The "Flexible Battery Market with COVID-19 Update by Type (Thin-film, Printed), Voltage, Capacity, Rechargeability (Primary Batteries, Secondary Batteries), Application (Medical Devices, Smart Packaging), Region - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The global flexible battery market is projected to grow at a CAGR of 24.7% from 2020 to 2025, reaching USD 296 million by 2025 from USD 98 million in 2020.
The applications of wearable electronics are increasing continuously, ranging from consumer electronics and healthcare devices to enterprise and industrial use. There is a growing demand for mobile healthcare devices and wireless healthcare monitoring devices globally. These devices require durable energy sources, thereby creating a significant market potential for thin and flexible lithium batteries. The market for wearable electronics is witnessing an increasing number of new product launches and developments. These devices require high flexibility and lightweight batteries to ensure uninterrupted power supply to them. Moreover, research activities are being carried out globally to invent innovative, flexible batteries for wearable electronics.
The global production of consumer electronics has been declining owing to the COVID-19 outbreak. The prices of consumer electronics could rise in the coming months owing to the partial clampdown of consumer electronics manufacturing units in China. This, in turn, is expected to result in a cut short supply of components used in consumer electronics. Going forward, a number of manufacturers are expected to take into account the supply chain disruptions in China. The impact of supply chain disruptions on manufacturing facilities has been visible from April onwards as a number of other countries, including the US, India, Germany, and the UK, are also significantly impacted by COVID-19. This is expected to have a negative impact on the growth of the flexible battery market in 2020.
The primary flexible batteries segment accounted for the largest share of the flexible battery market during the forecast period.
The single-use flexible batteries, such as printed batteries, are used in products without high power requirements and with a limited lifespan. These batteries are used in smart packaging, smart cards, and medical and cosmetic patches, as they have slower self-discharge time than rechargeable thin-film batteries. The sensors used in applications such as smart packaging and medical and cosmetic patches require disposable single-use power sources. Increasing adoption of these patches is expected to drive the growth of the flexible battery market during the forecast period.
The above 3V segment of the market is projected to grow at the highest rate from 2020 to 2025.
The above 3V flexible batteries are preferred over other variants since they offer the most energy density with the lightest weight possible. These batteries are popular and have significant demand as they offer high power, have a long life, and offer increased safety. Moreover, they are not composed of toxic materials.
The flexible battery market in APAC is projected to grow at the highest rate during the forecast period.
Continuously increasing demand for IoT-enabled devices and portable consumer electronics in countries such as China, Japan, and South Korea is driving the growth of the flexible battery market in APAC. The popularity of the next-generation smart cards is rapidly increasing in APAC, thereby driving the demand for flexible batteries to be integrated with smart cards as power sources. The market for flexible batteries in APAC is expected to grow significantly during the forecast period owing to the increased demand for wearable devices and consumer electronics from key countries of the region. A number of battery startups are developing flexible batteries and integrating them with a number of products. For instance, in 2019, Jenax (South Korea) launched a J.Flex battery, which can be twisted, bent, and folded like paper. It is used in medical devices and consumer electronics.
- Growing Demand for Flexible Batteries for Use in Wearables
- Increasing Use of Thin, Flexible Batteries for Use in Flexible Electronic Devices
- Ongoing Miniaturization of Electronic Devices
- Surging Demand for Flexible Batteries in Iot Applications
- Increasing Use of Flexible Batteries in Medical Devices to Treat COVID-19 Patients
- High Initial Investments for Developing Flexible Batteries
- Lack of Standardization for Development of Flexible Batteries
- Development of Next-Generation Flexible Lithium-Air Batteries
- Rise in Adoption of Wireless Sensors Equipped with Flexible Batteries
- Fabrication Complexity of Flexible Lithium-Ion Batteries
- Costs and Selection of Raw Materials for Developing Flexible Batteries
- Shutdown of Flexible Battery Manufacturing Plants in Various Countries Owing to COVID-19
- Samsung SDI
- LG Chem
- Enfucell Oy Ltd.
- Blue Spark Technologies
- Apple Inc.
- Panasonic Corporation
- Ultralife Corporation
- Imprint Energy
- Energy Diagnostics
- Prologium Technology Co., Ltd.
- Polyplus Battery Company
- ITEN SA
- Guangzhou Fullriver Battery New Technology Co., Ltd.
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