Global Flexible Battery Market: Snapshot
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.
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.
Global Flexible Battery Market: Overview
Flexible batteries are the upcoming trend in the battery industry. These batteries are light in weight, flexible and user friendly. Its flexibility feature enables it to be folded, rolled and integrate in any shape of the product. Flexible batteries being thin in nature allows the designers to utilize these power sources on curved surfaces. These batteries are eco-friendly as well. Increasing trend of product miniaturization is one of the most important factor anticipated to trigger the demand of flexible batteries in the coming years. These batteries have a low self-discharge rate. Owing to these factors, the application scope of such batteries is expected to enhance in the near future.
Global Flexible Battery Market: Market Dynamics
Factors such as the increasing demand for internet of things (IoT) devices is one of the key factors predicted to trigger the demand of eco-friendly flexible batteries during the forecast period. Advances in the field of Internet of Things (IoT) based devices have led the manufacturers operating in this field to focus on extensive research and development activities to implement new designs that would overcome the shortcomings that are present in the traditional batteries. These flexible batteries come with new and improved power efficiency coupled with heightened durability. Increasing inclination of various battery manufacturers towards manufacturing flexible batteries in order to cope up with the rising demand is also predicted to accelerate the market growth of flexible batteries in the coming years. For instance, Panasonic Corp. which is one of the world’s largest lithium ion battery makers has introduced a new flexible lithium ion battery for use in wearable device that maintains its electrical characteristic even after repeated bending. This battery gives more freedom to the designers of consumer electronics like wearable devices that are constrained by the need to inflexible areas to hold the battery.
However, stiff competition faced by flexible batteries from the traditional batteries is one of the essential factors anticipated to deter the market growth of flexible batteries in the coming years. This in turn, limit various battery manufacturers to enter into the market.
Global Flexible Battery Market: Market Segmentation
The global flexible battery market is segmented on the basis of chargeability, product type, end user and geography. Based on chargeability, the market is segmented into chargeable flexible battery and single use flexible battery. Chargeable flexible batteries can be produced in different sizes and shapes. Such batteries have very less impact on the environment. This segment accounted for the highest market share in 2016. Based on product type, the flexible battery market is segmented into laminar lithium-polymer battery, thin film and printed battery, flexible zinc carbon battery and advanced lithium ion battery. Based on end use, the market is segmented into consumer electronics, healthcare, smart packaging, transportation and logistics and others.
Regionally, the global flexible battery market has been classified into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America. In 2016, North America held the major share of the market, followed by Europe, Asia Pacific, Middle East and Africa and Latin America. Rising demand for flexible batteries in North America is due to its widespread adoption in smart packaging like radio frequency identification (RFID), anti-theft tags and consumer electronics among others is expected to intensify the market penetration in the coming years.
Global Flexible Battery Market: Competitive Outlook
The leading manufacturers in the global flexible battery market have been adopting strategies such as merger and acquisition and product line expansion. The major market participants profiled in this report are Panasonic Corporation (Japan), STMicroelectronics N.V. (Switzerland), LG Chem Ltd. ( South Korea), Enfucell Oy (Finland), Ultralife Corporation( The U.S), Samsung SDI Co. Ltd. ( South Korea), Blue Spark Technology (The U.S), Brightvolt Inc. (The U.S) and NEC Energy Solutions Inc. (The U.S) among others.
The segments covered in the Flexible battery market are as follows:
Global Flexible Battery Market, by Chargeability
- Chargeable Flexible Battery
- Single Use Flexible Battery
Global Flexible Battery Market, by Product Type
- Laminar Lithium-Polymer Battery
- Thin Film and Printed Battery
- Flexible Zinc Carbon Battery
- Advanced Lithium Ion Battery
Global Flexible Battery Market, by End User
- Consumer Electronics
- Smart Packaging
- Transportation and Logistics
Global Flexible Battery Market, by Geography
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- Rest of APAC
- Latin America
- Rest of Latin America
- Middle East and Africa (MEA)
- Saudi Arabia
- Rest of Middle East & Africa