Portland, OR, April 13, 2023 (GLOBE NEWSWIRE) -- Allied Market Research has recently published a report, titled, “Biodegradable Batteries Market by Battery Type (Graphene Battery, Paper Battery, Redox Flow Battery, and Others), Application (Consumer Electronics, Healthcare, and Others), and Regional Analysis (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2022–2031”. According to the report, the global biodegradable batteries market generated $140.0 million in 2021, and is anticipated to generate $406.7 million by 2031, witnessing a CAGR of 11.3% from 2022 to 2031.
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Prime Determinants of Growth
The ongoing research regarding the use of biodegradable batteries in the healthcare sector, the rising environmental concerns, and the growing need for portable and wearable electronics are the factors expected to drive the growth of the global biodegradable batteries market in the forecast period from 2022 to 2031. However, the shorter lifespan and less awareness of biodegradable batteries as compared to conventional batteries may hamper the biodegradable batteries market growth in the coming future. On the contrary, the growing demand for sustainable & eco-friendly energy storage solutions and increasing investments in R&D by key market players are expected to offer remunerative opportunities for expansion of the biodegradable batteries market during the forecast period.
Report Coverage & Details:
| Report Coverage | Details |
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $140.0 million |
| Market Size in 2031 | $406.7 million |
| CAGR | 11.3% |
| No. of Pages in Report | 220 |
| Segments covered | Battery Type, Application, and Region. |
| Drivers | The increasing ongoing research related to the use of biodegradable batteries in the healthcare sector Increase in need for wearable and portable electronics The rising environmental concerns |
| Opportunities | Increase in demand for eco-friendly and sustainable energy storage solutions R&D investments by leading players of the market |
| Restraints | Low awareness in developing countries and shorter lifespan of biodegradable batteries |
Covid-19 Scenario
- The outbreak of the COVID-19 pandemic has had a moderate impact on the growth of the global biodegradable batteries market.
- Decrease in the demand for biodegradable batteries due to the severe impact of the lockdown on numerous sectors including the electronics and automobile industries has affected the market growth in the initial period of the pandemic.
- However, the COVID-19 chaos led to a shift in consumer behavior regarding the need for environmentally friendly and sustainable technologies, which has significantly impacted the global biodegradable batteries market growth during the post-pandemic period.
Redox Flow Battery Sub-segment to Maintain its Leading Position by 2031
Based on battery type, the redox flow battery sub-segment held the highest market share in 2021 and is estimated to maintain its leadership status during the forecast period. This segment of the global biodegradable batteries market is predicted to grow at a CAGR of 11.6% during the estimated timeframe owing to the wide range application of these batteries in renewable energy storage and electric cars. In addition, an increase in demand for redox flow batteries due to their sustainability and environmentally friendly nature as compared to conventional batteries is expected to drive the sub-segment’s growth by 2031.
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Healthcare Sub-segment to Generate the Highest Revenue by 2031
Based on application, the healthcare sub-segment held the largest market share in 2021, as biodegradable batteries have a wide range of possible uses in the medical field, especially for implantable medical devices. Besides, biodegradable batteries are made of non-toxic materials, which makes them a promising technology for healthcare applications, such as biosensors, drug delivery systems, and pacemakers. On the other hand, the consumer electronics sub-segment of the biodegradable batteries market is projected to manifest the highest CAGR of 12.6% from 2022 to 2031, mainly because biodegradable batteries are sustainable and practical substitute for energy storage in consumer devices.
Asia-Pacific Region to Maintain its Dominance by 2031
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2021, owing to the rising environmental concerns in the region and increasing investment in development of renewable sources like biodegradable batteries. The region is also expected to grow at the highest CAGR of 11.7% during the forecast period. The governments of various countries in the Asia-Pacific region are promoting the use of biodegradable batteries by providing regulatory support and financial incentives, which is driving the Asia-Pacific biodegradable batteries market growth.
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Leading Players of the Biodegradable Batteries Market:
- Nexus Power
- KEMIWATT
- Better Battery Co.
- BeFC
- CMBlu Energy AG
- Sony
- Stora Enso
- XL Batteries
The report provides a detailed analysis of the key players of the global biodegradable batteries market. These players have adopted different strategies, such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain their dominance in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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