According to Stratistics MRC, the Global Betavoltaic Device Market is accounted for $1.41 billion in 2020 and is expected to reach $3.36 billion by 2028 growing at a CAGR of 11.5% during the forecast period. High demand for alternative power supply and rising demand from medical sector are driving the market growth. However, the lack of knowledge and the lack of R&D funding for betavoltaic devices are hampering the growth of the market. By geography, North America is going to have high growth during the forecast period due to the rapid increasing prevalence of cardiovascular diseases in the U.S., and surging growing adoption of these devices as a substitute power supply for use in hostile conditions in the region. Some of the key players profiled in the Betavoltaic Device Market include City Labs, Inc, BetaBatt, Inc., Direct Kinetic Solutions, Widetronix and Qynergy Corp.
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The Global Betavoltaic Device Market is majorly driven by high demand for alternative power supply and rising demand from medical sector. The defense segment is growing at a highest CAGR owing to usage od betavoltaic batteries to power electrical circuits that will protect military systems from tampering by destroying information stored in the systems. Asia Pacific dominated with a significant market share due to the factors such as rise in the population and demand from medical sector in the region. North America market is growing at a highest CAGR owing to the increasing prevalence of cardiovascular diseases in the U.S., and surging growing adoption of these devices as a substitute power supply for use in hostile conditions in the region.
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