Global Silver Oxide Battery Market - Insights
Silver oxide battery consists of silver oxide as positive electrode and zinc as negative electrode. It contains potassium hydroxide or sodium hydroxide as electrolyte. Silver oxide batteries are used widely, owing to its durability and high energy weight ratio.
It is commonly used as miniature power source. Small button silver oxide batteries are widely used in watches, calculators, toys, hearing aids, and photo electric exposure instruments. Larger batteries are used in missiles, submarines, aerospace, and underwater applications.
Advantages of silver oxide batteries such as high capacity, low shelf discharge, and long shelf-life is a major factor driving growth of the global silver oxide battery market.
According to a Coherent Market Insights’ study, global hearing aids market was valued at US$ 7,584.8 million in 2016 and is expected to witness a robust CAGR of 4.6% between 2017 and 2025. This significant growth in the hearing aids market is propelling growth of the global silver oxide battery market.
Growing adoption of electronic wearables is fuelling growth of the global silver oxide battery market. According to Consumer Technology Association, health, fitness, and sports technology including fitness activity trackers, hearables hearing devices, smartwatches, and others is estimated to reach sales of 49.3 million units in 2018, an increase by 4% in from 2017 in the U.S.
However, high cost of silver in the silver oxide batteries is a major factor negatively affecting growth of the global silver oxide battery market.
The global silver oxide battery market was valued at US$ 15.55 Billion in 2017 and is anticipated to register a CAGR of 3% in terms of revenue, over the forecast period (2017 – 2025) to reach US$ 19.70 Billion by 2025.
Figure 1. Global Silver Oxide Battery Market Share, By Application, 2017
Source: Coherent Market Insights (2018)
North America held significant market share in the global silver oxide market in 2017. The U.S. was a major contributor to market growth in this region. This is owing to increasing focus of key players in the region on development of new products.
For instance, in March 2018, Naval Surface Warfare Center Crane Division, U.S. announced US$ 12.5 million contract to BST Systems Inc. and to EaglePicher Technologies LLC for developing rechargeable silver oxide zinc batteries of capacity 750 ampere per hour for deep submergence application on undersea vehicles by February 2023.
Increasing demand for toys is fuelling growth of the market in North America as silver oxide batteries are widely used in toys. According to the U.S. Census Bureau, annual sales of toys, games, and hobby goods in 2014 was US$ 10,623 million, which increased to US$ 12,110 million in 2015. Furthermore, according the Toy Association, which is an American trade association, toy sales in the U.S. increased by 5% in 2016 from 2015.
Silver oxide battery market is expected to grow rapidly in Asia Pacific during the forecast period (2018-2025). This is attributed to increasing demand from countries including China, Japan, South Korea, and India.
According to the Battery Association of Japan, sales of silver oxide batteries in Japan in 2016 was 778 million pieces, which increased to 786 million pieces in 2017. Furthermore, according to the Ministry of Economy, Trade and Industry, Japan, sales of silver oxide batteries in Japan was US$ 8.49 million in April 2018.
Growing electronics industry is supporting growth of silver oxide battery market in this region. According to India Brand Equity Fund (IBEF), Government of India, electronics market in India is projected to reach US$ 400 billion 2020 from US$ 100 billion in 2016.
Figure 2. Global Silver Oxide Battery Market Share, By Region, 2017
Key players operating in the global silver oxide battery market includes Panasonic Corporation, Energizer Holdings, Maxwell Technologies, Inc., Seiko Instruments Inc., Berkshire Hathaway Inc., Sony Corporation, Toshiba Corporation, Renata SA, Camelion Battery, and Varta AG.