Rechargeable flexible batteries are the upcoming trend in the battery industry. This rechargeable flexible batteries are light weight, flexible and easy to use in the products with limited internal space. Its flexibility feature enables it to be folded, rolled, and cut into any shape to integrate in the product. For instance, Panasonic who is one of the world’s largest lithium ion battery makers has introduced a new rechargeable flexible lithium ion battery for use in wearable device that maintains its electrical characteristic even after repeated bending. This rechargeable flexible battery being thin, it allows the product designers to utilize these power sources on curved surfaces.
This batteries are also eco-friendly. The growth of the global rechargeable flexible battery market is accelerated by the demand of rechargeable flexible batteries for devices like smartphones, tablets, wearable devices and others. This devices are made lighter, thinner and flexible and the need to power this devices for a longer period have led to the increase in demand for flexible battery. These factors will be responsible for a sturdy growth of the rechargeable flexible battery market.
However, high cost that is incurred in designing and development of rechargeable flexible battery is predicted to inhibit its adoption rate to some extent in the coming eight years. The high initial investments that is related with the manufacturing of these batteries along with steep competition from different low cost options that include lithium-ion, zinc and nickel batteries is the main factor anticipated to hinder the demand of these batteries in the forecast period. In spite of this challenges, increasing demand for IoT devices have accelerated the growth of this market.
The global rechargeable flexible battery market can be segmented by type and end user. By type the rechargeable flexible battery market can be divided into thin film battery, printed battery, curved battery and others. The thin film battery segment accounted for the largest market share in the global rechargeable flexible battery market in 2016. The use of thin film battery in a variety of rapidly growing applications including smart watches, smart phones and fitness bands among others is one of the main reason responsible for the dominance of these segments.
By end user, the market can be segregated into consumer electronics, smart packaging, transportation, wireless sensor networks, healthcare sector and other. The consumer electronics sector is likely to hold a dominant position over the course of the forecast period from 2017 - 2025. Increasing demand for IoT devices and wearable devices is likely to fuel the demand for this segment.
In terms of geography, the global rechargeable flexible market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific is a promising industry for consumer electronics devices especially for smartphones and laptops. Thus, the growing demand for wearable devices and advancement in technology in developing countries like China, India and Japan among others is likely to drive the market in this region during the forecast period.
Moreover, the rising concerns towards sustainability and eco-friendliness have been adopted by various business sector as a part of their social responsibility. This in turn, is predicted to increase the growth prospects of flexible battery in this region owing to the fact that this flexible battery have low impact on the environment. Moreover, in North America, the flexible battery market in the U.S. is expected to witness steady growth during the forecast period due to increasing demand for smart packaging in RFID and anti-theft tags that results in creating huge demand for flexible batteries.
Additionally, increasing adoption of these flexible battery in smart packaging helps in increasing the efficiency of the operations, reduce error and save money. Thus, the rising demand for smart packaging and wearable devices is anticipated to fuel the industry growth in the North America and Asia Pacific region respectively.
Some of the key players operating in the rechargeable flexible battery market are Panasonic Corporation (Japan), Apple Inc. (The U.S), STMicroelectronics N.V. (Switzerland), LG Chem Ltd. (South Korea), Enfucell Oy (Finland), Samsung SDI Co. Ltd (South Korea), Ultralife Corporation (The U.S), Blue Spark Technology (The U.S), NEC Energy Solutions Inc.(The U.S) among others.
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