Lithium Thionyl Chloride (Li-SOCl2) Battery Market Global Industry Insights, Size and 2027 Forecast Report | Impact of COVID-19 Pandemic

Research Nester has released a report titled Lithium Thionyl Chloride Battery Market – Global Demand Analysis & Opportunity Outlook 2027” which also includes some of the prominent market analyzing parameters such as industry growth drivers, restraints, supply and demand risk, market attractiveness, year-on-year (Y-O-Y) growth comparisons, market share comparisons, BPS analysis, SWOT analysis and Porter’s five force model.

The Department of Business, Energy & Industrial Strategy, Government of United Kingdom, stated in one of their statistical report that the number of domestic and non-domestic meters installed by large and small energy suppliers for total of gas and electricity reached 5,063,313 units in 2018 from 535,160 units in 2014.

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The statistics portray the growing deployment of utility metering devices across nations and the shifting trend towards numerous such devices involving primary battery power sources to the devices. The rising advancements in devices across industry verticals is helping lithium thionyl chloride batteries for ample applications in the devices. Owing to numerous factors, such as, low self-discharge rate, high energy density, greater operating temperature, and others, coupled with their light weight, small size and ergonomic designs, all of these factors are anticipated to promote the growth of the lithium thionyl chloride battery market during the forecast period.

The lithium thionyl chloride battery market is anticipated to record robust CAGR over the forecast period, i.e. 2019-2027. The 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 numerous ability of the battery, for instance, greater balance of energy & power and the advancements in customization of the batteries for industrial utilization by device manufacturers.

Additionally, 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 the battery’s ample applications in medical devices, such as, bone healers, oxygen meters, glucose monitors, sterilizable devices, cold chain devices, and others. Furthermore, the batteries are capable of providing long battery life, and are also small, lightweight and ergonomically designed, and can further operate at extreme low or high temperatures.

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Geographically, the lithium thionyl chloride battery market is segmented by five major regions into North America, Europe, Asia-Pacific, Latin America and Middle East & Africa region, out of which, North America is anticipated to hold largest market share on account of rising advancements in medical device industry in the region, along with the presence of numerous lithium thionyl chloride battery manufacturers. The International Trade Administration (ITA), U.S. Department of Commerce, stated in one of their statistical reports that, in the year 2017, United States remains the largest medical device market in the world.

However, the concerns for the battery to be utilized only as primary power source, and being unable to be used as a secondary battery source for many devices, is anticipated to limit the growth of the lithium thionyl chloride battery market. Moreover, fear of leakage of battery liquid and mishandling of battery, are some of the factors estimated to act as a barrier to the growth of the lithium thionyl chloride battery market during the forecast period.

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