Advancements in Battery Technology to Boost the Market Growth for IoT Applications
Posted by Tom C on February 22nd, 2023
The global battery market for IoT is estimated to grow from USD 9.2 billion in 2020 to USD 15.9 billion in 2025, growing at a CAGR of 11.6% between 2020-2025.
The rise in IoT usage, the adoption of IoT-enabled technology, the rise in demand for wireless communication on a global scale, and an increase in R&D efforts to create sophisticated, flexible, and thin batteries are the key factors propelling market expansion. The development of thin, flexible batteries, however, comes at a significant upfront cost, and disposing of battery waste has negative environmental effects.
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The IoT battery market in APAC is anticipated to develop at the fastest rate during the forecast period due to the region's strong growth in IoT device demand. In APAC, the need for smart consumer electronics and the need for the industrial revolution is significant due to the rising number of new M2M connections each year. The IoT applications seem to have tremendous potential to raise living standards and transform the industrial sector of the region given the massive population bases in some of the growing nations, such as China and India of APAC, as well as healthcare and energy management challenges.
IoT technology is employed in end-use applications for the aerospace and defence industries to assure Internet connectivity and human, system, and aircraft interaction. The market is expanding as a result of an increase in the installation of smart beacons, which employ Bluetooth technology to enable mobile apps to understand their position on a micro-local scale and give content to users based on their location.
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About the AuthorTom C
Joined: July 2nd, 2020
Articles Posted: 347
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