Flexible Batteries Market likely to Reach US$ 2 Bn by 2026
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Increase in Demand for Smart Wearable Devices
Internet of Things (IoT) devices connect numerous objects to the internet. IoT devices, such as smart wearable devices, near-body electronics, on-body electronics, in-body electronics, and electronic textiles, are widely used to monitor, diagnose, gauge, navigate, and track applications. These wearable devices are powered by thin films and flexible batteries. Widespread deployment of IoT enabled smart wearable devices is anticipated to boost the demand for flexible batteries. Increase in demand for smart watches, fitness bands, smart glasses, smart video/ photo devices, and smart clothing is projected to propel the global flexible batteries market during the forecast period.
Growing Demand for Flexible Batteries in Health Care Applications
Flexible batteries are used in medical patches and patient monitoring, transdermal drug delivery, and accelerated healing devices. Transdermal patches are used for self-administered drugs through direct skin contact. Transdermal and medical patches provide pain relief, wound care, and cosmetic treatments owing to their efficient drug delivery rate. Rise in adoption rate of transdermal and medical patches for medical and pharmaceutical applications is expected to drive the flexible batteries market. Implantable medical devices, such as pacemakers, defibrillators, and neurostimulators, require flexible batteries that are produced using non-flammable electrolytes and organic composites. Flexible batteries have low manufacturing cost and long life cycle and hence, the demand for flexible batteries in implantable medical devices is projected to increase.
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North America and Europe are at the Forefront of Global Demand
In terms of region, the global flexible batteries market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America and Europe account for a substantial share of the global market owing to the advancements in technology and extensive research & development activities in the field of flexible batteries. Demand for flexible batteries in Asia Pacific is anticipated to increase at a rapid pace in the near future due to the emergence of large OEMs, electronic component manufacturers, and electronic device assemblers in the region. Rapid industrialization and growing electronics industry in China, Japan, and South Korea are likely to boost the demand for flexible batteries in the next few years.
Key players operating in the flexible batteries market include Apple Inc., Blue Spark Technology, Brightvolt Inc, Enfucell Oy, LG Chem Ltd., NEC Energy Solutions Inc., Panasonic Corporation, Samsung SDI Co. Ltd., ST Microelectronics N.V., Ultralife Corporation, and Ultralife Corporation. These players concentrate on product innovation to develop state-of-the-art products, which is anticipated to help these companies capture a large share of the market
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The global flexible batteries market can be segmented as follows:
Global Flexible Batteries Market, by Product Type
- Laminar Lithium Polymer Batteries
- Thin Film Batteries & Printed Batteries
- Flexible Zinc–carbon Batteries
- Advanced Lithium-ion Batteries
Global Flexible Batteries Market, by Chargeability
- Chargeable Flexible Batteries
- Single-use Flexible Batteries
Global Flexible Batteries Market, by Material
- Electrically Conductive Materials
- Carbon Nanotubes (CNT)
- Graphene
- Carbon Nanofibers (CNF)
- Aluminum Foils
- Copper Foils
- Others
- Ionically Conductive Materials
- Gel Electrolytes
- Solid Electrolytes
- Liquid Electrolytes
Global Flexible Batteries Market, by End-user
- Consumer Electronics
- Flexible Displays
- Wearable Devices
- Interactive Media and Toys & Games
- Smart Cards
- Health Care
- Cosmetic and Medical Patches
- Implantable Medical Devices
- Medical Sensors & Medical Diagnostic Devices
- Smart Packaging
- Transportation and Logistics
- Others
Global Flexible Batteries Market, by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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