The Global Flexible Battery Market was valued at US$ 134.6 Mn in terms of value by the end of 2022. The rapid adoption of IoT technology is expected to drive the demand for the 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 a crucial role in the development of IoT devices by providing advantages such as light weight, flexibility, and low charging thresholds. Thus growing demand for IoT devices can positively impact the global flexible battery market during the forecast period.
Global Flexible Battery Market: Drivers
Technological advancements and penetration of IoT in the healthcare sector
New battery-powered medical devices now have more prospects because of technological improvements and the adoption of IoT in the healthcare industry. Implantable medical equipment like pacemakers, defibrillators, and neurological stimulators need batteries that can supply continuous, dependable power for a long time. Because of their great performance and excellent dependability, flexible batteries satisfy these requirements. New versions of disposable medical devices, pacemakers, medication delivery systems, medicinal patches, medical diagnosis sensors, and biosensors use flexible and thin power sources. Flexible batteries are the ideal solution for meeting these specifications because of their size and flexibility. As a result, a sizeable portion of the flexible battery industry is controlled by the medical devices sector.
Global Flexible Battery Market: Opportunities
The increasing adoption of IoT wearable devices
The expansion of the IoT battery market is being driven by the rising popularity of wearable technology. Eyewear, such as smart and virtual reality glasses, footwear, such as athletic, fitness, and sports shoes, and wristwear, like smartwatches and wristbands, are all examples of wearable technology. People use wearable technology to monitor their daily activities, as well as their heart rate and activity. The shapes and sizes of wearable technology vary. There is a significant market need for micro batteries because the majority of wearable applications call for li-ion or li-polymer and ultra-thin durable batteries. Consumer electronics, medical gadgets, and wireless communication equipment are all expanding into the application fields for wearable technology. The development of smart wearable is accelerating along with technological development and the emergence of the intelligent wave. The flexible battery has drawn increasing attention as a crucial part of emerging technology. Flexible lithium-ion batteries have made significant progress and can now power more smart devices. An increase in the adoption of IoT-enabled wearable devices for tracking, navigating, and diagnosing, gauging, monitoring applications is anticipated the significant growth for flexible batteries.
Global Flexible Battery Market: Restraints
High cost associated with flexible batteries
Restraint for the global flexible battery market is the high cost associated with flexible batteries because of the use of the advanced technologies being used in the systems. Additionally, the availability of lower cost other options such as zinc, and nickel batteries have resulted in limited commercial success for these flexible batteries. The other factor which can hamper the growth of the global flexible battery market is the lack of proper standards for the development of flexible batteries.
Global Flexible Battery Market- Impact of Coronavirus (Covid-19) Pandemic
Consumer electronics is one of the major contributors to the global flexible battery market however, due to the COVID-19 pandemic it has witnessed a significant drop in sales, hampering the overall growth of the market. The 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 implications on the entire ecosystem of the consumer electronics industry.
The outbreak of COVID-19 has significantly affected all 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 the COVID-19 pandemic, most countries had implemented lockdowns, and are now easing them phase-wise and industry-wise. The global flexible battery market witnessed growth in the 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 affected their overall revenue. Thus, several organizations are planning to reduce or postpone non-essential investments and research and development investments.
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Key Takeaways:
The global flexible battery market was valued at US$ 134.6 Mn in 2022 and is forecast to reach a value of US$ 606.7 Mn by 2030 at a CAGR of 20.71% between 2023 and 2030.
Thin-film Batteries segment held a dominant position in the global flexible battery market in 2022, accounting for 55.4% share in terms of value, increasing approval and launch of new products is expected to propel the growth of the segment during the forecast period.
Global Flexible Battery Market Trends:
The increasing demand for smart cards in the telecommunication, banking, and transportation sectors for payment applications has also fueled the growth of the thin-film batteries segment of the flexible battery market. Major Key players such as Panasonic Corporation have developed flexible lithium-ion batteries with a thickness of 0.55 mm or 0.022 inches. The type of batteries is used for smart cards and also for wearable devices. These lithium-ion rechargeable batteries can retain their features after repeated bends in the radius of 25 mm or twisted at an angle of 25 degrees. The smart cards and card keys can use this lithium-ion battery so the user does not need to be concerned about the failure of the device because of bending inside the wallets and pockets or even when they are kept in tight spaces.
Global Flexible Battery Market: Competitive Landscape
STMicroelectronics, LG Chem, SAMSUNG SDI CO., LTD., Panasonic Corporation, ROCKET Poland Sp. z o.o., Enfucell, Imprint Energy, Energy Diagnostics, Jenax Inc., and Molex
