NEWARK, Del, July 01, 2024 (GLOBE NEWSWIRE) -- The flexible battery market is estimated to be valued at USD 219.7 million in 2024. By 2034, it is forecasted that the market value will have hit USD 2,028.8 million by 2034, progressing at a CAGR of 24.9%.
The flexible battery market is in its dynamic early stages, characterized by rapid advancements and significant experimentation. As manufacturers prioritize research and development, substantial investments are essential to drive innovation and bring new products to market.
Flexible batteries are particularly coveted for their applications in portable and wearable devices. These devices, designed to be flexible and user-friendly, benefit immensely from non-rigid batteries that enhance their functionality and ease of use.
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The ongoing trend towards the miniaturization of electronic devices further amplifies the demand for flexible batteries. As devices become smaller and more efficient, the need for compact, adaptable power sources becomes critical. Flexible batteries, with their ability to integrate seamlessly into miniaturized devices, are poised for a promising future.
One notable sector witnessing significant growth in the use of flexible batteries is the medical field. Wearable medical devices, increasingly relied upon by healthcare professionals for real-time monitoring and data collection, are being designed to be as comfortable and unobtrusive as possible for patients.
The miniaturization of these devices, supported by flexible and compact batteries, is central to this objective, ensuring patients can wear them comfortably without compromising on functionality.
Overall, the flexible battery market is set for robust growth, driven by technological innovation, the miniaturization of electronic devices, and increasing applications in medical and IoT sectors. The continuous investment in research and development will further solidify flexible batteries as a cornerstone of modern portable and wearable technology.
Key Takeaways from the Flexible Battery Market
- The flexible battery market is anticipated to total USD 219.7 million in 2024.
- Thin-film flexible battery is expected to lead the product type segment in 2024 with a share of 35.3%.
- Rechargeable flexible batteries triumph in the chargeability segment for 2024, with an anticipated share of 64.6% in 2024.
- India is set to see market progress happen at a CAGR of 37.1% over the coming decade.
- Flexible batteries are forecasted to progress at a CAGR of 27.9% in China for the forecast period.
- The market is anticipated to witness a CAGR of 9.7% in the United Kingdom through 2034.
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“Technologically advanced applications, such as the Internet of Things (IoT), are natural adopters of flexible battery technology. These batteries offer a lightweight, conformal solution compared to standard rigid batteries, which are often bulky and add unnecessary weight to electronic gadgets. As a result, more consumers are opting for gadgets with flexible batteries,” - says Nikhil Kaitwade, Associate Vice President at Future Market Insights (FMI).
Competition Analysis
While established flexible battery market players control a substantial portion of the pie, there is great scope for smaller companies. These smaller companies focus on niche segments to enhance market scope. Some of the prominent companies in the market are Apple Inc. and LG Chem Ltd.
Key Players
- Apple Inc.
- Blue Spark Technology
- Brightvolt Inc.
- Enfucell Oy
- LG Chem Ltd.
- NEC Energy Solutions Inc.
- Panasonic Corporation
- Samsung SDI Co. Ltd.
- ST Microelectronics N.V.
- Ultralife Corporation
Recent Development
- In March 2023, researchers from the Nanyang Technological University in Singapore developed a flexible battery with no electrodes or wires.
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Market Segmentations
By Product Type:
- thin-film flexible battery
- printed flexible battery
- curved flexible battery
- flexible battery types
By Chargeability:
- Rechargeable flexible batteries
- Single-use flexible batteries
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East and Africa
Authored By:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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