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| Global flexible battery market |
The Flexible Battery Market is estimated to be valued at US$ 162.48 Mn or Million 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 are rechargeable, thin, lightweight and bendable power sources that can be integrated into wearable devices, medical devices, smart packaging and other applications that require flexibility. They utilize materials like lithium-ion polymer that allow manufacturing batteries in various thin film formats. Key applications of flexible batteries include wearables, medical devices, smart cards, consumer electronics and sensors used in IoT devices. Advancements in materials science have enabled manufacturing highly efficient flexible batteries without compromising on capacity and lifespan.
Market Dynamics:
There are two major drivers for the growth of the flexible battery market over the forecast period:
1) Growing Adoption of Wearable Devices: Wearable devices like smartwatches, fitness trackers, smart clothing require bendable power sources to complement their flexible form factors. With increasing popularity of wearables among health-conscious consumers, demand for flexible batteries customized for these applications is growing steadily.
2) Advancements in Materials Science: Continuous R&D efforts are underway to develop novel electrode and electrolyte materials that enhance flexibility without compromising on capacity, lifespan and safety of batteries. Graphene, carbon nanotubes and polymers are some materials enabling manufacturing flexible batteries very close to paper-thin form factors with high efficiency. Innovation in materials science will broaden potential of flexible batteries in future.
Segment Analysis
The Global flexible battery market is dominated by the thin-film lithium battery segment. Thin-film lithium batteries are highly preferred over other battery types owing to their thin, lightweight, and flexible properties. These batteries can be integrated into curved surfaces like smart cards, wearable devices, and smart tags. They are finding increasing applications in wearables, smart packaging, and medical devices due to their conformability to irregular surfaces.
PEST Analysis
Political: The governments of various countries are supporting R&D activities in thin-film flexible batteries through funding. This is positively impacting the market growth.
Economic: Growth of wearable device industry and increasing demand for flexible electronics are fueling the flexible battery market growth.
Social: Rising health awareness and adoption of wearable fitness devices for monitoring health metrics are propelling the demand for flexible batteries.
Technological: Advancements in thin-film deposition technologies and new cathode and electrolyte materials are widening the scope of applications for flexible batteries.
Key Takeaways
The global flexible battery market is expected to witness high growth, exhibiting CAGR of 20.% over the forecast period, due to increasing demand for wearable devices and growing electronics industry.
The Asia Pacific region dominates the global market owing to large presence of electronics manufacturing industry and flexible battery manufacturers in the region. China, South Korea, and Japan dominate the Asia Pacific flexible battery market.
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. STMicroelectronics, LG Chem, and SAMSUNG SDI CO. are currently leading players in terms of market share.
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