The betavoltaic device market was evaluated at US$1.284 billion for the year 2019 and is projected to reach US$2.434 billion by 2026 growing at a CAGR of 9.57%. The betavoltaic device is a type of nuclear battery that is reliable, has a long life efficiency, and provides high power density for the operation of the electrical system in an inaccessible and hostile environment. The demand for these betavoltaic devices is rising in applications where the replacement of batteries is not easy.
Impact of Covid-19
The betavoltaic device market like any other market has faced a significant amount of loss due to the pandemic. Disruption in the supply chain due to lockdown restrictions in several countries and shortage of raw material negatively affected the market. The market remained sluggish in 2020, however with the removal of lockdown and revival of the economy the betavoltaic device market will witness an upward trend.
Tritium-containing Betavoltaic batteries have a capacity of approximately 24 watts per kilogram, with a complete 10-year operating life and a performance of about 25%. It is because of this we will see inexpensive, extended life, high energy density, and low-power batteries
The military could use these betavoltaic batteries to power electrical circuits that will protect military systems from tampering by destroying information stored in the systems.
According to a recent study, industries such as aerospace, electronics, marine, and communications are the major end-users of betavoltaic devices.
Potential demand in the medical devices sector is another reason for the growth in the market of betavoltaic devices. The manufacturers of medical devices are improving batteries for life-saving devices that once implanted in the body could last longer than 20 years. Devices such as cardiac pacemakers and defibrillators, chemical delivery infusion pumps, cerebral neurostimulators, in vivo drug delivery systems, intraocular implants, cochlear implants, brain-to-computer interface devices, and in vivo electronic medical tags or IDs require low-power, small, and long-lasting batteries.
An increase in the R&D investments by the companies making these betavoltaic devices will foster the demand in the market.
High investments in the space industry will further boost the market. The betavoltaic devices are used to power spacecraft.
Betavoltaic devices provide stronger resistance to environmental, intense vibration, and altitude conditions. In a large temperature range (from -60 °C to 150 ° C), these devices are stable. Also, betavoltaic devices have a long working life of between 20 years and 100 years. This makes them suitable for applications in defense, aerospace, and healthcare. The U.S. Government induced by these applications decided to support betavoltaic system research and development for various applications in the healthcare, defense, and aerospace industries. In 2015, the Defense Science Board proposed a large investment in the production of betavoltaic devices of US$25 million per year over five years.
In the 1970s the concept of a betavoltaic device was developed. Various universities, private companies, and even government departments are still working on these devices. The pacemaker manufacturers initially planned to use Betavoltaic batteries that were based on the radioactive element promethium. However, with the production of lithium-ion batteries, they substituted the betavoltaic batteries. The lower efficiency of semiconducting materials used to transform electrons into the usable current from beta decay can be due to this. These batteries have therefore become more costly. However, the lack of knowledge of betavoltaic devices and the lack of R&D funding for betavoltaic devices coupled with increased usage of lithium-ion batteries have had a negative effect on the market for betavoltaic equipment. The availability of cheap alternatives will hamper the demand for betavoltaic devices in the near future.
Accordingly, an increase in investment in the betavoltaic device in terms of research and development would create better prospects for betavoltaic devices and lead to market growth.
Developers of betavoltaic batteries are working on developing batteries that are powerful enough to run vehicles.
Major producers of betavoltaic devices are focusing their attention on the development of the product as well as extending their reach by expansion into untapped markets.
Companies are focusing on using safe radioisotopes, which emit low-energy betas such as tritium and nickel. The companies are also developing standard semiconductor packaging, which would be adequate to reduce any radiation to the required levels.
The growth in the market can mainly be attributed to the growing prevalence of cardiovascular diseases in the countries, rising demand from the medical device industry, the increasing usage of betavoltaic devices as an alternative power supply for use in a hostile environment, and increasing investment in research and development. To gain a competitive advantage in the current market environment, market players should primarily concentrate on minimizing production costs, enhancing the overall performance of their products, and increasing the durability of betavoltaic devices.
Some of the major players dominating the market are City Labs, Inc., BetaBatt, Inc., Direct Kinetic Solutions, Widetronix, NUST MISIS, and Qynergy Corp.
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Frequently Asked Questions (FAQs)
Q1. What will be the betavoltaic device market size by 2026?
A1. The betavoltaic device market is projected to reach a total market size of US$2.434 billion in 2026.
Q2. What are the growth prospects for the betavoltaic device market?
A2. The global betavoltaic device market is projected to grow at a CAGR of 9.57% during the forecast period.
Q3. What is the size of the global betavoltaic device market?
A3. Betavoltaic Device market was valued at US$1.284 billion in 2019.
Q4. Who are the major players in the betavoltaic device market?
A4. Some of the major players dominating the betavoltaic device market are City Labs, Inc., BetaBatt, Inc., Direct Kinetic Solutions, Widetronix, NUST MISIS, and Qynergy Corp.
Q5. What factors are anticipated to drive the betavoltaic device market growth?
A5. The demand for these betavoltaic devices is rising in applications where the replacement of batteries is not easy.