Battery Fuel Gauge ICs Market Size, Share, and Industry Analysis, By Type (Single Battery, Multiple Battery), By Application (Mobile Devices & Laptop PCs, Wearables, Medical Devices, Power Tools & Vacuum Cleaners, Robots & Drone, Others), Regional Forecast To 2031

Updated On: 08 April 2024

Battery Fuel Gauge ICs Market REPORT OVERVIEW

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global battery fuel gauge ics market size was USD 1491 Million in 2022 and market is projected to touch 3185.14 Million by 2031, exhibiting a CAGR of 8.8% during the forecast period.

The core components of drone-based enhanced sensing are multispectral sensors. Because of their ability to gather data at high spatial resolution and assess reflectivity in the near infrared, they are an incredibly adaptable and useful sensor.

COVID-19 Impact: Supply Chain Barriers to Deplete Market Advancement

In the months following the coronavirus's outbreak, semiconductor firms took swift action to protect personnel, secure their supply chains, and take care of other important concerns. Although the situation remained critical, and many countries continued to impose physical-distance limitations. The market suffered significantly owing to the supply barrier imposed by the government. However, owing to the research and developmental activities the battery fuel gauge ICs market share will advance during the forecasted timeframe.  

LATEST TRENDS

"Electric Vehicles to Stimulate Market Development "

During the projected period, the global market for electric automobiles is expected to rise at a CAGR of more than 20%. This will increase popularity of battery fuel gauge ICs, which are utilized in these cars to monitor the status of power and the condition of the battery pack.

Another major contributing factor for battery fuel gauge ICs market is the establishment of smart grid infrastructure. Smart grids increase the effectiveness and dependability of energy supply by utilizing advanced technology that includes data analytics, networked communications, and control systems.

Battery Fuel Gauge ICs Market SEGMENTATION

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• By Type

Based on type; the market is divided into single battery, multiple battery

Single battery is the leading part of the type segment.

• By Application

Based on the application; the market is divided into mobile devices & laptop PCs, wearables, medical devices, power tools & vacuum cleaners, robots & drone, others

Mobile devices & laptop PCs is the leading part of the application segment.

DRIVING FACTORS

"Smartphone Utilization to Aid Market Expansion "

Mobile electronic devices represented for over 50.0% of the market in 2017 and are expected to hold onto their lead during the projected period. The increasing demand for smartphone has been a major influence in segment growth. The global smartphone usage is expected to exceed 8 billion by 2022, up from five billion in 2017, and 1 billion in the year 2012.

Over the projection period, this high development is expected to propel battery fuel gauge ICs market growth expansion. Medical devices are expected to grow significantly as a result of increased expenditures by healthcare equipment companies including GE Healthcare, Philips Health Care, Panasonic, and others in research and development endeavours related to medical electronic products that may be utilized within hospitals or clinics for a variety of applications such as health monitoring systems, imaging systems, and others that are prevalent across various end-use segments.

"Renewable Energy Sources to Foster Industry Progress "

Renewable energy sources, such as wind and solar energy, are becoming increasingly common due to their positive environmental impacts and reducing costs. This is causing a rise in the installation of clean energy initiatives around the world, which will raise interest and profit for the battery fuel gauge ICs market growth, which are employed in such initiatives to track performance and improve operations.

RESTRAINING FACTORS

"High Cost to Hinder Market Advancement "

Although the battery fuel gauge ICs is widely utilized technology for mobile devices, laptop PCs, wearables, medical devices, power tools, vacuum cleaners, robots, and drones, the high cost. The majority of small and medium-sized enterprises cannot utilize the battery fuel gauge ICs to manage their electrical activities due to their high cost.

Battery Fuel Gauge ICs Market REGIONAL INSIGHTS

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"Demand for Innovative Batteries to Foster Market Advancement in Asia Pacific "

Asia Pacific had the highest revenue share of more than 40% in 2019 and is predicted to maintain its position of power over the projection period. The region has seen an increase in demand for innovative batteries in a variety of applications, including medical equipment, robots, mobile phones, and electric cars. Regional development is expected to be driven by increased EV production in nations including China and India, as well as rising customer enthusiasm for these vehicles. The battery fuel gauge ICs market has benefited from rising demand from downstream industries as well as technological developments in energy storage technologies. Furthermore, factors including the shale gas boom, which has resulted in an abundance of low-cost raw materials, are projected to promote product acceptance in this region throughout the projection period.

KEY INDUSTRY PLAYERS

"Notable Players in the Industry to Promote Market Expansion "

The multispectral sensor market growth was significantly influenced by the tactics employed by market participants in recent years, such as extensions. The report provides details and information on the companies and their interactions with the multispectral sensor market. The data is gathered and published through appropriate research, technological advancements, expansions, and expanding machinery and equipment. Other criteria considered for this market are the firms that develop and provide new products, the areas in which they operate, mechanisation, innovative techniques, making the most money, and using their products to have a large social impact. This analysis examines the global and regional effects of the outbreak mostly on multispectral sensor market growth. The study describes the multispectral sensor market share features, and market growth by type, industry, and customer sector. Furthermore, it presents a complete examination of commercialization factors prior to and following the Covid-19 pandemic.

List of Market Players Profiled

• Texas Instruments (U.S.)
• STMicroelectronics (Switzerland)
• ON Semiconductor (U.S.)
• Analog Devices (U.S.)
• Maxim Integrated (U.S.)
• Microchip Technology (U.S.)
• Renesas Electronics (Japan)
• CellWise (China)
• SinoWealth (China)
• Richtek Technology (China)

REPORT COVERAGE

The industry report examines the global market, geographic and country-level market sizes, categorization market expansion, market share, competitor analysis, sales trends, influence of domestic and international market players, supply chain enhancement, trade laws, latest developments, possibilities analysis, business strategy market expansion analysis, product releases, area competitive landscape expanding, and technological advancements.

The report also examines the equipment market's current state of development and its overall market trend. It also separates the market by categories based on type and applications in order to conduct a detailed study and demonstrate the industry's characteristics and prospects. By taking into account a range of elements, such as growth rate, trends, industrial advancements, technologies, growth, distribution, and barriers, it offers a thorough assessment as well as a detailed analysis.

If the significant competitors or the predicted assessment of market dynamics change, the analysis would need to be updated. In terms of production, this study looked at consumption, manufacturing, annual growth, and share prices of manufacturers. It also delivers detailed information and cutting-edge assessment required to create an ideal strategic plan and outline the best path for speedy growth for all industry participants. With this knowledge, participants will be better able to build new strategies are focused on market prospects that would benefit them, thereby rendering their company ventures successful.