FLEXIBLE BATTERY MARKET ANALYSIS

The global flexible battery market size was valued at US$ 134.6 million in 2022 and is anticipated to witness a compound annual growth rate (CAGR) of 20.71% from 2022 to 2030. Flexible batteries are an advanced type of battery that can retain their shape even after changing their form. Due to its characteristics of retaining its form in various shapes and sizes, its demand is expected to increase especially in healthcare, consumer electronics, and other industries. Flexible batteries are portable batteries that can be easily used in various small-sized devices such as a watch, smartphones, health monitoring devices, and others.

Global Flexible Battery Market: Regional Insights

Asia Pacific is expected to be one of the fastest-growing markets in the global flexible battery market. For instance, according to CMI’s (Coherent Market Insights) analysis, countries such as India and China exhibit potential in the global flexible battery market. This is attributed to relatively high economic growth coupled with rising technological adoption in the country. Governments in these countries are also heavily investing in improving technological adoption and countries manufacturing capacity.

Moreover, North America is also projected to show significant growth in the global flexible battery market over the forecast period.

Figure 1: Global Flexible Battery Market Share (%), By Region, 2022

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Global Flexible Battery Market Drivers:

Rise in demand for implantable medical devices and medical patches

Flexible batteries are featuring twisting, bending, compressing, and stretching without any effect on the output of the system. These characteristics of flexible batteries enable their widespread use in medical devices. Cosmetics patches powered by flexible batteries are employed to track and monitor as well as track the user’s heart, brain, and muscle activities. These patches diagnose and track people’s syndromes by providing and controlling the drug flow of the body. Flexible batteries powered medical implantable devices mostly used in pacemakers, neurostimulators, and defibrillators own to their long life span as well as the biocompatible nature of flexible batteries. The rise in demand for implantable medical devices and medical patches in medical applications will drive the demand for flexible batteries. 

Global Flexible Battery Market Opportunities:

Adoption of flexible batteries in electronic devices

As the electronics industry has expanded, new technological developments have resulted in a variety of electronic device shapes and battery requirements. This has prompted the adoption of flexible batteries in electronic devices. Flexible batteries are being used more and more in the electronic sector due to their benefits including lightweight, comfort, portability, and resistance to form change even after repeated twisting or bending are the factors driving the deployment of flexible batteries

Global Flexible Battery Market- Impact of Coronavirus (Covid-19) Pandemic

The covid-19 pandemic has immensely damaged the global economy. In the COVID-19 scenario, manufacturing plants of of batteries and other components were shutdown, resulted the battery industry's supply chain has been influenced by the Covid-19 pandemic. The Asia Pacific region is where the majority of key battery components are produced. In addition, battery manufacturers are highly impacted by the shutdown of operations throughout the globe. It has also resulted in limited production leading to a serious decline in business inputs.

Restrains:

Design and fabrication complexities

The Li-ion paper-based batteries have the capability to keep a charge for more prolonged periods. Though, one of the drawbacks of these flexible Li-ion batteries is the necessity to have several functional layers that are deposited on the paper, it  means that complexities into design as well as  fabrication. Additionally,  Electrode degradation because of inefficient performance,external loading, and the complicated procedure of preparing the cells are also challenges faced in using the flexible Li-ion batteries.

Global Flexible Battery Market Trends:

Technological advancement in flexible batteries

Technological advancements resulted in new designs that traditional batteries lacked. Benefits such as upgraded power efficiency coupled with extended battery life are anticipated to elevate demand over the coming years. Moreover, Technological development addressing the concern of short circuits during stretching may further propel flexible battery market demand over the forecast period. The major manufacturers such as STMicroelectronics, a semiconductor company, LG Chem, Chemicals Company, offer flexible batteries with advanced features such as flexibility and accuracy with a life longer

Figure 2: Global Flexible Battery Market Share (%), By Type, 2022

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Global Flexible Battery Market Segmentation:

The global flexible battery market report is segmented into type, voltage, capacity, chargeability, and application.

Among the type segment, thin-film batteries segment is expected to witness significant growth during the forecast period. As the demand for flexible batteries is increasing battery manufacturing companies are focusing on batteries that are cost-effective, easy to dispose of, and enable the proper function of battery-powered devices. Several key players in the market are offering such batteries for medtech and wearable devices. For instance, Molex LLC, a U.S.-based industrial automation solutions providing company is offering Thin-Film Battery with 1.5V and 3.0V for medtech and industrial applications.

Global Flexible Battery Market: Key Developments

In March 2023, STMicroelectronics, a semiconductor company, makes lithium batteries to perform well as well as last longer with high-accuracy BMS (Battery Management System) controller. STMicroelectronics’ L9961 BMS device delivers accuracy and flexibility to improve the performance, lifetime, and safety of Li-ion as well as Li-polymer batteries.

Global Flexible Battery Market: Key Companies Insights

The global flexible battery market is highly competitive. The primary aim of the flexible battery process is to improve the overall performance of the battery and end products by reducing the weight and improving the battery performance.  However, the major difficulties in the flexible battery market are the lack of proper fabrication methods and standardization in the development of flexible batteries. These factors are hampering the global flexible battery market during the forecast.

Some of the key players in the global flexible battery market are STMicroelectronics, LG Chem, SAMSUNG SDI CO., LTD., Panasonic Corporation, ROCKET Poland Sp. z o.o., Enfucell, Imprint Energy, Energy Diagnostics., Jenax Inc., and Molex.

*Definition: A Flexible Battery is a robotic device that performs security tasks such as reporting, monitoring, investigating, and detecting intruders. It is used to increase the degree of safety and security in commercial establishments like malls, schools or campuses, or multi-building medical complexes