Silver oxide batteries are non-rechargeable batteries that find wide application in portable devices due to their high energy density and relatively longer shelf life compared to alkaline batteries. Key applications of silver oxide batteries include watches, calculators, hearing aids, medical devices, sensors, and other small portable electronic devices. Silver oxide batteries offer stable and consistent voltage throughout their life.
The global silver oxide battery market is estimated to be valued at US$ 22 Mn in 2023 and is expected to exhibit a CAGR of 4.0% over the forecast period 2023 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Demand for miniaturized electronic devices is one of the key drivers boosting growth of the silver oxide battery market. Continuous technological advancements have led to the development of miniature electronic devices such as hearing aids, wearable devices, smartwatches, and other consumer electronics. Silver oxide batteries are well-suited for powering such small devices due to their small size and high energy density. Furthermore, silver oxide batteries offer stable voltage throughout their lifetime, which is an important requirement for reliable operation of various small electronic appliances. The growing consumer preference for wearable technology and smart electronics is expected to boost the demand for silver oxide batteries over the forecast period.
Segment Analysis
The global silver oxide battery market is dominated by the coin cell sub-segment, which holds around 60% share of the total market. Coin cells are commonly used in applications that require low to moderate power such as watches, calculators, hearing aids, memory backup for devices etc. The wide usage of coin cells in various small electronic appliances is the primary reason for its high market share.
PEST Analysis
Political: There are no major political risks affecting the silver oxide battery market.
Economic: The stable growth of the electronics industry is driving the demand for batteries including silver oxide batteries from OEMs. Any decline in the electronics sector can negatively impact the market.
Social: Increased usage of portable consumer electronics such as watches, hearing aids is boosting the adoption of coin cell batteries.
Technological: Silver oxide batteries offer advantages such as long shelf life and stable output at different discharge rates. Development of new applications requiringsuch attributes can further propel the market growth.
Key Takeaways
The Global Silver Oxide Battery Market Growth is expected to witness high over the forecast period of 2023 to 2031 supported by increasing sales of portable consumer electronics. The global silver oxide battery market is estimated to be valued at US$ 22 Mn in 2023 and is expected to exhibit a CAGR of 4.0% over the forecast period 2023 to 2031.
The Asia Pacific region currently dominates the market accounting for around 40% share owing to presence of numerous battery manufacturers as well as electronics OEMs in countries like China, Taiwan and South Korea. Japan and North America are other major regional markets for silver oxide batteries.
Key players operating in the silver oxide battery market are Toshiba Electronic Devices & Storage Corporation (Toshiba Corp.), Hitachi Power Semiconductor Device Ltd, and GP Batteries International Limited. Toshiba is one of the leading companies in coin cell batteries with strong presence across various end-use industries. Hitachi is also a prominent manufacturer of silver oxide batteries catering to industrial and commercial segment
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
