The Flexible Battery Market is projected to grow from USD 98 million in 2020 to USD 296 million by 2025; it is expected to grow at a CAGR of 24.7% from 2020 to 2025.
The growth of this market is likely to be driven by rising number of research and development activities for developing flexible batteries for wearable devices, increasing use of thin and flexible batteries in flexible electronic devices, ongoing miniaturization of electronic devices, surging demand for flexible batteries in IoT applications, and increasing use of flexible batteries in medical devices to treat COVID-19 patients. The report covers the flexible battery market segmented into type, voltage, capacity, rerchargeability, application, and region.
Key Market Players in Flexible Battery Industry
Samsung SDI (South Korea), LG Chem (South Korea), Enfucell Oy Ltd. (Finland), Blue Spark Technologies (US), Apple, Inc. (US), Panasonic (Japan), Ultralife Corporation (US), BrightVolt (US), Imprint Energy (US), Energy Diagnostics (UK), and Jenax (South Korea) are key players operating in the Flexible Battery Market.
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Samsung SDI (US) is one of the global leaders in flexible battery technology. It seeks to expand its market presence and create a progressive future through technological developments. The company has launched 2 innovative series of small-sized lithium-ion batteries—band batteries and strip batteries— for use in wearable devices. These batteries bend like fiber. The band batteries are designed to add as much as 50% to the original battery life of devices. The strip batteries are designed with a depth of 0.3mm and can be used in wearable devices such as smart necklaces and interactive clothing designs. Samsung SDI has operations in countries such as South Korea, Malaysia, China, Mexico, Vietnam, Austria, Russia, the US, India, Taiwan, and Japan.
The Flexible Battery Market for consumer electronics is expected to witness significant growth during the forecast period. Technology advancements in consumer electronics, along with rising demand for flexible and miniaturized electronic products, have led to the development of flexible batteries and curved thin-film batteries. Flexible batteries have the capability to power various consumer electronic products such as smartphones, mobile phones, tablets, phablets, and cosmetics disposable products. These batteries for use in consumer electronics are expected to be commercialized by 2022, as several manufacturers are researching and developing flexible batteries to power their smartphones and wearable devices.
The below 10 mAh segment accounted for the largest size of the Flexible Battery Market in 2019. Batteries with a capacity of less than 10 mAh are widely used in medical implants, cosmetic patches, IoT devices, MEMS, CMOS memories, and other low-drain devices. These devices are compact and, therefore, have limited internal space. Moreover, they can be operated using low-capacity batteries. Increasing demand for flexible batteries for use in different applications is expected to drive the growth of the below 10 mAh segment of the market during the forecast period.
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The Flexible Battery Market in APAC is expected to grow at the highest CAGR during the forecast period. The key manufactures of consumer electronics in this region are innovating their product designs, which require thin power sources for compatibility with the flexible designs of their products. As a result, a number of device manufacturers based in the region have been investing in research and development activities for flexible batteries. Companies such as Jenax (South Korea), LG Chem (South Korea), and Samsung DI (South Korea), are launching their batteries for use in wearables in the region. However, the outbreak of COVID-19 has impacted the manufacturing facilities of all verticals across the world, resulting in their shutdowns. A few industries have started their operations in China, thereby leading to the initiation of manufacturing of some necessities. This, in turn, is expected to lead to significant demand for flexible batteries in APAC.
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