Flexible batteries are the upcoming trend in the battery industry. These batteries are light in weight, flexible and user friendly. Its flexibility feature enables it to be folded, rolled and integrate in any shape of the product. Flexible Batteries being thin in nature allows the designers to utilize these power sources on curved surfaces. These batteries are eco-friendly as well. Increasing trend of product miniaturization is one of the most important factor anticipated to trigger the demand of flexible batteries in the coming years. These batteries have a low self-discharge rate. Owing to these factors, the application scope of such batteries is expected to enhance in the near future.
Factors such as the increasing demand for internet of things (IoT) devices is one of the key factors predicted to trigger the demand of eco-friendly flexible batteries during the forecast period. Advances in the field of Internet of Things (IoT) based devices have led the manufacturers operating in this field to focus on extensive research and development activities to implement new designs that would overcome the shortcomings that are present in the traditional batteries. These flexible batteries come with new and improved power efficiency coupled with heightened durability. Increasing inclination of various battery manufacturers towards manufacturing flexible batteries in order to cope up with the rising demand is also predicted to accelerate the market growth of flexible batteries in the coming years. For instance, Panasonic Corp. which is one of the world’s largest lithium ion battery makers has introduced a new flexible lithium ion battery for use in wearable device that maintains its electrical characteristic even after repeated bending. This battery gives more freedom to the designers of consumer electronics like wearable devices that are constrained by the need to inflexible areas to hold the battery.
However, stiff competition faced by flexible batteries from the traditional batteries is one of the essential factors anticipated to deter the market growth of flexible batteries in the coming years. This in turn, limit various battery manufacturers to enter into the market.
Global Flexible Battery Market: Market Segmentation
The global flexible battery market is segmented on the basis of chargeability, product type, end user and geography. Based on chargeability, the market is segmented into chargeable flexible battery and single use flexible battery. Chargeable flexible batteries can be produced in different sizes and shapes. Such batteries have very less impact on the environment. This segment accounted for the highest market share in 2016. Based on product type, the flexible battery market is segmented into laminar lithium-polymer battery, thin film and printed battery, flexible zinc carbon battery and advanced lithium ion battery. Based on end use, the market is segmented into consumer electronics, healthcare, smart packaging, transportation and logistics and others.
Regionally, the global flexible battery market has been classified into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America. In 2016, North America held the major share of the market, followed by Europe, Asia Pacific, Middle East and Africa and Latin America. Rising demand for flexible batteries in North America is due to its widespread adoption in smart packaging like radio frequency identification (RFID), anti-theft tags and consumer electronics among others is expected to intensify the market penetration in the coming years.
The leading manufacturers in the global flexible battery market have been adopting strategies such as merger and acquisition and product line expansion. The major market participants profiled in this report are Panasonic Corporation (Japan), STMicroelectronics N.V. (Switzerland), LG Chem Ltd. ( South Korea), Enfucell Oy (Finland), Ultralife Corporation( The U.S), Samsung SDI Co. Ltd. ( South Korea), Blue Spark Technology (The U.S), Brightvolt Inc. (The U.S) and NEC Energy Solutions Inc. (The U.S) among others.
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