The flexible batteries are an advanced type of battery which can retain its shape even after changing its form. Due to its characteristics of retaining its form in various shapes and size, its demand is expected to increase especially in the healthcare, consumer electronics, and other industries. Flexible batteries are portable batteries which can be easily used in various small sized devices such as watch, smartphones, health monitoring device, and others.
The global flexible battery market is segmented into type, voltage, capacity, chargeability, application, and region. On the basis of type, the market is segmented into thin-film batteries and printed batteries. On the basis of voltage market is segmented into below 1.5v, between 1.5v and 3v, and above 3v. Furthermore, on the basis of capacity the market is segmented into below 10 mah, between 10 mah and 100 mah, and above 100 mah. On the basis of chargeability the market is segmented into primary batteries and secondary batteries. On the basis of application the market is segmented into consumer electronics, smart packaging, smart cards, medical devices, IoT devices, and others. On the basis of region, the global flexible battery market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa.
The global flexible battery market is expected to witness significant growth during the forecast period (2021–2028) due to rapid adoption healthcare wearable devices. Healthcare wearable devices constantly monitor the patient with factors such as heartbeats, oxygen level, and others. Most of these devices are battery powered thus, making its lightweight and prolonged battery life is essential device manufacturers which is expected to drive the demand of flexible battery in the healthcare devices as its enables manufactures to change the battery shape and size according to product’s need. Furthermore, due to COVID 19 pandemic the demand is further expected to increase during the forecast period. Due to pandemic, various governments across the globe are heavily investing in the healthcare system in order to improve the overall healthcare system. For instance, the government of India is planning at increasing the healthcare spending to 2.5% of the total GDP or gross domestic product by 2025.
The primary aim of flexible battery process is to improve the overall performance of the battery and end products by reducing the weight and improve the battery performance. However, the major difficulties in the flexible battery market are lack of proper fabrication method and standardization in the development of flexible batteries. These factors are hampering the global flexible battery market during the forecast.
Global Flexible Battery Market - Impact of Coronavirus (Covid-19) Pandemic
The outbreak of COVID-19 has significantly affected all the industries globally. The pandemic has led to significant effects on economic growth and governments had to shut down commercial as well as educational sectors for a specific period. To combat COVID-19 pandemic, most of the countries had implemented lockdown, and are now easing it phase-wise and industry wise.
The global flexible battery market witnessed growth in pre-COVID era, however, COVID-19 disturbed that trend. Several industries such as manufacturing, consumer electronics, automotive, and others are forced to close their business which drastically effected their overall revenue. Thus, several organizations are planning to reduce or postpone non-essential investments and research and development investment.
Asia Pacific held dominant position in the global flexible battery market in 2020.
Asia Pacific held dominant position in the global flexible battery market in 2020, accounting for 38.3% share in terms of value, followed by North America, Europe, Middle East and Africa, and Latin America.
|Base Year:||2020||Market Size in 2020:||US$ 102.3 Mn|
|Historical Data for:||2017 to 2019||Forecast Period:||2021 to 2028|
|Forecast Period 2021 to 2028 CAGR:||24.0%||2028 Value Projection:||US$ 574.0 Mn|
SAMSUNG SDI CO.,LTD., LG Chem, Jiangsu Enfucell Flexible Electronics Co., Ltd., Blue Spark Technologies, Apple, Inc., Panasonic Corporation, Ultralife Corporation, BrightVolt, Imprint Energy, Energy Diagnostics, Jenax, and others
|Restraints & Challenges:||
Figure 1: Global Flexible Battery Market Share (%), By Region, 2020
Over the forecast period, Asia Pacific is expected to account for the largest market share in the global flexible battery market. The primary driver of flexible battery in the Asia Pacific region is rapidly growing sale of semiconductor. For instance, according to Coherent Market Insights analysis, Asia Pacific contributes around 56% in the semiconductor industry with China, Korea, and Japan among the highest contributors. Furthermore, the region also holds of major semiconductor companies such as Samsung Electronics, LG, and others.
Consumer electronics segment is expected to drive the market growth during the forecast period.
Among application, the consumer electronics segment is expected to hold dominant position in the global flexible battery market during the forecast period. As the devices are getting cheaper and more affordable the demand is also increasing since the recent past. Developing economies such as India and China witnessed boom in the demand for consumer devices such as smartphones, television, and others devices. For instance, according to India Brand Equity Foundation, Indian consumer electronics market is expected to reach US$ 21.18 billion by 2025 from US$ 10.93 billion in 2019. Rapidly growing consumer electronics devices market is expected to positively impact the global flexible battery market.
Figure 2: Global Flexible Battery Market Value (US$ Mn) Analysis and Forecast, 2017 - 2028
The global flexible battery market was valued at US$ 102.3 Mn in 2020 and is expected to reach US$ 574.0 Mn by 2028 at a CAGR of 24.0% between 2021 and 2028.
Major players operating in the global flexible battery market include SAMSUNG SDI CO.,LTD., LG Chem, Jiangsu Enfucell Flexible Electronics Co., Ltd., Blue Spark Technologies, Apple, Inc., Panasonic Corporation, Ultralife Corporation, BrightVolt, Imprint Energy, Energy Diagnostics, Jenax, and others.
Flexible batteries are advanced type of batteries which remain working even after changing its shape. These batteries are lightweight, portable, and flexible, which enables them to easily accommodate in various small size devices such as wearable devices, industrial applications, and others. The demand of these batteries is expected to increase during the forecast period, owing to rapid adoption of flexible batteries in the healthcare devices, wearable devices, electronics vehicles, and others.
The global flexible battery market is expected to grow significantly during the forecast period. The adoption of foldable smartphones can play significant role for global flexible battery market during the forecast period. Battery consumes large amount of space in the smartphone thus several key players in the market are focused on the developing advanced flexible batteries for the foldable smart phones. Major smartphone manufacturers such as Samsung and Apple are focused on the development of flexible battery for electronics devices such as smartphones, laptops, and others.
Furthermore, the growing adoption of electrical vehicles across the globe is expected to create lucrative growth opportunity for the global flexible battery market. For instance, according to the International Energy Agency, a Paris-based autonomous intergovernmental organization, in 2020, around 10 million electrical vehicles were reported in the market. Furthermore, in 2020, the market witnessed growth of around 43% compared to 2019. Reportedly, two third of the electrical vehicles in the market are battery-powered. Thus, growing adoption of electrical vehicles is expected to create lucrative growth opportunity for the global flexible battery market during the forecast period.
Key features of the study:
“*” marked represents similar segmentation in other categories in the respective section.