Wilmington, Delaware, United States, May 17, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. – The Global Stretchable Battery Market was being likely to garner a robust CAGR of 23% from 2023 to 2031. The market is likely to reach a valuation of US$ 1.1 billion by 2031 and was valued at US$ 175.7 million by 2022.
Stretchable Battery Market growth is anticipated to be fueled by producers of smart packaging using micro stretchable batteries more frequently in the approaching years. These stretchable batteries are utilized in consumer electronics as well as energy harvesting systems because the functionality of these systems depends on power sources. These stretchable batteries have a capacity range that is anticipated to be adopted widely in a wide variety of electronic goods applications.
The market sector is expanding significantly as a result of developments in North American nations in wearable technology, smart packaging, and smart cards. Flexible batteries are utilized in a variety of medical devices to assess body temperature; as a result, demand for these batteries has increased recently.
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Key Findings of Market Report
- From 2023 to 2031, Asia Pacific is anticipated to have the greatest share.
- During the projection period, the industry is expected to be dominated by the electronics end-use segment.
- Manufacturers of stretchable batteries are making major investments in R&D to bring forth cutting-edge technology.
- Stretchable batteries come in a variety of forms, including thin-film, printed, and fiber-based batteries.
The Global Market for Stretchable Battery Market: Key Trends
- The electronics end-use category is predicted to lead the industry over the forecast period, based on the most recent Stretchable Battery Market developments. Stretchable electronics possess the potential to change how many businesses produce their products.
- Stretchable batteries are far superior to conventional batteries in many ways. They can boost the comfort and utility of wearable electronics and supply power to gadgets that need to be adaptable, portable, and flexible.
Global Stretchable Battery Market: Regional Outlook
- Asia Pacific is anticipated to have the greatest share from 2023 to 2031, according to the most recent projection for the Stretchable Battery Market.
- The region's market dynamics are being boosted by the rise in demand for lightweight consumer electronics and IoT-enabled products. Stretchable and flexible battery research and development are mostly carried out in China, Taiwan, South Korea, and the United States.
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Global Stretchable Battery Market: Key Players
Some of the key players in the global Stretchable Battery Market are:
- Samsung SDI Co. Ltd.
- LG Chem
- Enfucell Oy Ltd.
- Blue Spark Technologies
- Apple Inc.
- Panasonic Corporation
- Ultralife Corporation
- BrightVolt
- Imprint Energy
- Energy Diagnostics
- Prologium Technology Co., Ltd.
- Molex
- PPBC
- ITEN SA
- Jameco Electronics
- 3M
- Heraeus Group
- Physical Optics Corporation
Some developments by the key players in the global market for stretchable battery are:
- Southwest Electronic Energy (SWE), a producer of sophisticated battery solutions, was bought by Ultralife Corporation in May 2019 for a sum of USD 25 million. With this purchase, Ultralife Corporation expanded its technological know-how into new industry sectors while enhancing its wide-ranging range of battery and charger solutions.
- In 2023, General Motors (GM) and Samsung SDI announced that they had reached an agreement to form a joint venture (JV) to produce battery cells for electric automobiles in the US. According to Samsung SDI, GM and the business want to invest more than $3 billion in the JV, which will have a manufacturing capacity of more than 30 gigawatt-hours per year. In 2026, the potential JV plans to begin mass production. Samsung SDI is going to be able to increase its market penetration there while also gaining GM as a new client by creating a second battery production plant in the U.S. under the new JV proposal.
- The battery precursor plant in Korea will get a KRW 1.2 trillion investment from LG Chem in 2023. On April 17, 2023, SEOUL by collaborating with China's Huayou Cobalt to construct a precursor factory in Saemangeum National Industrial Complex, 230 kilometers southwestern part of Seoul, Korea, LG Chem is strengthening the supply chain for its battery ingredients
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Global 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
By Region
- North America
- Latin America
- Europe
- Asia-Pacific
- Middle East and Africa
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