Betavoltaic Device Market
Betavoltaic Device Market (Type: Tritium, Krypton, Nickel, and Others [Promethium and Strontium]; and End User: Aerospace, Electronics & Communication, Healthcare, Defense, and Others [Oil & Gas, Shipping, and Infrastructure Industries]) – North America Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020-2030
- Energy & Natural Resources
- 65 Pages
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.
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.
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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.
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.
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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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The betavoltaic device market in North America is expected to grow at an impressive CAGR of ~12% during the assessment period. The market growth can be primarily attributed to increasing prevalence of cardiovascular diseases in the U.S., surging demand from the medical devices sector, growing adoption of betavoltaic devices as an alternative power supply for use in hostile conditions, and rising investments in research and development. Market players should mainly focus on minimizing production costs, improving the overall performance of their products, and increasing the longevity of betavoltaic devices to gain a competitive edge in the current market landscape.
Betavoltaic Device Market: Overview
- According to Transparency Market Research’s latest research report on the North America betavoltaic device market for the forecast period of 2020 to 2030, increase in demand from healthcare, aerospace, and electronics & communication industries is expected to boost the betavoltaic device market during the forecast period
- Betavoltaic devices are presently being used in healthcare, aerospace, and electronics & communication equipment. This can be ascribed to better performance, compact size, and long life of nearly 20 years of these devices as compared to that of and other thermochemical batteries.
- In terms of revenue, the betavoltaic device market in North America is estimated to exceed US$ 1 Bn by 2030, expanding at a CAGR of ~12% during the forecast period
Increase in Investments in Space Industry: A Key Driver
- Investment in the space industry has been increasing significantly in North America due to rise in interest in space exploration activities in the region. According to Space Foundation, the U.S. Government invested US$ 48.3 Bn in space activities in fiscal year (FY) 2018, a rise of 10.0% in investment in 2018 as compared to that in 2017. The Department of Defense (DoD) and National Aeronautics and Space Administration (NASA) accounted for 93.7% (US$ 45.2 Bn) of the U.S. Government’s space spending in 2018, and the other six entities are National Oceanic and Atmospheric Administration, National Science Foundation, Department of Agriculture, Department of Interior, Department of Energy, and Department of Transportation. Betavoltaic device plays a vital role in the space industry, as it is used to power spacecraft. Betavoltaic device offers long duration power supply for around 20 years. This makes its adoption viable in the spacecraft industry. Thus, increase in investment in the space industry in North America is anticipated to drive the betavoltaic device market in the region.
- The concept of betavoltaic devices was developed in 1970s. Numerous universities, government departments, and private companies are still working on these devices. Initially, pacemaker manufacturers would use betavoltaic batteries, which are based on the radioactive element promethium. However, these betavoltaic were phased out when lithium-ion batteries were developed. This can be ascribed to the lower efficiency of semiconducting materials used to convert electrons from beta decay into usable current. Thus, these batteries became more expensive. However, lack of awareness about betavoltaic devices and dearth of funding for R&D of betavoltaic devices coupled with higher use of lithium-ion batteries has negatively affected the demand for betavoltaic devices. The availability of inexpensive alternatives is also expected to hamper the betavoltaic devices market in North America in the near future.
Rise in Investment in Research & Development of Cost-effective Betavoltaic Devices
- Betavoltaic devices offer better resistance to environmental conditions, extreme vibration, and altitude. These devices are stable in a wide range of temperatures (from -60°C to 150°C). Furthermore, betavoltaic devices have long-operating life, ranging from 20 years to 100 years. This makes them ideal for defense, aerospace, and healthcare applications. These applications have prompted the U.S. Government to fund research and development of betavoltaic devices for numerous applications in healthcare, defense, and aerospace industries. In 2015, the Defense Science Board recommended a significant investment of US $25 Mn per year over five years in the development of betavoltaic devices.
- Companies are focusing on using safe radio-isotopes such as tritium and nickel, which emit low-energy betas. These beta emissions, if exposed to the skin, are stopped by a dead layer of skin. Companies are also developing standard semiconductor packaging, which would be more than adequate to reduce any radiation to required levels.
- Thus, rise in investment in research & development of betavoltaic devices is expected to create better opportunities for betavoltaic devices in North America during the forecast period
Betavoltaic Device Market: Competition Landscape
- Detailed profiles of manufacturers of betavoltaic device have been provided in the report to evaluate their financials, key product offerings, recent developments, and strategies
- Key players operating in the North America betavoltaic device market include
- City Labs, Inc
- BetaBatt, Inc.
- Direct Kinetic Solutions
Betavoltaic Device Market: Key Developments
- Key providers of betavoltaic devices, such as City Labs, Inc BetaBatt, Inc., and Widetronix are focusing on product development and geographic expansion to capture untapped markets. Major developments in the betavoltaic device market in North America are highlighted below:
- In 2016, City Labs, Inc. was granted a product regulatory general license to manufacture, sell, and distribute NanoTritium betavoltaic device, which contains small amounts of tritium. The general license provides an end user with a safe, reliable, and commercially available betavoltaic power source, and eliminates both the burden of regulatory paperwork and end user radiological training.
- Widetronix is affiliated with the Department of Defense, which granted US$ 2.2 Mn in federal funding to the company to continue to develop a nuclear-powered battery that lasts approximately 25 years and is still safe enough for usage in daily life, in 2017
- In the North America betavoltaic device market report, we have discussed individual strategies, followed by company profiles of manufacturers of betavoltaic device. The ‘Competition Landscape’ section has been included in the report to provide readers with a dashboard view and company market share analysis of key players operating in the North America betavoltaic device market.
Betavoltaic Device Market in North America – Scope of the Report
The latest study collated and published by Transparency Market Research (TMR) analyzes the historical and present-day scenario of the North America betavoltaic device market to accurately gauge its potential development. The study presents detailed information about the important growth factors, restraints, and key trends that are creating the landscape for the future growth of the betavoltaic device market, to identify the opportunistic avenues of the business potential for stakeholders. The report also provides insightful information about how the betavoltaic device market will progress during the forecast period of 2020 to 2030.
The report offers intricate dynamics about different aspects of the betavoltaic device market that aid companies operating in the market in making strategic development decisions. TMR’s study also elaborates on the significant changes that are highly anticipated to configure the growth of the betavoltaic device market during the forecast period. It also includes a key indicator assessment to highlight the growth prospects of the betavoltaic device market, and estimate statistics related to the market progress in terms of value (US$ Mn).
This study covers a detailed segmentation of the betavoltaic device market, along with key information and a competitive outlook. The report mentions company profiles of key players that are currently dominating the betavoltaic device market, wherein various developments, expansions, and winning strategies practiced and executed by leading players have been presented in detail.
Key Questions Answered in TMR’s Report on Betavoltaic Device Market in North America
The report provides detailed information about the betavoltaic device market on the basis of a comprehensive research on various factors that are playing a key role in accelerating the growth potential of the market. Information mentioned in the report answers path-breaking questions for companies that are currently functioning in the market and are looking for innovative ways to create a unique benchmark in the betavoltaic device, so as to help them make successful strategies and take target-driven decisions.
- Which type of betavoltaic device market will emerge as a major revenue generator for the market during the forecast period?
- How are key market players successfully earning revenue out of the advantages of sodium cyanide?
- What will be the Y-o-Y growth of the betavoltaic device market between 2020 and 2030?
- What are the winning imperatives of market frontrunners in the betavoltaic device market?
Research Methodology – Betavoltaic Device Market in North America
The research methodology adopted by analysts for combining the betavoltaic device market report is based on detailed primary as well as secondary research. With the help of in-depth insights of the industry-affiliated information that is obtained and legitimated by market-admissible sources, analysts have offered riveting observations and authentic forecasts of the betavoltaic device market.
During the primary research phase, analysts interviewed industry stakeholders, investors, brand managers, vice presidents, and sales and marketing managers. On the basis of data obtained through the interviews of genuine resources, analysts have emphasized the changing scenario of the betavoltaic device market.
For secondary research, analysts scrutinized numerous annual report publications, white papers, industry association publications, and company websites to obtain the necessary understanding of the betavoltaic device market.
Betavoltaic Device Market in North America – Segmentation
TMR’s research study assesses the North America betavoltaic device market based on type, end user, and country. This report presents extensive market dynamics and progressive trends associated with different segments, and how they are influencing the growth prospects of the North America betavoltaic device market.