At 19.5% CAGR, North America Micro Battery Market is Projected to be Worth US$ 891.33 Million by 2030, says Business Market Insights

According to Business Market Insights' research, the North America micro battery market was valued at US$ 214.71 million in 2022 and is expected to reach US$ 891.33 million by 2030, registering a CAGR of 19.5% from 2022 to 2030. Increasing focus on sustainability and advancements in IoT devices are among the critical factors attributed to the North America micro battery market expansion.

The increasing focus on sustainability is anticipated to be a major trend in the micro battery market. Sustainability refers to the ability to meet the needs of the present without compromising the ability of future generations to meet their own needs. Sustainability encompasses environmental, social, and economic aspects of development and aims to create a more inclusive and resilient society. Moreover, there is growing awareness about the environmental impacts of conventional batteries, such as greenhouse gas emissions, resource depletion, waste generation, and pollution. It can also help minimize waste by being recyclable, biodegradable, or compostable. Additionally, regulatory and reporting standards for environmental, social, and governance (ESG) performance are increasing. ESG refers to the criteria that measure an organization's sustainability and social impact. ESG investors and rating agencies are holding firms accountable for their ESG performance and are rewarding those that demonstrate leadership and innovation in sustainability. Micro batteries can help firms improve their ESG performance by reducing their carbon footprint, enhancing their energy efficiency, and supporting their social responsibility initiatives.

On the contrary, the need for large investments hurdles the growth of North America micro battery market.

Based on type, the North America micro battery market is categorized into thin film battery, solid state chip battery, and button battery. The button battery segment held 57.6% share of North America micro battery market in 2022, amassing US$ 123.76 million. It is projected to garner US$ 487.68 million by 2030 to expand at 18.7% CAGR during 2022-2030.

In terms of rechargeability, the North America micro battery market is bifurcated into primary battery and secondary battery. The primary battery segment held 62.8% share of North America micro battery market in 2022, amassing US$ 134.84 million. It is projected to garner US$ 582.53 million by 2030 to expand at 20.1% CAGR during 2022-2030.

By application, the North America micro battery is categorized into consumer electronics, smart packing, medical devices, wireless sensor nodes, and others. The consumer electronics segment held 37.4% share of North America micro battery market in 2022, amassing US$ 80.29 million. It is projected to garner US$ 338.69 million by 2030 to expand at 19.7% CAGR during 2022-2030.

Based on country, the North America micro battery market has been categorized into the US, Canada, and Mexico. Our regional analysis states that the US captured 74.2% share of North America micro battery market in 2022. It was assessed at US$ 159.38 million in 2022 and is likely to hit US$ 674.98 million by 2030, exhibiting a CAGR of 19.8% during 2022-2030.

Key players operating in the North America micro battery market are Molex LLC, Murata Manufacturing Co Ltd, Varta AG, Duracell Inc, Renata SA, Maxell Holdings Ltd, Seiko Instruments Inc, Riot Energy Inc, and Panasonic Energy Co Ltd, among others.

• In May 2022, Murata is transitioning to child-resistant packaging for all lithium coin cell batteries available in a 5-piece tear strip package, which includes the popular CR2016, CR2025, and CR2032 sizes. Each coin cell battery in the 5-piece tear strip pack can still be easily detached. Each coin cell battery is fully encapsulated in plastic, replacing the conventional, easy-to-open perforated packaging. Each capsule now requires a pair of scissors to open. Coin cells and packaging are also marked with the 'keep away from small children' symbol.
  
  
• In November 2022, With the fifth generation of its flagship lithium-ion rechargeable cell, VARTA provides a cutting-edge new product for future-driven innovations. At Electronica, VARTA will showcase its extensive micro battery portfolio and focus on sustainability in Munich from the 15th to the 18th of November.
  
  

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