A memorandum of understanding (MoU) was signed between the Energy Efficiency Services Limited (EESL), an organization under the Indian Government’s Ministry of Power, and the North Bihar Power Distribution Company Limited and South Bihar Power Distribution Company Limited in 2018 for deploying smart meters in around 130 rural areas and towns in the state.
Micro batteries are used in these meters in the real-time clocks that allow the operation of these meters during power cuts. When application is taken into consideration, the market is divided into automotive, consumer electronics, wearable devices, medical devices, and others such as smart meters and wireless sensor networks categories.
Hence, as a micro battery is a critical energy source for a smart meter, the surging deployment of the latter is predicted to fuel the micro battery market at a CAGR of 18.4% during 2019–2024. Moreover, the revenue of the market is expected to surge from $418.2 million in 2018 to $1.1 billion by 2024. Out of these, the medical devices category contributed the highest revenue to the market in 2018.
This was because of the huge requirement for micro batteries in several devices such as glucometers, drug delivery systems, insulin pumps, and thermometers. Geographically, the micro battery market will register the fastest growth in the Asia-Pacific (APAC) region in the coming years, as per the forecast of the market research firm, P&S Intelligence. This is credited to the surging requirement for fitness trackers in emerging economies such as China, Indonesia, and India.
Hence, it is safe to say that the sales of micro batteries will shoot up in the coming years, primarily because of the growing deployment of smart meters and surging usage of advanced medical devices such as wearable electronics all over the world.
Micro batteries are used in these meters in the real-time clocks that allow the operation of these meters during power cuts. When application is taken into consideration, the market is divided into automotive, consumer electronics, wearable devices, medical devices, and others such as smart meters and wireless sensor networks categories.
Hence, as a micro battery is a critical energy source for a smart meter, the surging deployment of the latter is predicted to fuel the micro battery market at a CAGR of 18.4% during 2019–2024. Moreover, the revenue of the market is expected to surge from $418.2 million in 2018 to $1.1 billion by 2024. Out of these, the medical devices category contributed the highest revenue to the market in 2018.
This was because of the huge requirement for micro batteries in several devices such as glucometers, drug delivery systems, insulin pumps, and thermometers. Geographically, the micro battery market will register the fastest growth in the Asia-Pacific (APAC) region in the coming years, as per the forecast of the market research firm, P&S Intelligence. This is credited to the surging requirement for fitness trackers in emerging economies such as China, Indonesia, and India.
Hence, it is safe to say that the sales of micro batteries will shoot up in the coming years, primarily because of the growing deployment of smart meters and surging usage of advanced medical devices such as wearable electronics all over the world.
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