by The Flexible Battery Market is estimated to be valued at US$ 162.48 Mn in 2023 and is expected to exhibit a CAGR of 20. % over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Flexible batteries are thin, lightweight and flexible power sources that can take any shape based on the device requirement. They can bend, roll and fold without affecting their performance. Flexible batteries find applications in wearable electronics, IoT devices and medical devices due to their flexibility and thin design.
Market key trends:
The adoption of wearable devices and IoT devices is projected to drive the growth of the flexible battery market over the forecast period. Wearable devices such as fitness trackers, smartwatches and other wearable electronics require lightweight and flexible batteries to provide power. Similarly, various IoT devices integrated in daily use items like clothing require flexible batteries. Owing to their flexibility, flexible batteries can be easily incorporated into the design of these devices without compromising on device aesthetics and usability. Their thin design also allows for compact device configurations. This growing demand from wearables and IoT industry is expected to significantly spur the demand for flexible batteries globally.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is low owing to high initial investment required for production along with strong intellectual property rights of existing players.
Bargaining power of buyers: The bargaining power of buyers is moderate as few major players operate in the Global flexible battery market and customers also face switching cost to shift to other technologies.
Bargaining power of suppliers: Bargaining power of suppliers is moderate due to availability of substitute raw materials.
Threat of new substitutes: Threat from new substitutes is high as alternate technologies like solid-state batteries and renewables are being commercialized at a fast pace.
Competitive rivalry: Existing players are competing on pricing, technological advancements and supply chain management.
SWOT Analysis
Strength: Flexible batteries have advantages of bendability, flexibility, light weight, and shape versatility. They have applications in wearables, sensors, smart packaging and medical devices.
Weakness: Production costs of flexible batteries are high and there are challenges regarding scalability of manufacturing processes. Shelf life and lifetime cycles are relatively lower.
Opportunity: Increasing usage of IoT devices, adoption of electronics in automotive, healthcare and consumer applications present growth opportunities. Investments in R&D are helping improve technical parameters.
Threats: Declining prices and performance improvement of lithium-ion batteries pose threat to adoption of flexible batteries. Issues related to safety could limit commercialization.
Key Takeaways
The global flexible battery market is expected to witness high growth, exhibiting CAGR of 20.% over the forecast period, due to increasing usage of flexible electronics, IoT devices and wearables. The market size for 2023 is US$ 162.48 Mn. Regionally, Asia Pacific region dominates the flexible battery market, with countries such as China, Japan, and South Korea being major contributors owing to presence of manufacturing facilities of electronics companies.
Key players operating in the flexible battery market are STMicroelectronics, LG Chem, SAMSUNG SDI CO., LTD., Panasonic Corporation, ROCKET Poland Sp. z o.o., Enfucell, Imprint Energy, Energy Diagnostics., Jenax Inc., and Molex. These players are focusing on developing innovative battery formulations, improving manufacturing processes, and expanding application areas.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
