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The global flexible battery market size is estimated to grow at a CAGR of 22.79% between 2022 and 2027. The size of the market is forecast to increase by USD 240.47 million. The growth of the market depends on several factors, including growing demand for wearables, an increase in the number of application segments, and rising demand for flexible batteries in the healthcare sector.
This report extensively covers market segmentation by application (wearable electronics, medical devices, smart packaging, and others), type (rechargeable and non-rechargeable), and geography (APAC, Europe, North America, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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The growing demand for wearables is notably driving the market growth, although factors such as issues related to battery life may impede the market growth. Our researchers analyzed the data with 2022 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.
Key Flexible Battery Market Driver
The growing demand for wearables is notably driving the market growth. With the introduction of wearable technology in the consumer electronics market, many vendors, such as Apple Inc. (Apple), Samsung Electronics Co Ltd (Samsung), ZTE Corp. (ZTE), and Xiaomi Corp. (Xiaomi), have come up with wearable devices such as smartwatches, activity trackers, and fitness bands, which help users track the number of things, such as distance traveled and the metabolic rate and heart rate of the human body.
Printed batteries are extensively adopted as power sources in these devices because of their flexible design and compatible features. As printed batteries are flexible in shape and size, they are being used as replacements for coin cell batteries, which are rigid and occupy a lot of space in small devices such as smartwatches, activity trackers, and fitness bands. 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.
Significant Flexible Battery Market Trend
The increasing popularity of rechargeable printed batteries is an emerging trend in the market growth. Apart from durability, recharging was also a challenge for the printed batteries. Imprint Energy, a printed battery manufacturer, created printable, flexible, and non-toxic zinc batteries. The company is aimed at improving portable power by offering the performance of batteries at significantly lower costs and by removing form factor limitations and safety concerns. These batteries are manufactured with a special polymer for the electrolyte to develop rechargeable printing batteries, although the printing process is the same as screen printing. These rechargeable printed batteries are being used for sensors and toys.
Furthermore, these batteries will soon be used for devices such as artificial pacemakers, smartphones, and other electronic devices that run on batteries. Hence, these advantages are expected to fuel the growth of the market in focus during the forecast period.
Major Flexible Battery Market Challenge
The issues related to battery life are major challenges impeding market growth. The major challenge faced by a flexible or printed battery is the low capacity to supply power to electronic devices. Flexible or printed batteries have the same output voltage as a conventional battery (1.5 volts) with a drain current of 1 mA, but the battery life is limited to 4 mAh/sq. cm. Hence, a printed battery can only be used in small devices that require less power backup.
In cases where power backup is required for long durations, printed batteries fail. This issue is preventing them from expanding into consumer electronics sectors which include wearables and smartphones that need batteries that can run for long periods. Hence, the above-mentioned factors are expected to hamper the growth of the market in focus during the forecast period.
Key Flexible Battery Market Customer Landscape
The 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 growth strategies.
Global Flexible Battery Market Customer Landscape
Vendors 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 operates under one segment. The company under this segment focuses on providing consumer electronics such as batteries for electric vehicles, smart home automation, and smartphones. The key offerings of the company include flexible batteries.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors 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 vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth by the wearable electronics segment will be significant during the forecast period. Medical implant manufacturers were one of the first to adopt flexible batteries. Flexible batteries are not harmful to humans, and the human body quickly adapts to them. As these batteries are flexible, they can easily fit into medical devices that are implanted into delicate body parts, such as the eyes.
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The wearable electronics were valued at USD 34.79 million in 2017 and continued to grow until 2021. Vendors such as BrightVolt Solid State Batteries (BrightVolt) are coming up with a technology called transdermal drug delivery to administer drugs in a new way. In this method, a thin power source, such as a printed battery, is required to power a patch implanted in a patient. This patch powers the sensors that monitor the temperature and other statistics and alerts the patient for necessary action. In a standard medical patch, the drug is absorbed by the body as per the body absorption rate. However, with the transdermal drug delivery technology, based on the skin type and its pH, the positive and negative terminal of the battery can be controlled, which controls the flow of the drug administered by the medical patch. This is very effective for drug delivery. Skin patches and sensor-based pills are already using printed batteries. 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 47% 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 expected to grow at a significant rate during the forecast period. This is due to the rising demand for IoT-enabled products and flexible consumer electronics in countries such as China, Japan, India, and South Korea. Companies such as LG Chem Ltd (LG Chem) and Samsung SDI Co., Ltd. (Samsung SDI), based in South Korea, have developed curved and flexible batteries to power mobile smartphones, smart glasses, and wearable electronics. This is boosting the demand for flexible batteries. China is emerging as a leading hub for innovative battery manufacturers, including flexible batteries. This is mainly attributed to the availability of abundant resources, proximity to customer locations, increased demand in the domestic market, and the availability of low-cost labor in the country. These factors will boost the market in APAC during the forecast period.
Samsung Electronics Co Ltd (Samsung) and Guangdong Oppo Mobile Telecommunications Corp. Ltd, a subsidiary of BBK Electronics (OPPO), are the major vendors in the market and have introduced foldable smartphones. For instance, Samsung Electronics Co Ltd (Samsung) offers flexible phones, including Galaxy Z Flip 4 and Galaxy Z Fold 4, which offer higher brightness, better contrast, faster refresh rates, and lower power consumption. Similarly, Guangdong Oppo Mobile Telecommunications Corp. Ltd, a subsidiary of BBK Electronics (OPPO), offers Oppo Find N, which has similar features to Samsung flexible phones. These devices are installed with flexible batteries in it. Major vendors of flexible battery vendors control most parts of the supply chain because of vertical integration. Thus, the contribution of APAC is dominant in the market.
The outbreak of COVID-19 in 2020 negatively affected the market. However, the resumption of the manufacturing industries, including consumer electronics, after the lifting of nationwide lockdowns in 2021 augmented the demand for flexible batteries among end-users. This, in turn, led to a rise in the production of flexible batteries and increased the demand for electronic items such as smartphones, wearable electronics, and others in 2021 and 2022. The demand for flexible batteries from the end-users is also expected to grow due to a growing preference for innovative electronics such as foldable phones. Thus, the higher demand for flexible batteries is likely to drive the growth of the regional market during the forecast period.
The report forecasts market growth by revenue at global, regional & country levels and analyzes the latest trends and growth opportunities from 2017 to 2027.
Technavio categorizes the global flexible battery market as a part of the global renewable electricity market within the global independent power and renewable electricity market. The parent global renewable electricity market covers companies engaged in the generation and distribution of electricity using renewable sources. Our research report has extensively covered external factors influencing the parent market growth during the forecast period.
Flexible Battery Market Scope |
|
Report Coverage |
Details |
Page number |
150 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 22.79% |
Market growth 2023-2027 |
USD 240.47 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
22.34 |
Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
Performing market contribution |
APAC at 47% |
Key countries |
US, China, Japan, Germany, and UK |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
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 NV, Ultralife Corp., and Wealhand Enterprise Co. Ltd. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data you are looking for, you can reach out to our analysts and get customized segments. |
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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 Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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