by The global Flexible Battery Market is estimated to be valued at US$ 162.48 Mn or Mn in 2023 and is expected to exhibit a CAGR of 20.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Flexible batteries have advantages of being lightweight, thin and portable compared to conventional batteries. They can be integrated directly into fabrics, packaging and other flexible surfaces. These properties make them ideal for applications in wearable electronics, medical devices and smart packaging.
Market key trends:
One of the major trends in the flexible battery market is the increasing adoption of flexible and printed electronics. Printed flexible electronics provide new possibilities for innovations in diverse sectors including consumer electronics, healthcare, automotive and manufacturing among others. Flexible batteries complement these flexible electronics applications with their thin, lightweight and flexible design. With continued technological advancements printed flexible electronics and batteries are poised to transform various industries in the coming years.
SWOT Analysis
Strength: Flexible batteries can be easily integrated into flexible or wearable electronic devices due to their flexibility and thin form factor. They provide design freedom for devices which is driving their adoption.
Weakness: Commercial production of flexible batteries at scale is still in nascent stages. Cost of production of flexible batteries is higher compared to conventional lithium-ion batteries which is limiting wide adoption.
Opportunity: Growing demand for wearables, medical devices, smart packaging and electric vehicles provides huge market opportunity for flexible batteries. Rapid development of printed and thin-film battery technologies will help address manufacturing challenges.
Threats: Stiff competition from conventional lithium-ion batteries limits flexible batteries to niche applications currently. Dependence on raw material price volatility can impact costs.
Key Takeaways
The global Flexible Battery Market Growth is expected to witness high growth, exhibiting CAGR of 20.% over the forecast period, due to increasing demand for wearable devices, medical devices and smart packaging.Asia Pacific region is expected to dominate the global flexible battery market over the forecast period due to presence of numerous battery manufacturing companies and growing electronics industry in the region. China accounted for over 30% of the global market share in 2023.
Regional analysis
North America is expected to grow at a significant rate during the forecast period owing to the presence of major players and increasing Research & Development activities for flexible batteries. Europe is also expected to hold significant market share due to presence of various key players focusing on new product launches.
Key players operating in the flexible battery market are STMicroelectronics, LG Chem, SAMSUNG SDI CO., LTD., Panasonic Corporation, ROCKET Poland Sp. z o.o., Enfucell, Imprint Energy, Energy Diagnostics., Jenax Inc., and Molex. Major players are focusing on partnerships, new product innovations and expansion of manufacturing facilities to cater to the growing demand.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
