June 17, 2024

Silver Oxide Battery Market Capturing Accelerated Growth Driven by Increasing Adoption of IoT Devices

Silver oxide batteries are utilized in various devices owing to their advantageous properties including long shelf life, stable voltage output, high energy density and low self-discharge rate. These batteries find wide usage in applications such as clocks, watches, calculators, implantable medical devices and sensors used in IoT devices.

Silver oxide batteries utilize silver oxide as the positive electrode and zinc as the negative electrode separated by an electrolyte. They offer higher energy density compared to alkaline batteries while providing stable voltage output over long durations of use. The growing IoT market has augmented the demand for various sensors and devices which require batteries with long operability and shelf life. This has fueled the consumption of silver oxide batteries globally.

 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 growing adoption of IoT devices across various industries has majorly fueled the demand for silver oxide batteries. Devices such as sensors, wearables, smart home appliances and industrial equipment increasingly use silver oxide batteries owing to their desirable properties. Additionally, the miniaturization of electronics is further propelling the consumption of silver oxide microbatteries in applications such as medical implants, smart cards and RFID tags.

The Silver Oxide Battery Market Size is witnessing augmented demand from regions such as Asia Pacific and North America driven by rapid industrialization and growing IoT adoption. Key players are expanding their manufacturing footprint in developing economies to leverage the availability of raw materials and labor at competitive costs. Additionally, they are engaging in long-term supply contracts with device manufacturers to ensure continuity in demand.

Market Key Trends

The increasing R&D towards developing advanced battery chemistries is a key trend in the silver oxide battery market. Manufacturers are focusing on improving the energy density of silver oxide batteries to enhance their competitiveness against alternative battery technologies. Additionally, efforts are ongoing to improve the shelf life and stability of batteries to meet stringent performance requirements of emerging applications such as electric vehicles. Use of nanomaterials and 3D printing in battery manufacturing are some of the upcoming areas gaining attention from researchers.

Porter’s Analysis
Threat of new entrants: Low capital requirements and existing customers using the technology may attract new entrants in the silver oxide battery market.

Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitute battery technologies. However, silver oxide batteries find applications where reliability and long shelf life are critical.

Bargaining power of suppliers: Suppliers have low to moderate bargaining power due to availability of raw material suppliers and commodity nature of materials.

Threat of new substitutes: Threat from lithium-ion batteries is moderate as silver oxide batteries still find applications requiring long shelf life and reliability over cycles.

Competitive rivalry: Intense as major players compete on pricing, technology and customer service.

Geographical Regions

In terms of value, the silver oxide battery market is currently concentrated in North America and Europe owing to high demand from industries such as electronics and automotive.

The Asia Pacific region is expected to be the fastest growing geographical region in the silver oxide battery market during the forecast period. This can be attributed to growing industrial and automotive sectors in countries such as China and India.

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