Global Flexible Batteries Market to reach USD 1150.29 million by 2030

According to the report published by Virtue Market Research, in 2022, the Global Flexible Batteries Market was valued at $150 million and is projected to reach a market capitalization of $1150.29 million by 2030. Over the forecast period of 2023-2030, the market is estimated to grow at a CAGR of 29% due to the rapidly growing electronics industry along with advancements in technology.

The flexible batteries market is anticipated to grow rapidly during the forecast period due to several factors. One of the major factors is the growing number of smartphone users across the globe. Since smartphone batteries take up a lot of space, several leading competitors in the industry are focusing on creating and introducing innovative flexible batteries for foldable smartphones. Major Smartphone manufacturers including Samsung and Apple are spending hefty amounts and putting continuous efforts into the development of flexible batteries for electronic devices such as Smartphones, laptops, and others.

With the adverse outbreak of COVID-19, companies and industries embraced advanced technology solutions and started investing heavily in research and development activities for developing flexible batteries for wearable devices, augmenting the use of thin and flexible batteries. Furthermore, the ongoing trend of miniaturization of electronic devices, increasing demand for flexible batteries in several IoT applications, and growing use of flexible batteries.

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Segmentation Analysis:  

The global Flexible Batteries Market segmentation includes:  

By Type:
• Thin-film Batteries
• Printed Batteries
• Curved Batteries
• Others

According to the type, the thin-film batteries segment comprises of majority of the market revenue due to its large-scale usage in smart packaging, smart cards, wearable devices, and medical devices.

By Voltage:
• Below 1.5V
• Between 1.5V and 3V
• Above 3V

According to the voltage, the above 3V segment is anticipated to hold the highest share of the global market revenue. Flexible batteries with voltages above 3V provide higher power, longer battery life, and more safety than other segments. They provide superior performance and higher output voltage and lower chances of voltage leakage.

By Rechargeability:
• Primary Batteries
• Secondary Batteries

According to rechargeability, the primary battery segment is predicted to witness the highest CAGR for the forecast period. The factors owing to the growth of the segment are associated with the rising demand for rechargeable batteries as compared to other batteries.

By Capacity:
• Below 10 mAh
• Between 10 mAh and 100 mAh
• Above 100 mAh

According to capacity, batteries having capacity in the range between 10mAh and 100 mAh witness the highest demand and are estimated to remain dominant in the forecasted years as well due to their wide-scale applications in the gadgets sector. Also, with the increase in the demand for IoT-based and AI-based technologies integrated with electronic wearable devices, it is predicted to further escalate both the demand and supply in the global market.

By Application:
• Smart Packaging
• Consumer Electronics
• Medical Devices
• Smart Cards
• Wireless Sensors
• Others (Drones, Displays, Energy Harvesting, and Smart Textiles)

According to the application, the consumer electronics segment is anticipated to witness the highest CAGR for the outlook period. The factors attributed to the growth of the segment are an increasing number of new product launches and technical advancements. These devices require high flexibility and lightweight batteries and provide an uninterrupted power supply throughout. These batteries are bendable, stretchable, lightweight, and quite simple to use in various wearable items with restricted inside space which makes them perfect for utilization in the wearable electronic gadgets segment. Therefore, an increase in the rate of adoption of IoT-enabled wearable electronic devices for monitoring, diagnosing, and tracking applications is predicted to boost the demand for flexible batteries in the forthcoming years.

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Regional Analysis:  

In the Flexible Batteries Market, the Asia Pacific is estimated to grow at the highest CAGR throughout the forecasted years. Constantly surging demand for IoT-enabled devices and movable consumer electronics in economies such as China, Japan, and South Korea is fueling the growth of the Flexible Batteries Market in this region. It is also predicted to grow due to continuous research and development activities in these regions related to flexible battery manufacturing technology. South Korea has especially emerged as a powerhouse. Businesses in the region such as LG Chem and Samsung SDI have created curved and flexible batteries to fuel their goods such as Smartphones, smart glasses, and wearable electronics. Furthermore, the expansion and relocation of manufacturing and assembling power plants for electronic devices from the western hemisphere to East Asian regions is likely to increase the demand for flexible batteries in the Asia Pacific in the near future. An ease in the availability of raw materials and skilled labor pricing is likely to augment the global flexible batteries market. Thus, the popularity of smart packaging is continuously increasing in Asia-Pacific, fueling the demand for flexible batteries to be integrated with smart packaging technology.

Latest Industry Developments:  

• In December 2021, CATL initiated the construction of a new battery power plant, Xiamen. It is a lithium-ion battery plant that also manufactures flexible batteries and is anticipated to expand and help in the company's portfolio development and growth.
• In September 2021, ENERSYS expanded its ODYSSEY battery brand assortment to comprise the formerly NorthStar battery brand. Resulting in the expansion of all the NorthStar batteries under the ODYSSEY battery brand.

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About Us:

Virtue Market Research is a strategic management firm helping companies to tackle most of their strategic issues and make informed decisions for their future growth. We offer syndicated reports and consulting services. Our reports are designed to provide insights on the constant flux in the global demand-supply gap of markets.

This release was published on openPR.