A fresh commerce and business study by Transparency Market Research (TMR) has detected that the global flexible battery market is distributed among a large number of players, although four major companies held nearly 65% of the market share in 2016 and will continue to stay ahead of the curve in the near future. Blue Spark Technology, LG Chem Ltd., Panasonic Corporation, Ultralife Corporation, NEC Energy Solutions Inc., Enfucell Oy, ST Microelectronics N.V., Samsung SDI Co. Ltd., and Brightvolt Inc. are some of the prominent companies currently operating in the global flexible battery market.
As per the projections of the TMR report, the demand in the global flexible battery market will expand at a highly impressive CAGR of 32.9% during the forecast period of 2017 to 2025. In terms of revenue, the market for flexible battery had an opportunity worth US$230.0 mn in 2016, which will swell up to US$2,437.6 mn by 2025. In the near future, key players are expected to bank on product innovation to strengthen their competitive advantage in this market. Most of them will be aspiring to innovate products in-sync with safety standards implemented by various agencies. For instance, Samsung SDI Co. Ltd. has introduced advanced materials that offer high efficiency to Li-ion batteries as well as lower the power consumption.
Based on chargeability, the market for flexible battery gains significantly more demand for chargeable flexible battery than single use flexible battery and the pattern is expected to continue throughout the forecast period. On the basis of product type, this market is exhibiting considerably more demand for thin film and printed battery than other categories, viz. flexible zinc carbon battery, laminar lithium-polymer batter, and advanced lithium ion battery. In terms of end-users, the global flexible battery market obtained 26.6% of the overall demand from smart packaging in 2016, staying ahead of healthcare, electronics, and transportation and logistics. Geographically, North America served nearly two-third, 32.5% of the total demand in the global flexible battery market, gaining traction from the developed country of the U.S.
Extended Life Driving Demand for Flexible Batteries
The global flexible battery market is driven by a number of factors, such as escalating demand for thin and flexible batteries in electronic devices, advent of wearable electronics, and increasing need for miniaturization of electronic devices. The report observes that the demand for wearable devices such as smart watches and smart bands as escalated in the recent past owing to rising health awareness among the urban population. These devices have proven their worth to monitor health of the users on the run time. In addition to that, the rising demand for flexible battery in the healthcare segment is expected to positively impact the market’s growth. Advancements in the Internet of Things (IoT) technology is also expected to reflect positively on the global flexible battery market, as they can offer the ability to integrate into products of various dimensions, a feature that was missing in traditional batteries. Flexible batteries that include IoT feature offer increased power efficiency along with elongated battery life. Moreover, the adoption of flexible battery is increase as they are eco-friendly and can be easily disposed or recycled.
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High cost of Manufacturing Obstructing Market’s Prosperity
The lack of standardization in the development of flexible batteries, requirement of high initial investment, fabrication of flexible lithium Ion batteries, and absence of material that can provide sufficient power supply are some of the key challenges obstructing the growth of the global flexible battery market. Nevertheless, implementation of flexible lithium-air batteries in next generation wearable electronics is expected to open new opportunities in the global flexible battery market.