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Global Flexible Battery Market Analysis, Growth Trends, Demand & Future Forecast 2017 - 2025
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The flexible battery market is presently at a nascent stage and is anticipated to rise rapidly with increasing research and development taking place in the field of battery technology. Huge investments from companies such as Panasonic Corp. and Samsung SDI Corp. Ltd. among others is expected to have a positive impact in the field of battery technology.
Flexible batteries are light weight and easy to use and are increasingly used in products with limited internal space. As flexible battery are thin and bendable, they can be used as power sources on curved surfaces. Moreover, these batteries are eco-friendly and have low impact on the environment.
The growth of global flexible battery market is driven by factors such as rising demand for IoT devices. Technological advancement in portable devices is expected to fuel growth of the global flexible battery market over the forecast period. Flexible batteries are used in portable devices as they can be adjusted in any size for different purposes.
The surging demand for wearable devices in the past few years is positively impacting the growth of this market. With innovation in wearable electronics, the demand for flexible power source with high performance that can be integrated into various products is expected to be on the rise. Moreover, the increasing demand for thin flexible batteries across various application segments such as smart cards, medical devices, and wearable devices due to its low self-discharge rate is anticipated to have a positive bearing on this market over the forecast period.
The global flexible battery market was valued at US$230.0 mn in 2016 and is expected to be worth US$2437.6 mn by 2025, rising at a CAGR of 32.9% between 2017 and 2025.
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Smart Packaging End-use Segment to Continue Dominance in Future
The global flexible battery market is segmented in terms of chargeability into chargeable flexible battery and single use flexible battery. Of the two, the segment of chargeable flexible battery held the leading share in 2016 and is expected to retain its dominance during the forecast period.
On the basis of product type, the market is segmented into thin film and printed battery, flexible zinc carbon battery, laminar lithium-polymer battery, and advanced lithium ion battery. Thin film and printed battery, among these, held the leading market share in 2016 and is anticipated to maintain its dominance over the forecast period.
In terms of end user, the market is segmented into consumer electronics, smart packaging, healthcare, and transportation and logistics among others. Smart packaging displayed the leading demand for flexible batteries in 2016 accounting for 26.6% of revenue contribution. The segment is expected to display rapid growth owing to development of smart packaging industry across various parts of the world. The segment of smart packaging is anticipated to display the leading demand for flexible batteries among other end-use segments.
Asia Pacific to Emerge as Significant Market
On the basis of geography, the global flexible battery market is segmented into North America, Asia Pacific, Europe, the Middle East and Africa, and Latin America. In 2016, North America held the leading share of 32.5% in the market and was followed by Europe and Asia Pacific. The North America flexible battery market is predominantly driven by the U.S. This is due to the presence of a large number if flexible battery manufacturers combined with rising investment in extensive research and development pursuits in the field of battery technology.
Top companies operating in the global flexible battery market include Panasonic Corporation, LG Chem Ltd., Ultralife Corporation, Blue Spark Technology, NEC Energy Solutions Inc., ST Microelectronics N.V., Enfucell Oy, Samsung SDI Co. Ltd., and Brightvolt Inc.
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