A key trend of the smart battery market is the need of social connectivity. Nowadays everyone wants to be socially connected. So switching to a smart battery provides longer back-up.
The smart battery market is growing at a fast pace, which is attributable to the developments taking place in various sectors such as telecom, consumer electronics. This smart battery market has huge potential in specific sectors such as automotive as crude oil prices are increasing which drives the demand for hybrid electric vehicles. This will rise the demand for smart battery market. The growth of consumer electronics sector will increase the demand of smart battery market, as smart battery equips consumer electronics with high life cycle and slow discharge of the battery.
There are various driving factors for this market such as the increase in the carbon emission, rising environmental concern and renewable energy growth. The government is trying to curb the carbon emission by imposing strict rules and regulations.
The Smart trio i.e. smart energy, smart healthcare and a smart city will create the positive impact on the smart battery market. Smart battery for a sensor is the next big thing for the smart battery market, as sensors are now an integral part of our lives from wearable devices to smart homes to smart grids.
Continuous research and development and the augmented demand will keep the smart battery market vibrant.
The high cost is a major restraint of smart battery market, as a high cost of a smart battery as compared to conventional batteries results in low demand from economically weak countries. Another restraint is related to its component as smart battery requires special charger which is an addition to its high cost. On the other hand, the need for periodic calibration and its compatibility issue with some devices as not much regulations are there.
The smart battery market is segmented on the basis of material, by application, by region. On the basis of material global smart battery market is segmented into Lead Acid, Nickel Cadmium (NiCd), Nickel-Metal Hydride (NiMH), Lithium Ion (Li?ion) and Lithium Ion Polymer (Li?ion polymer). By application, the global smart battery market is segmented into consumer electronics, renewable energy, automotive, industrial and military. Regionally the smart battery market is segmented into seven major regions, such as North America, Western Europe, Asia Pacific Excluding Japan (APEJ), Japan, Eastern Europe, Latin America and the Middle East & Africa.
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Some of the key players identified in the global smart battery market are Sealed Energy Systems, Cadex Electronics Inc., Smart Battery®, Trojan Battery Company, Cell-Con, Inc., Accutronics Ltd, Inspired Energy Inc., ICCNexergy, Inspired Energy LLC., Epec, LLC., Rose Electronics Distributing Company, Inc..
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