Flexible Battery Market to grow at a CAGR of 22.79% from 2022 to 2027, the rising popularity of rechargeable printed batteries to be an emerging trend in the market - Technavio
NEW YORK, March 20, 2023 /PRNewswire/ -- The global flexible battery market size is estimated to grow by USD 240.47 million from 2022 to 2027, according to Technavio. The market is estimated to grow at a CAGR of 22.79% during the forecast period. The growing popularity of rechargeable printed batteries is a major trend fueling market growth. Along with durability, recharging was also a challenge for the printed batteries. Vendors are extensively working towards developing rechargeable printed batteries at lower costs and with safety aspects as the primary focus. For instance, Imprint Energy, created printable, flexible, and non-toxic zinc batteries. The company aimed at improving portable power by offering the performance of batteries at lower costs and by removing form factor limitations and safety concerns. These batteries are manufactured with a distinct polymer for the electrolyte to develop rechargeable printing batteries and are used for sensors and toys.
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Flexible Battery Market - Segmentation Assessment
Technavio has segmented the market based on application (wearable electronics, medical devices, smart packaging, and others), type (rechargeable and non-rechargeable), and geography (APAC, Europe, North America, South America, and Middle East and Africa).
The market share growth of the wearable electronics segment will be significant during the forecast period. The human body can quickly adapt to flexible batteries as these are not harmful to humans. As these batteries are flexible, they can easily fit into medical devices implanted into delicate body parts, such as the eyes. Vendors such as BrightVolt Solid State Batteries (BrightVolt) came up with a technology called transdermal drug delivery to administer drugs in a new way, where a thin power source, such as a printed battery, is required to power a patch implanted in a patient. In a standard medical patch, the body absorbs the drug as per the body's absorption rate. Hence, technological advances are expected to fuel the growth of the segment during the forecast period.
By geography, the global flexible battery market is segmented into APAC, Europe, North America, South America, and Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth of the global flexible battery market.
APAC is estimated to contribute 47% to the growth of the global market during the forecast period. The growth can be attributed to factors such as the rising demand for IoT-enabled products and flexible consumer electronics in various countries across APAC. Companies such as LG Chem Ltd (LG Chem) and Samsung SDI Co., Ltd. (Samsung SDI) developed curved and flexible batteries to power mobile smartphones, smart glasses, and wearable electronics. This boosts the demand for flexible batteries. Major vendors of flexible batteries control most parts of the supply chain because of vertical integration. Hence, the contribution of APAC is dominant in the market.
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Flexible Battery Market – Market Dynamics
Key factor driving market growth
The growing demand for wearables is driving the market growth significantly. Various vendors, such as Apple Inc. (Apple), Samsung Electronics Co Ltd (Samsung), ZTE Corp. (ZTE), and Xiaomi Corp. (Xiaomi) came up with wearable devices such as smartwatches, activity trackers, and fitness bands. Such devices help users track the number of things like distance traveled and the metabolic rate and heart rate of the human body. Printed batteries are extensively adopted as power sources in these devices due to their flexible design, shape, size, and compatible features. Hence, the rising demand for wearable devices is expected to increase the demand for printed batteries. This is expected to drive the growth of the market during the forecast period.
Major challenges hindering the market growth
The issues related to battery life are major challenges hindering market growth. The low capacity to supply power to electronic devices is the major challenge faced by a flexible or printed battery. Flexible or printed batteries have the same output voltage as a conventional battery (1.5 volts) with a drain current of 1 mA. But their battery life is limited to 4 mAh/sq. cm. Therefore, aprinted battery can only be used in small devices that require less power backup. This issue prevents them from expanding into consumer electronics sectors which include wearables and smartphones that need batteries that can run for long periods. Therefore, battery life-related issues are a major challenge impeding the market growth during the forecast period.
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What are the key data covered in this Flexible Battery Market report?
CAGR of the market during the forecast period
Detailed information on factors that will drive the growth of the flexible battery market between 2023 and 2027
Precise estimation of the size of the flexible battery market and its contribution to the market with a focus on the parent market
Accurate predictions about upcoming trends and changes in consumer behavior
Growth of the flexible battery market across APAC, Europe, North America, South America, and Middle East and Africa
A thorough analysis of the market's competitive landscape and detailed information about vendors
Comprehensive analysis of factors that will challenge the growth of flexible battery market vendors
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The lead-acid battery market size is expected to increase by USD 6.33 billion from 2020 to 2025, and the market's growth momentum will accelerate at a CAGR of 3%. The market is segmented by by application (automotive, stationary, and motive) and geography (APAC, Europe, North America, MEA, and South America). One of the key factors fueling market growth is the rise in demand for industrial applications.
The battery market is estimated to grow at a CAGR of 17.22% between 2022 and 2027. The market is segmented by application (portable batteries, automotive batteries, and industrial batteries), type (lithium-ion battery, lead acid battery, nickel metal hydride battery, nickel cadmium battery, and others), and geography (APAC, Europe, North America, South America, and Middle East and Africa).The size of the market is forecast to increase by USD 229.86 billion. The shift in the automotive industry to EVs notably drives market growth.
Flexible Battery Market Scope
Growth momentum & CAGR
Accelerate at a CAGR of 22.79%
Market growth 2023-2027
USD 240.47 million
YoY growth 2022-2023 (%)
APAC, Europe, North America, South America, and Middle East and Africa
Performing market contribution
APAC at 47%
US, China, Japan, Germany, and UK, Canada, Mexico, Italy,Spain, India, Japan, Australia, and South Korea
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks
Key companies profiled
Appear Inc., Apple Inc., BrightVolt, Enfucell, Imprint Energy, Jenax Inc., LG Energy Solution Ltd., Lionrock batteries Ltd., Molex LLC, Nokia Corp., Panasonic Holdings Corp., Poly Plus Battery Co., ProLogium Technology Co. Ltd., ROCKET Poland Sp. z o.o., Routejade Inc., Samsung SDI Co. Ltd., Shenzhen Grepow Battery Co. Ltd., STMicroelectronics NV, Ultralife Corp., and Wealhand Enterprise Co. Ltd.
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period
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Table of Contents
1 Executive Summary
1.1 Market overview
2 Market Landscape
2.1 Market ecosystem
3 Market Sizing
3.1 Market definition
3.2 Market segment analysis
3.3 Market size 2022
3.4 Market outlook: Forecast for 2022-2027
4 Historic Market Size
4.1 Global flexible battery market 2017 - 2021
4.2 Application Segment Analysis 2017 - 2021
4.3 Type Segment Analysis 2017 - 2021
4.4 Geography Segment Analysis 2017 - 2021
4.5 Country Segment Analysis 2017 - 2021
5 Five Forces Analysis
5.1 Five forces summary
5.2 Bargaining power of buyers
5.3 Bargaining power of suppliers
5.4 Threat of new entrants
5.5 Threat of substitutes
5.6 Threat of rivalry
5.7 Market condition
6 Market Segmentation by Application
6.1 Market segments
6.2 Comparison by Application
6.3 Wearable electronics - Market size and forecast 2022-2027
6.4 Medical devices - Market size and forecast 2022-2027
6.5 Smart packaging - Market size and forecast 2022-2027
6.6 Others - Market size and forecast 2022-2027
6.7 Market opportunity by Application
7 Market Segmentation by Type
7.1 Market segments
7.2 Comparison by Type
7.3 Rechargeable - Market size and forecast 2022-2027
7.4 Non-Rechargeable - Market size and forecast 2022-2027
7.5 Market opportunity by Type
8 Customer Landscape
8.1 Customer landscape overview
9 Geographic Landscape
9.1 Geographic segmentation
9.2 Geographic comparison
9.3 APAC - Market size and forecast 2022-2027
9.4 Europe - Market size and forecast 2022-2027
9.5 North America - Market size and forecast 2022-2027
9.6 South America - Market size and forecast 2022-2027
9.7 Middle East and Africa - Market size and forecast 2022-2027
9.8 China - Market size and forecast 2022-2027
9.9 Germany - Market size and forecast 2022-2027
9.10 US - Market size and forecast 2022-2027
9.11 Japan - Market size and forecast 2022-2027
9.12 UK - Market size and forecast 2022-2027
9.13 Market opportunity by geography
10 Drivers, Challenges, and Trends
10.1 Market drivers
10.2 Market challenges
10.3 Impact of drivers and challenges
10.4 Market trends
11 Vendor Landscape
11.2 Vendor landscape
11.3 Landscape disruption
11.4 Industry risks
12 Vendor Analysis
12.1 Vendors covered
12.2 Market positioning of vendors
12.3 Appear Inc.
12.6 Imprint Energy
12.7 Jenax Inc.
12.8 LG Energy Solution Ltd.
12.9 Lionrock batteries Ltd.
12.10 Molex LLC
12.11 Panasonic Holdings Corp.
12.12 Poly Plus Battery Co.
12.13 ROCKET Poland Sp. z o.o.
12.14 Routejade Inc.
12.15 Samsung SDI Co. Ltd.
12.16 Shenzhen Grepow Battery Co. Ltd.
12.17 Ultralife Corp.
13.1 Scope of the report
13.2 Inclusions and exclusions checklist
13.3 Currency conversion rates for US$
13.4 Research methodology
13.5 List of abbreviations
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