies is another challenge. Advances in lithium-ion and other rechargeable batteries are reducing the demand for primary batteries like silver oxide. Strict environmental regulations around the disposal of batteries also increase compliance costs for market players. The high self-discharge rate of silver oxide batteries limits their applications in devices requiring long shelf life.

SWOT Analysis
Strength: High energy density and long shelf life compared to alkaline batteries. Silver oxide batteries can last for years when properly stored.
Weakness: High manufacturing costs due to use of silver as active material. Prone to self-discharge which reduces shelf life if not hermetically sealed.
Opportunity: Use in medical devices, military applications and electronics where long shelf life is crucial. Adoption in IoT sensors and off-grid applications
Threats: Growing demand for rechargeable batteries reduces market for primary batteries. Supply constraints and price volatility of silver impacts production costs.

Geographically, North America currently dominates the silver oxide battery market in terms of value due to the large demand from healthcare and defense sectors. Asia Pacific is expected to be the fastest growing regional market owing to the expanding electronics and IoT industries in countries like China, India and South Korea.

The silver oxide battery market is concentrated in the United States which accounts for over 30% of global revenue. Other major geographical markets include Japan, China and countries in Western Europe. The demand is driven by establish medical device manufacturers and defense contractors located in these regions.

*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it