Wilmington, Delaware, United States, Feb. 27, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global stretchable battery market is projected to expand at a CAGR of 23.0% between 2023 and 2031. Stretchable batteries are the latest battery types with flexibility that can be easily used in medical implants, sensors, and electronic devices. Traditional batteries had no flexibility and were rigid. Stretchable batteries are capable of bending, twisting, and stretching without losing their electrical operability.
The increase in popularity of wearable technology, such as fitness trackers, healthcare monitoring devices, and smart watches, are likely to augment the demand for stretchable batteries, thereby creating new business opportunities for the global market during the forecast period.
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Stretchable batteries are widely used in the medical industry for powering healthcare devices, such as pacemakers and heart monitors. Their stretch ability increases their use in confined and small spaces. Additionally, their compact size drives their use as a flexible power source. Wound dressing and smart bandages are the latest medical innovation that are capable of monitoring a patient’s vital signs, as they are equipped with sensors. Thus, the increase in use of medical implants and other sensor-installed medical devices is projected to aid in the expansion of the global stretchable battery market in the next few years.
According to TMR report, the global stretchable battery market value stood at US$ 175.7 Mn in 2022 and is projected to reach US$ 1.1 Bn by the end of 2031. The increase in adoption of smart textiles is likely to augment the overall market size during the forecast period.
Key Findings of Study
- Increase in Demand for Smart Textiles: The advent of smart clothing resulted in an increase in demand for embedded sensors. Smart clothing is made from technology woven fabrics with sensors, capable of changing size, color, or shape as per the convenience of use. The use of stretchable batteries in embedded sensors is therefore expected to automatically promote the demand for batteries. Such factors are likely to bode well for the overall market during the forecast period.
- High Adoption Rate in Electronic Products: The increase in adoption and popularity of smart electronic devices, especially wearable products, is another key factor fueling the stretchable battery market. The rise in integration of stretchable batteries for reducing the overall bulky external power sources is expected to boost the market in the next few years.
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Key Drivers
- Rise in demand for IoT-enabled devices is projected to boost market growth
- Increase in research and development for utilizing stretchable batteries in multiple devices may accelerate market growth
- Growth in adoption of wearable technology fosters demand for stretchable batteries, thereby serving as a significant market trend
Regional Growth Dynamics
- Asia Pacific is anticipated to account for dominant market share during the forecast period owing to the increase in demand for IoT-enabled devices. The rise in popularity and high sales rate of consumer electronics is also likely to help promote the growth of the stretchable battery market in the region in the next few years. Countries such as South Korea, Taiwan, and China are key contributors to the regional market growth.
- The market in North America is expected to witness a notable growth during the forecast period on account of the rise in research and development activities on the use of flexible and stretchable batteries in multiple electronic products. The U.S. is a prime revenue generator in the stretchable batteries market of this region.
Key Players
Prominent players in the global stretchable battery market include Heraeus Group, 3M, Jameco Electronics, ITEN SA, PPBC, Molex, Prologium Technology CO. Ltd., Energy Diagnostics, Imprint Energy, BrightVolt, Ultralife Corporation, Panasonic Corporation, Apple Inc., Blue Spark Technologies, Enfucell Oy Ltd., LG Chem, and Samsung SDI Co. Ltd.
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Stretchable Battery Market Segmentation
Chargeability
- Single Use
- Rechargeable
Capacity
- Up to 80 mAh
- > 80-300 mAh
- >300-500 mAh
- >500 mAh
Application
- Smartwatches
- Implant Devices
- Smart Fabrics
- Smart Cards
- Smart Packaging
- Others
End-use
- Electronics
- Medical
- Packaging
- Textile
- Others
Regions
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
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