Flexible batteries are designed to be lightweight and compact, and can be cut, rolled, and customized into different sizes and shapes without any loss of efficiency. The Flexible Battery Market, which includes thin-film and printed batteries, is projected to grow from USD 98 million in 2020 to USD 296 million by 2025, with a CAGR of 24.7%. Factors driving this growth include the increasing demand for wearable devices, the miniaturization of electronic devices, the use of flexible batteries in IoT applications, and the growing demand for medical devices to treat COVID-19 patients.
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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The thin-film batteries segment held the largest share of the flexible battery market.
Because to its widespread application in smart packaging, smart cards, wearable technology, and medical devices, the thin-film batteries segment now holds a monopoly on the flexible battery industry. These batteries outperform bulkier solid-state batteries in terms of performance, average output voltage, and electrolyte leakage risk. Thin-film lithium-ion flexible batteries have become more widely utilised as a result of the demand for smaller products, particularly in smart cards used for payment applications in the telecommunications, banking, and transportation industries. The market for flexible batteries' thin-film batteries has grown tremendously as a result of these considerations.
Due to industry technological developments and rising consumer demand for flexible and miniature electronic devices, the flexible battery market for consumer electronics is anticipated to expand significantly. This desire has led to the development of flexible batteries and curved thin-film batteries, which can power a variety of consumer electronics goods, including smartphones, mobile phones, tablets, phablets, and disposable cosmetics. These batteries are currently being researched and developed by manufacturers to power their wearable technology and smartphones, with commercialisation occurring by 2022. In the near future, these improvements are anticipated to propel the expansion of the flexible battery market for consumer electronics.
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Due to the extensive usage of batteries with a capacity of less than 10 mAh in medical implants, cosmetic patches, IoT devices, MEMS, CMOS memory, and other low-drain devices, the below 10 mAh segment held the greatest proportion of the flexible battery market in 2019. Low-capacity batteries are appropriate for these gadgets' operation because of their small size and restricted internal space. The below 10 mAh market segment is anticipated to see considerable growth over the course of the forecast period as a result of the rising demand for flexible batteries across a variety of applications.
The Asia-Pacific (APAC) region is anticipated to experience the highest Compound Annual Growth Rate (CAGR) in the Flexible Battery Market during the forecast period. Leading consumer electronics producers in the area are innovating their products, which call for thin power sources to work with the flexible designs of their items. As a result, numerous device makers in the area are spending money on flexible battery research and development. In the region, businesses including Jenax, LG Chem, and Samsung DI are introducing their batteries for usage in wearables. Despite the fact that the COVID-19 epidemic has affected industrial facilities across all industries, some businesses have started operating in China, which has led to the start of the production of some requirements. In the APAC region, there will likely be a substantial need for flexible batteries as a result.
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