The global flexible battery market was valued at US$ 102.3 Million in 2020 and is expected to surpass US$ 574.0 Million by 2028, registering a CAGR of 24.0% during the forecast period (2021-2028), according to the Global Flexible Battery Market Report, by Type (Thin-film Batteries and Printed Batteries), by Voltage (Below 1.5V, Between 1.5V and 3V, and Above 3V), by Capacity (Below 10 mAh, Between 10 mAh and 100 mAh, and Above 100 mAh), by Chargeability (Primary Batteries and Secondary Batteries), by Application (Consumer Electronics, Smart Packaging, Smart Cards, Medical Devices, IoT Devices, and Others), and by Region (North America, Europe, Asia Pacific, Latin America, and Middle East and Africa), published by Coherent Market Insights.
The rapid adoption of IoT technology is expected to drive the demand of global flexible battery market during the forecast period. The internet of things (IoT) devices has witnessed sharp growth in the recent past and anticipated to continue its growth during the forecast period. Flexible batteries can play crucial role in the development of IoT devices by providing advantages such as light weight, flexibility, and low charging thresholds. Thus growing demand of IoT devices can positively impact the global flexible battery market during the forecast period. For instance, according to Coherent Market Insights analysis, global IoT market is expected to reach US$ 1,423.8 billion by 2027 from US$ 759.3 billion in 2020. Furthermore, due to COVID 19 pandemic the focus on the personalized healthcare is increased which is expected to drive the demand of IoT devices in the healthcare sector. Moreover, according to Coherent Market Insights analysis, global IoT in healthcare is expected witness CAGR of 23.3% during the forecast period (2021-2028).
Flexible Battery Market - Impact of Coronavirus (Covid-19) Pandemic
Consumer electronics is one of the major contributor to the global flexible battery market however, due to COVID-19 pandemic it has witnessed significant drop in the sales, hampering the overall growth of the market. Consumer electronics industry’s supply chain is majorly centered in China. Leading OEMs of consumer electronic devices have their manufacturing facility in China, along with the manufacturing facility OEMs of components, the shutdown of manufacturing facilities in China has caused serious implication on the entire ecosystem of the consumer electronic industry.
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