The Flexible Battery market is estimated to be valued at US$ 162.48 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 are lightweight, bendable and can be made in thin flexible forms that can power a variety of devices including wearable electronics like smart bands, smart watches and medical patches. Flexible batteries are useful for products requiring batteries that are lightweight, durable and portable in design.
Market Dynamics:
Rising adoption of flexible and portable consumer electronics such as wearable devices is expected to drive growth of the flexible battery market over the forecast period. Wearable devices require batteries that are lightweight, flexible and have high energy density. Flexible batteries fulfill these requirements of wearable devices and hence their adoption is increasing. Moreover, increasing R&D activities for development of advanced flexible battery technologies is also expected to boost market growth during the forecast period. However, high manufacturing cost of flexible batteries and availability of alternatives are some factors that may hamper market growth.
SWOT Analysis
Strength: Flexible batteries have three key strengths – they are lightweight, foldable and flexible which makes them suitable for applications where rigid batteries cannot be used. Their thin form factor allows for easy integration into wearables, smart labels and other miniaturized electronics.
Weakness: The energy density of flexible batteries is relatively low compared to conventional lithium-ion batteries. Production costs of flexible batteries are also higher currently due to low volume manufacturing.
Opportunity: The growth of wearable devices and emergence of the Internet of Things is driving strong demand for flexible power sources. Flexible batteries are increasingly being adopted in applications like smart cards, smart labels and skin patch sensors. Growing electric vehicle market also provides an opportunity for flexible battery integration in automotive components.
Threats: Established lithium-ion battery manufacturers pose strong competition due to their production expertise and economies of scale. Technology breakthroughs that improve energy density of lithium-ion batteries could reduce the appeal of 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 IoT applications requiring bendable power sources. The market size is projected to reach US$ 3,611.68 Mn by 2030 from US$ 162.48 Mn in 2023.
Regional analysis: Asia Pacific dominated the global market in 2023 and is expected to maintain its lead through 2030 owing to large production capacities in countries such as China and South Korea. North America is poised to exhibit robust growth due to rising demand for wearables and electric vehicles requiring flexible form factors.
Key players: 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. These companies are investing in R&D to improve energy density and lower production costs of flexible battery packs.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it