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The flexible battery market size is estimated to grow by USD 434.3 million at a CAGR of 29.52% between 2023 and 2028. The market's trajectory is shaped by several key factors, foremost among them being the growing demand for wearables, driven by a desire for enhanced connectivity and personalized health monitoring. Additionally, the expansion of application segments further fuels market growth, with wearables finding utility across diverse sectors such as healthcare, fitness, and entertainment. Furthermore, the increasing demand for flexible batteries in the healthcare sector underscores the need for advanced energy solutions that can seamlessly integrate into wearable medical devices. This confluence of factors creates a fertile ground for innovation and investment in the wearables market, paving the way for transformative technologies that cater to evolving consumer needs and preferences.
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The market is thriving with innovations driven by ionically conductive material and carbon batteries, enhancing chargeability and versatility in portable devices. As the global flexible battery industry grows, innovative product development focuses on applications across smart packaging and the medical sector, including conformal batteries and thin film batteries. The miniaturization of electronic devices fuels demand for adaptable electronic devices and power springs, supporting sustainability initiatives and meeting evolving consumer needs. Primary batteries and advanced solutions like carbon batteries play a crucial role in this market. Investors are keenly observing advancements and opportunities in this sector, driven by adaptable electronic devices and ongoing advancements in flexible battery technologies. Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The growing demand for wearables is notably driving the market growth. The flexible battery market is experiencing significant growth due to the increasing adoption of flexible batteries in various electronic devices, including wearables and IoT applications. Flexible batteries offer several advantages over traditional batteries, such as voltage and capacity compatibility, rechargeability, and safety. These batteries are being used as power sources in wearable electronics, smart packaging, and medical devices. Thin-film lithium-ion batteries and printed batteries are the most common types of flexible batteries. The market is forecast to grow during the forecast period, driven by the demand for lightweight and compact batteries in consumer electronics, healthcare segments, and smart logistics.
Moreover, technological advancements in flexible batteries, such as curved batteries and chargeable batteries, are also contributing to the market growth. However, the use of toxic materials in battery production and price trends are challenges that need to be addressed. The key market drivers include urbanization, energy density, and the increasing popularity of wearable devices and medical devices. Hence, the rising demand for wearable devices is expected to increase the demand for printed batteries, which is expected to drive the growth of the market during the forecast period.
The increasing popularity of rechargeable printed batteries is an emerging trend in the market growth. The flexible battery market is experiencing significant growth due to the increasing demand for wearable devices, electronic devices, and IoT applications. Flexible batteries, such as those manufactured by Imprint Energy, offer advantages like lightweight and compact design, flexibility, and non-toxic materials. These rechargeable printed batteries have a voltage and capacity suitable for various applications, including wearable electronics, smart packaging, and medical devices. The market is promising, with technological advancements leading to the development of thin-film lithium-ion batteries, printed batteries, and curved batteries. Rechargeability is a key market driver, with both rechargeable and non-rechargeable batteries finding applications in various sectors.
The healthcare sector, in particular, is expected to see increased demand for flexible batteries in medical devices. The price trend analysis indicates that the cost of these batteries is expected to decrease as production scales up in developing nations, driven by urbanization and the need for energy-dense, lightweight, and compact power sources for consumer electronics, wearables, smart cards, chips, and healthcare segments. Safety concerns are being addressed through technological innovations, making flexible batteries a viable option for smart logistics and other applications. Hence, these advantages are expected to fuel the growth of the market during the forecast period.
The issues related to battery life are major challenges impeding market growth. The flexible battery market is currently limited in its application to small electronic devices and wearables due to their low capacity, which is approximately 4 mAh/sq. cm, despite having the same output voltage of 1.5 volts and a drain current of 1 mA as conventional batteries. This limitation prevents their adoption in consumer electronics, including wearables and smartphones, that require extended power backup. Types of flexible batteries include thin-film lithium-ion batteries, printed batteries, and curved batteries. These batteries offer advantages such as rechargeability, lightweight and compact design, and flexibility. However, safety concerns due to the use of toxic materials and the challenge of achieving high energy density are major obstacles.
Technological advancements, such as changeability and rechargeable vs. non-rechargeable batteries, are driving the market's growth. Key applications include wearable electronics, smart packaging, IoT applications, medical devices, and smart cards and chips in the healthcare sector. The market is forecasted to grow significantly during the forecast period due to increasing demand from developing nations, urbanization, and the need for lightweight and compact batteries in various applications, such as smart logistics. Price trend analysis is also a crucial factor in the market's growth. Hence, the above-mentioned factors are expected to hamper the growth of the market in focus during the forecast period.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Appear Inc. - The company focuses on providing consumer electronics such as batteries for electric vehicles, smart home automation, and smartphones.
The market research and growth report also includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market share growth by the wearable electronics segment will be significant during the forecast period. The market is experiencing significant growth due to the increasing demand for wearable devices and electronic devices, particularly in IoT applications and medical devices. Flexible batteries, such as thin-film lithium-ion batteries and printed batteries, offer advantages like lightweight and compact design, high energy density, and safety. These batteries can deliver power to various applications, including wearable electronics, smart packaging, and transdermal drug delivery systems in healthcare segments. With technological advancements, flexible batteries are becoming thinner, curved, and rechargeable, offering higher voltage and capacity. Rechargeable batteries are gaining popularity due to their long-term use and eco-friendliness.
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The wearable electronics were valued at USD 41.20 million in 2018. The market is forecasted to grow during the forecast period, driven by the increasing demand for wearable devices in consumer electronics and healthcare sectors. Despite the advantages, the flexible battery market faces challenges such as price trend analysis and the use of toxic materials. However, the safety and power benefits of these batteries outweigh the challenges, making them a key market driver for various applications, including smart cards, chips, and smart logistics, particularly in developing nations where urbanization is on the rise. Hence, the above-mentioned factors are expected to drive the growth of the medical devices segment in the global flexible battery market during the forecast period.
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APAC is estimated to contribute 46% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The market in APAC is experiencing robust growth, driven by the increasing demand for IoT devices and portable electronics. Related services, such as battery testing and customization, are also gaining traction to cater to the specific requirements of these devices. New developments in flexible batteries are enabling the powering of portable devices like mobile smartphones, smart glasses, and wearable technology. Companies like LG Chem and Samsung SDI are at the forefront of these innovations. However, challenges such as limited energy density and trade regulations require import-export analysis and production analysis for optimal value chain optimization. Category market growth in IoT devices and wearable technology are fueling the need for technological innovations in flexible batteries.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD Billion " for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
Thin-film Batteries Market: Analysis North America, APAC, Europe, South America, Middle East and Africa - US, China, Germany, France, Japan - Size and Forecast
Lithium-Sulfur Battery Market: Analysis North America, Europe, APAC, South America, Middle East and Africa - US, Germany, Canada, China, India - Size and Forecast
Consumer Battery Market: Analysis North America, APAC, Europe, Middle East and Africa, South America - US, China, Japan, Germany, UK - Size and Forecast
The Smart Packaging Healthcare sector is increasingly incorporating wireless sensors and technologically advanced batteries to enhance battery management and consumer convenience. Primary batteries and secondary batteries provide reliable power sources, with lithium batteries and sodium sulfur batteries leading the way for applications below 5V. Foldable batteries are emerging as a key innovation for foldable smartphones, offering flexibility and enhanced performance. The Battery Management System (BMS) is crucial for optimizing battery life and safety in electrical vehicles and other devices. As the market evolves, advancements in battery material and integration with renewable sources are critical for improving sustainability and efficiency, meeting the growing demands of modern consumers. The BMS device plays a crucial role in managing the performance of a sodium sulfur battery, ensuring its efficiency as a reliable primary battery for various applications.
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Market Scope |
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Report Coverage |
Details |
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Page number |
155 |
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Base year |
2023 |
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Historic period |
2018 - 2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 29.52% |
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Market growth 2024-2028 |
USD 434.3 million |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
23.93 |
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Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
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Performing market contribution |
APAC at 46% |
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Key countries |
China, Germany, US, Japan, and UK |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Appear Inc., Apple Inc., BrightVolt, Enfucell, Imprint Energy, Jenax Inc., LG Energy Solution Ltd., Lionrock batteries Ltd., Molex LLC, Nokia Corp., Panasonic Holdings Corp., Poly Plus Battery Co., ProLogium Technology Co. Ltd., ROCKET Poland Sp. z o.o., Routejade Inc., Samsung SDI Co. Ltd., Shenzhen Grepow Battery Co. Ltd., STMicroelectronics International N.V., Ultralife Corp., and Wealhand Enterprise Co. Ltd. |
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Market dynamics |
Parent market analysis, Market Forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for market forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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