New York, USA, June 05, 2023 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global biodegradable batteries market is anticipated to garner $406.7 million in revenue and grow at a CAGR of 11.3% during the analysis timeframe from 2022 to 2031.
As per our analysts, the rising research on the use of biodegradable batteries in healthcare due to their potential for delivering safe and eco-friendly implantable medical devices is expected to fortify the growth of the biodegradable batteries market over the analysis period. Moreover, the increasing demand for safe and dependable power supply for medical devices including pacemakers and drug delivery systems is expected to create wide growth opportunities for the market during the estimated period. Additionally, the rising initiatives taken by the leading market players to encourage the use of biodegradable batteries and promote the knowledge of their advantages are further expected to amplify the growth of the biodegradable batteries market throughout the analysis period. However, less awareness about biodegradable batteries in developing countries may restrict the growth of the market over the forecast period.
Segments of the Biodegradable Batteries Market
The report has divided the market into segments based on battery type, application, and region.
Battery Type: Redox Flow Battery Sub-Segment to be Most Profitable
The redox flow battery sub-segment of the biodegradable batteries market generated the highest share in 2021. This is mainly because redox flow batteries are commonly made of organic molecules and plant-based polymers that can decompose safely in the environment. Moreover, the growing potentiality of redox flow biodegradable batteries in a wide range of applications such as electric cars and many more is expected to propel the growth of the market sub-segment over the forecast period.
Application: Healthcare Sub-Segment to be Most Productive
The healthcare sub-segment held the largest market share in 2021. The numerous benefits of biodegradable batteries in healthcare applications such as drug delivery systems, pacemakers, and biosensors are expected to foster the growth of the market sub-segment during the analysis timeframe.
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Region: Asia-Pacific Market Held the Dominant Market Share in 2021
The Asia-Pacific region of the biodegradable batteries market registered the greatest market share in 2021. This is mainly due to the growing replacement of traditional batteries with traditional ones to reduce the negative effects of electronic waste on the environment across the region. Moreover, the rising promotion of the use of renewable and sustainable energy sources by the governments of several nations in the region is expected to boost the regional growth of the market in the coming period.
Covid-19 Impact on the Biodegradable Batteries Market
The wake of the novel coronavirus has brought several uncertainties across various industries. However, it has had a mixed impact on the biodegradable batteries market. The economic slowdown across various nations has adversely affected the demand for various products and services such as biodegradable batteries. In addition, the harsh impact of the pandemic on the automobile and electronics sectors has further affected the growth probability of biodegradable batteries. However, the rising awareness about the need for environment-friendly and sustainable technologies among consumers and the growing supportive government initiatives are expected to increase the demand for biodegradable batteries post-pandemic.
Key Players of the Biodegradable Batteries Market
The major players of the market include
- CMBlu Energy AG
- Stora Enso
- KEMIWATT
- Sony
- Better Battery Co.
- XL Batteries
- Nexus Power
- BeFC
These players are broadly working on the development of new business strategies and tactics such as mergers and acquisitions, partnerships and collaborations, and product development to acquire a leading position in the global industry.
For instance, in April 2022, Nexus Power, a leading manufacturer of organic and bio-degradable batteries announced its collaboration with JITO Angel Network, a non-profit organization that creates innovations-driven entrepreneurial ecosystems for socio-economic development. With this collaboration, the organizations aimed to enhance research and development and product development for biodegradable batteries on a large scale.
Further, the report also presents other vital aspects including SWOT analysis, the financial performance of the key players, and the latest strategic development.
More about Biodegradable Batteries Market:
Biodegradable Batteries Market Size Projected To Generate A Revenue Of $406.7 Million By 2031
