Flexible batteries whether secondary or primary are specifically designed to be conformal and flexible so that they can be easily fixed in any small areas and angles. The design of flexible batteries provide substantial benefits in term of form factor and performance over its counterparts that are generally bulky. The market of flexible batteries is at the nascent stage at present and is anticipated to grow rapidly owing to extensive research and development activities taking place for minimizing the cost of electronic product and to increase the overall battery life cycle. The market of flexible battery is anticipated to witness an exponential growth rate during the forecast period from 2017 to 2025 owing to rapid invest of some blue chip companies such as IBM and Exxon Mobil Corp. in the field of flexible battery.
In order to provide an exhaustive and in-depth analysis of the market, the global flexible battery market has been segmented on the basis of product type, application, chargeability and geography. Various types of flexible batteries available in the market includes printed battery, laminar lithium-polymer battery, thin film battery, flexible zinc carbon batteries, flexible solar batteries and advanced lithium ion battery. Again, on the basis of chargeability, the market has been further classified into chargeable flexible batteries and single use flexible batteries. In addition, flexible batteries also finds its application across various devices including consumer electronics, medical devices, smart packaging and smart cards among others. Moreover, cross sectional analysis of all the product type, application and chargeability segment across various regions such as North America, Asia Pacific, Europe, Middle-East and Africa (MEA) and Latin America is also provided in this report.
Rapid technological advancements taking place in the field of miniature and wearable electronic devices is the most important factors anticipated to boost the demand of flexible batteries during the forecast period from 2017 to 2025. Wearable electronic devices faces frequent bending. Thus, flexible batteries are increasingly used in wearable devices in order to maintain its electrical characteristics even after repeated bending. In addition, rising demand for Internet of Things (IoT) based devices is also anticipated to upsurge the demand of flexible batteries in the coming years. Furthermore, entry of new companies such as Samsung, apple and LG in the flexible battery industries is also expected to increase the adoption rate of flexible batteries especially in consumer electronic devices, which in turn is anticipated to boost the market growth of flexible batteries in the coming years.
However, high initial investments associated with the manufacturing of these batteries along with steep competition from various low cost options including zinc, lithium-ion and nickel batteries is the primary factor responsible for the limited demand of these batteries. This in turn is anticipated to hinder many manufacturers to enter into the market and thus is predicted to inhibit the market growth of flexible battery to some extent in the coming years.
Among the different types of flexible batteries available in the market, thin film flexible batteries held the largest market share in 2016 and is expected to dominate the market throughout the forecast period from 2017 to 2025. Increasing demand of thin film batteries across various application segments including smart cards, medical devices and wearable consumer electronic products owing to its less cost and low self-discharge rate is the primary factor behind this segment’s dominance.
Based on application, consumer electronics segment is expected to drive the market growth of flexible batteries during the forecast period. Among the consumer electronics segment, wearable devices is expected to witness the most promising growth from 2017 to 2025. In the wearable electronics segment high energy thin film batteries and printed rechargeable zinc batteries is predicted to have huge growth potential in the coming years due to their stable power supply, high power storage, safety and long life cycle.
Geographically, North America accounted for the highest market share in global flexible battery market in 2016 and is closely followed by European region. On the others hand, Asia Pacific region is anticipated to emerge as a dominant regional market by the end on 2025 owing to the existence of large number of flexible battery manufacturers along with the prevalence of several consumer electronic device manufacturers in this region.
Some of the major players involved in the development of flexible battery includes, Samsung SDI Co. Ltd. (South Korea), STMicroelectronics N.V. (Netherland), LG Chem Ltd. (South Korea) and Enfucell Oy Ltd. (Finland) among others.
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