The lithium thionyl chloride battery market is observing vibrant growth on account of increasing sales of hand held or wireless devices that run on primary battery as a power source, for instance, utility metering devices, tracking devices and others, added with the rising research and developments for primary battery technology. Additionally, growing demand for utilization of primary lithium battery types in numerous devices is also contributing significantly towards the growth of the market. According to Battery Association of Japan, primary lithium battery sales in Japan grew from 866 million units in 2012 to 989 million units in 2017. CLICK TO DOWNLOAD SAMPLE REPORT
The market is anticipated to record robust CAGR throughout the forecast period, i.e. 2019-2027. The lithium thionyl chloride battery market is segmented by type into bobbin cylindrical, spiral and hybrid cells, out of which, bobbin cells segment is anticipated to hold largest market share on account of the battery’s ability to provide a balance of energy and power. Additionally, bobbin cells provides advanced level of customization based on the need of the organization, which adds as an added advantage to the battery segment.
Moreover, the market is also segmented by application into utility metering, tracking devices, automotive, alarm & security systems, industrial automation, office automation, instrumentation, medical, off-shore, and military, out of which medical segment is anticipated to record significant market share on account of demand for batteries in medical devices, for instance, bone healers, oxygen meters, glucose monitors, sterilizable devices, cold chain devices, and others, with long battery life and are also small, lightweight and ergonomically designed. Furthermore, batteries in medical devices have to undergo high temperatures associated with autoclave sterilization cycles as well as the extremely low temperatures required by the medical cold chain, which makes lithium thionyl chloride a best fit for such medical devices.
Rise in Applications Using Primary Lithium Batteries
Lithium thionyl chloride batteries find ample applications in varied devices. Growing deployment of devices, such as electronic meters, gas meters, medical instruments, and others, and the development of new devices, which need primary lithium batteries as a power source, is anticipated to contribute significantly towards the growth of the lithium thionyl chloride battery market. According to Department of Business, Energy & Industrial Strategy, Government of United Kingdom, stated that the number of domestic and non-domestic meters installed by large and small energy suppliers for total of gas and electricity, increased from 535,160 units in 2014 to 5,063,313 units in 2018.
Growing Need For Batteries That Meets Battery Standards
There is a growing need amongst device manufacturers to utilize batteries which meet the battery standards, such as, UN/DOT 38.3 and the UL 2054 battery standards. For instance, UN/DOT 38.3 refers to the recommendations on the transportation of dangerous goods, and UL 2054 refers to the standard for household and commercial batteries. Lithium thionyl chloride batteries are amongst all those battery types which meet these standards. Growing demand for such battery, owing to greater safety standards of the battery type, is anticipated to contribute significantly towards the growth of the lithium thionyl chloride battery market over the forecast period.
Limitations Of Being A Primary Battery
Lithium thionyl chloride battery are used only as a primary battery. As these batteries cannot be recharged, they find restrictive applications in devices. Additionally, fear of leakage of liquid of the batteries and mishandling are some of the factors anticipated to act as a barrier to the growth of the lithium thionyl chloride battery market.
Our in-depth analysis of the lithium thionyl chloride battery market includes the following segments:
By Battery Capacity
On the basis of regional analysis, the lithium thionyl chloride battery market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
North America is expected to hold significant market share on the back of presence of numerous manufacturers of lithium thionyl chloride battery, coupled with growing advancements in medical, energy and other sectors, where there is a rising need for such battery types. According to the International Trade Administration (ITA), U.S. Department of Commerce, United States remains the largest medical device market in the world during the year 2017.
The lithium thionyl chloride battery market is further classified on the basis of region as follows:
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.