Silver oxide batteries offer advantages such as long shelf life, stability, and safety over other battery chemistries. Used in applications requiring low to moderate current drain like watches, calculators, transportation, telecommunication equipment and IoT devices, silver oxide batteries serve as a reliable backup power source.
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 2030.
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 growing demand for IoT devices and communication equipment is fueling the silver oxide battery market. Manufacturers are expanding globally to cater to the demand from various end-use industries.
Key players in the silver oxide battery market are focusing on product innovation and partnerships to gain market share. The growing demand for IoT devices from sectors like automotive, industrial, residential is expected to push the growth of silver oxide battery consumption. Major players are expanding their manufacturing facilities globally especially in Asia Pacific and North America to ensure easy availability.
Market Key Trends
One of the key trends gaining traction in the Silver Oxide Battery Market Demand is the integration of batteries in wearable devices and hearables. Silver oxide batteries are increasingly being used in hearables and wearables owing to their small size, stability and long shelf-life. Devices such as smartwatches, fitness bands, smart glasses have benefitted from the usage of silver oxide batteries. Manufacturers are focused on developing nano-silver oxide batteries with high energy density capabilities for applications in hearables and wearables. The trend is expected to stay strong during the forecast period supporting the growth of the overall silver oxide battery market.
Porter’s Analysis
Threat of new entrants: Low barrier to entry due to availability of components at low cost. However, established players have advantage of economies of scale and brand loyalty.
Bargaining power of buyers: Large buyers have more bargaining power due to their bulk buying. They can negotiate on price and demand better service.
Bargaining power of suppliers: Few major suppliers for key components increasing their bargaining power. Suppliers can influence price and availability of components.
Threat of new substitutes: Emergence of new battery technologies like lithium-ion posing threat to silver oxide battery demand.
Competitive rivalry: Intense competition among existing players. Companies focus on product differentiation, cost leadership and expanding applications to gain market share.
Geographical Regions
North America is currently the largest market for silver oxide batteries, accounting for over 35% of global market share in terms of value. This is attributed to widespread use of silver oxide batteries in applications like medical devices, toys and remote controls.
Asia Pacific region is expected to be the fastest growing market during the forecast period. Increasing demand from countries like China, India and Japan for applications in watches, calculators and smoke detectors is driving the growth of silver oxide battery market in Asia Pacific.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
