Press release
Global Flexible Battery Market: Rising Popularity of Wearable Devices to Drive Growth
For example, Samsung SDI Co. Ltd. is focused on introducing advanced materials and highly efficient Li-ion flexible batteries to increase its market share. Introduction of high-end products with lower power consumption is also the growth strategy adopted by the company.
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The global flexible battery market pegged an opportunity of US$230 mn in 2016. Expanding at a phenomenal 32.9% CAGR between 2017 and 2025, the market is poised to reach a valuation of US$2437.6 mn by 2025.
On the basis of end user, the market is segmented into consumer electronics, smart packaging, healthcare, transportation and logistics, and others. The segments of smart packaging and consumer electronics are the major end users of flexible batteries. North America occupied the leading 32.5% share in the global market among other regional segments in 2016.
IoT-empowered Flexible Batteries Offering Extended Battery Life Fosters Growth
The growth of the global flexible battery market is driven by several factors. These include increasing demand for wearable devices such as smart bands, smart watches, and others. With rising health awareness, the demand for these devices is on the rise to monitor health-benefitting pursuits. Additionally, the rising demand for flexible battery in the healthcare segment is expected to positively impact the market’s growth.
Advances in Internet of Things (IoT) technology has positively impacted the flexible battery market in terms of new design that traditional batteries lack. Flexible batteries equipped with IoT feature improved power efficiency along with elongated battery life.
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The eco-friendly nature of flexible batteries having low impact on the environment is also accelerating their adoption across several application segments. Flexible batteries are cost-effective due to the presence of small amount of lithium carbonate which is inexpensive compared to nickel or cobalt present in other batteries. Easy disposal of these batteries faced by battery manufacturers and recycling organization add to the advantage of adoption of flexible batteries. Thus, flexible batteries benefit in reducing pollution, saving natural resources, and have low impact on the environment as they do not fall under hazardous waste.
High Manufacturing Cost Limits Widespread Adoption
On the down side, high initial cost incurred in the design and development of flexible batteries and steep competition from low cost alternatives such as lithium-ion, nickel, and zinc batteries is the key factor holding back the demand for these batteries.
However, technological advancements resulting in the development of flexible batteries with improved design and benefits of extended battery life is expected to accelerate the demand for flexible batteries among manufacturers of IoT devices. Moreover, the trend of miniaturization of electronic devices has increased the demand for thin-film batteries making opportunities for the flexible battery market.
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