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Betavoltaic Device Market Segmented By Tritium, Krypton, Nickel Type in Aerospace, Electronics & Communication, Healthcare, Defense
The Betavoltaic device market is estimated to grow by more than 9% CAGR from 2021-2031. Betavoltaic device are the type of batteries that converts electrical current from decay energy of beta emitting radioisotope sources with the help of transducer. These devices are majorly used when long life of the energy source is needed or in low-power electrical applications such as space & military applications and implantable medical devices.
According to research, Betavoltaic device market is set to witness higher growth during 2021-2031. The market will show highest growth in coming years, owing to increasing demand for the Betavoltaic devices in medical devices sector. Moreover, availability of alternatives for Betavoltaic batteries is hampering the growth of the Betavoltaic devices market.
The factors such as increasing R&D investments by key vendors in Betavoltaic device market, high investment in space industry, and increasing demand for the Betavoltaic devices in medical devices sector is expected to augment the demand for the Betavoltaic devices market.
Medical devices such as chemical delivery infusion pumps, cardiac pacemakers and defibrillators, in vivo drug delivery systems, cerebral neurostimulators, intraocular implants, brain-to-computer interface devices, cochlear implants, and in vivo electronic medical tags or IDs needs small, low-power, and long-lasting batteries.
Such medical devices needs longer battery life like it has to sustain more than 20 years in lifesaving devices. In such devices many of the key manufacturer uses Betavoltaic batteries. Thus increasing demand for the Betavoltaic devices/batteries in medical devices sector is driving the demand for the Betavoltaic devices market.
Tritium-containing Betavoltaic batteries provides features such as capacity of approximately 24 watts per kilogram, a performance of about 25% and 10-year operating life. Also these batteries are low-power batteries, extended life, high energy density, and inexpensive.
Thus such devices used in military applications to power electrical circuits. It protects military systems from tampering and helps to destroy information stored in the systems. The advanced Betavoltaic devices has long working life ranging from 20 years to 100 years.
Thus use of Betavoltaic devices in defense, aerospace, and healthcare industry has been increased over the years. Therefore increasing demand for Betavoltaic devices in industries such as marine aerospace, electronics, and communications is expected to boost the adoption of Betavoltaic device market.
North America is anticipated to constitute a highest market share in the Betavoltaic device market over the forecasted period. The North America shows significant growth in Betavoltaic Device market owing to huge investment in R&D of advanced technologies in the space industry by developed economy like US.
The demands for the Betavoltaic device market in North America region is increasing owing to factors such as sudden increasing ubiquity of cardiovascular diseases in region, rising adoption of Betavoltaic device or batteries as an alternatives power supply in hostile conditions in the region.
North America region has massive presence of key Betavoltaic device providers as well as increasing number of startups including Qynergy Corporation, Widetronix, Inc., BetaBatt, Inc., City Labs, Inc., and NDB Inc. Such key vendors adopted various organic/inorganic strategies, to increase customer base at global market.
Presence of such key vendors and emerging startups to provide Betavoltaic device in the region fuels the growth of the Betavoltaic device market in North America region.
Europe is the second largest contributor to Betavoltaic device market, owing to increasing investment in sectors such as aerospace, healthcare, and military in the Europe region. France, Germany, Italy, and U.K. are the dominating economies in Europe region.
Europe shows second highest growth rate in Betavoltaic device market owing to presence of dominating economies in the region such as Germany, France, and U.K. witness increasing growth of healthcare sector in the region as awareness about health has been increased over the years, high standard of living, increasing investments in defence budget by developed economies in the region.
For an instance, in January 2021, European Investment Fund (EIF) announced investment of 300 Mn to Space sector into Primo Space and Orbital Ventures. It supports growth and innovation of medium-sized and smaller space technology companies in the region. Such developments in region helps SMEs or startups to grow and thus growing investment in the space industry ultimately fuels the demand for the Betavoltaic device market in Europe region.
Some of the leading vendors and companies of Betavoltaic device market include
These key vendors have adopted various organic/inorganic strategies, to increase customer base at global market. They spends millions of dollars into product research and development to carry off the needs of their customers for Betavoltaic device market.
Furthermore, many companies are focusing on launching of new product or enhance their product offering.
For instance, In March 2021, NDB Inc. launched Lawrence Livermore National Laboratory. The new battery allows more efficient extraction of electric charge from the diamond used in the creation of the battery.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain.
The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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