High Demand for Alternative Power Supply for Application in Hostile Environments to Boost Market Growth
Over the span of the three to four decades, major developments in the betavoltaic device market have primarily occurred to boost reliability, efficiency, performance, operational life, and overall features of the product. Market players are increasingly focusing on the production of high energy density power sources for smooth and efficient operation of electrical systems in various environments. Although the demand for traditional electrochemical batteries is predominantly higher than that of other alternatives across the electronics sector, the longevity of electrochemical batteries continues to pose as a major challenge.
The demand for betavoltaic devices for applications wherein battery replacement is inconvenient is on the rise. Moreover, as per current observations, aerospace, marine, and electronics & communications are projected to be the prominent end-use sectors of betavoltaic devices during the assessment period. Furthermore, the medical devices sector is another major end-use industry that is likely to utilize betavoltaic devices, particularly in biomedical prosthetic devices. The growing demand for betavoltaic devices, especially for use in low power applications is expected to provide a considerable boost to the North America betavoltaic device market during the forecast period.
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Research and development activities are likely to influence the growth trajectory of the North America betavoltaic device market during the assessment period. At the back of these promising prospects and advancements in technology, the betavoltaic device market in North America is expected to surpass the market value of US$ 1 Bn by the end of 2030.
Research and Development Activities to Drive Demand
The R&D department of the various companies operating in the current betavoltaic device market landscape is expected to lay the foundation for the development of the betavoltaic device market in North America. Over the past few years, researchers are increasingly exploring the possibility of utilizing radioactive decay products as one of the primary sources for niche applications. However, limited availability, steep costs, and regulatory barriers pertaining to the use of beta-emitting isotopes have emerged as a major barrier in large-scale adoption of radioactive decay products.
The medical devices sector is projected to provide sizeable opportunities to the players operating in the current market landscape. The increasing adoption of betavoltaic devices to manufacture cardiac pacemakers is one of the major factors fueling the growth of the betavoltaic device market in North America.
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Researchers around the world are increasingly focusing on minimizing development costs and improving the power output of betavoltaic devices to gain a competitive edge. For instance, in August 2020, a team of scientists from NUST MISIS exhibited a cutting-edge autonomous power source– a miniature atomic battery that is likely to last for 20 years, as its dimensions have decreased nearly three times due to the original 3-D structure of beta-voltaic element. In addition, scientists revealed that the newly launched battery can be used in a range of applications, including as a temperature sensor in devices and an emergency power supply in hostile environments such as under water, high altitude areas, space, etc. The increasing prevalence of heart-related issues in the U.S. is also a major factor propelling the production of pacemakers.
Market Growth Likely to Remain Sluggish amid COVID-19 Pandemic
The growth of the betavoltaic device market in North America is expected to remain slower than anticipated in 2020, due to the COVID-19 pandemic. The ongoing trade war between the U.S. and China is another major factor hindering the development of the betavoltaic device market in North America. The severe shortage of raw materials and disruption in the supply chain due to lockdown and restrictions on cross-border trade are anticipated to affect the overall expansion of the betavoltaic device market in North America. The market growth is expected to gain momentum toward the end of 2020 and the first quarter of 2021.
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