Wilmington, Delaware, United States, Oct. 23, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global Flexible Battery market is poised to register a 30.1% CAGR from 2023 to 2031, expected to reach a valuation of US$ 2.8 billion. As of 2023, the market is likely to total US$ 341.15 million. Flexible batteries are gaining traction, thanks to their convenience, durability, and application across a broad end-use spectrum.
Flexible lithium and lithium-ion batteries are used to power several medical devices. An increase in usage of portable medical devices is projected to spur the Flexible Battery market growth in the future. Most portable medical devices require lightweight batteries with a reasonable charge capacity and energy density. Lithium-ion and lithium-polymer batteries are widely employed to power portable medical devices owing to their high energy density and lightweight.
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Another application area is in wearable electronics. Wearable electronics is a rapidly growing field that involves the integration of electronic devices and sensors into clothing and accessories that can be worn on the body. This technology has many potential applications, including healthcare monitoring, fitness tracking, personal safety, communication, and entertainment.
Flexible batteries offer a range of benefits in robotics, including improved form factor, weight savings, conformability, and enhanced safety. These characteristics make them particularly well-suited for a wide variety of robotic applications, from wearables to industrial and field robots.
Competitive Landscape
The following market players hold considerable sway in the global Flexible Battery ecosystem:
- Blue Spark Technologies
- BrightVolt Inc.
- Enfucell Oy
- Flexel
- Imprint Energy
- LG Chem Ltd.
- LG Energy Solutions Inc.
- Panasonic Corporation
- Samsung SDI Co. Ltd.
- STMicroelectronics
Leading manufacturers are investing significantly in research and development activities to improve the performance and efficiency of their foldable/flexible batteries. They are developing new materials and manufacturing processes that can help improve Flexible Battery's energy density, lifespan, and safety.
Key Market Developments
| Market Player | Key Development(s) |
| Samsung SDI Co. Ltd. |
|
| LG Energy Solutions Inc. |
|
Key Takeaways from the Flexible Battery Market Report
- By type, laminar lithium-polymer batteries accounted for 40% of the total demand in 2022.
- By end-use, consumer electronics is likely to be the key utilizer of foldable/flexible batteries.
- Chargeable flexible batteries are expected to be highly sought after in the coming decade.
- As of 2022, the market for foldable/flexible batteries was valued at US$ 267 million.
- The market is expected to expand by over 8x from 2023 to 2031.
Key Drivers Spearheading Flexible Battery Sales
- As electronic devices become smaller and more compact, traditional rigid batteries may not fit or function optimally. Flexible batteries can be custom-shaped to fit into tiny, unconventional spaces within these devices, making them essential for compact and wearable electronics.
- The growth of wearable technology, such as smartwatches, fitness trackers, and electronic textiles, has created a significant demand for flexible batteries. These devices require batteries that conform to the body’s shape or the fabric.
- Research and development in materials science have led to improvements in the energy density, flexibility, and durability of flexible battery technologies, making them more viable for commercial use.
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Flexible Battery Market Regional Profile
- Asia Pacific is expected to account for the largest share from 2023 to 2031. The region constituted a 45.3% share in 2022. Expansion in the electronics sector and a rise in the adoption of portable medical devices are fueling market expansion in the Asia Pacific.
- North America and Europe are attractive markets for foldable/flexible batteries due to the increase in adoption of drones in these regions. Demand for foldable batteries is high in North America, which is a key market for foldable electronics, including foldable phones, tablets, and laptops. The region is also home to some of the world's largest technology companies, including Apple, Microsoft, and Google.
Key Market Segments
Type
- Laminar Lithium-polymer Battery
- Thin Film and Printed Battery
- Flexible Zinc-carbon Battery
- Advanced Lithium-ion Battery
Chargeability
- Chargeable Flexible Battery
- Single-use Flexible Battery
End-use
- Consumer Electronics
- Healthcare
- Smart Packaging
- Transportation and Logistics
- Others
Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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