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The growing electronics industry and brought in new technological advancements which have led to different shapes of the electronic devices and required batteries according to the shape. This has led to flexible batteries being adopted in the electronic devices. The advantages provided by the flexible batteries such as lightweight, comfortability, portability, and reluctance to change in shape even after continuous bending or twisting are the factors driving the deployment of flexible batteries in electronic segment.
The increased utilization of smart cards which require chips to operate have has also been the major factor for the growth of the global flexible battery market. The flexible batteries also find application in the healthcare sector in the medical and cosmetic patches being used to track the user’s brain, heart, muscle activities, controlling drug flow to the body, etc. These factors collectively will drive the growth of the global flexible battery market over the given forecast period.
Based on its types, the global flexible battery market can be segmented into thin-film lithium-ion, flexible lithium polymer, printed battery, curved battery, and others. The increased adoption of thin-film lithium-ion batteries in smart cards, smart packaging, healthcare, and wearable electronics has seen it hold a dominant position in the global flexible battery market.
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The low cost of thin-film lithium-ion is another factor for high share if these types in the market. Based on its chargeability the global flexible battery market is segmented into rechargeable and non-rechargeable. The advantages provided by rechargeable batteries will see them hold a greater market share in the global flexible battery market over the given forecast period.
Based on its applications, the global flexible battery market can be segmented into smart cards, wearable electronics, healthcare smart packaging, and others. The increasing sales of the wearable electronics and the upcoming technical innovation in the devices will see this segment dominate the global flexible battery market over the given forecast period.
The key market driver for the global flexible battery market is the increasing demand for the flexible batteries from the electronic and the healthcare segments which are growing at a good rate. The other factor driving the growth of the global flexible battery market is the growing adoption of smart cards and smart logistics in the developing nation with increased urbanization.
Key market restraint for the global flexible battery market is the high cost associated with the flexible batteries due to the use of the advanced technologies being used in the systems. The other factor which can hinder the growth of the global flexible battery market is the lack of proper standards for the development of flexible batteries.
Key players operating in the global flexible battery market are STMicroelectronics, LG Chem Power, Inc, Samsung Electronics, Panasonic, Blue Spark Technologies, Rocket Electric Co., Ltd., Fullriver Battery USA, Ultralife Corporation, BrightVolt, Enfucell, Paper Battery Company, Jenax Inc., Molex, Lionrock Batteries (HK), Libest, Apple, and Nokia.
The global flexible battery market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The growing market for electronics in the Asia Pacific region holds the biggest opportunity for the growth of the flexible batteries market. Also, the major dominating companies in the market are present in the region which has seen more and more technological advancements and research and development going on in the region, making the market more fragmented and improving the quality of the products. The easily available raw material and low labor cost are also the factors which have led to Asia Pacific region dominate the global flexible battery market. In North America and Europe, the presence of some notable big players has seen new products coming in the region with the ongoing research and development. These factors will drive the growth of the flexible battery market in the regions over the given forecast period.
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