The flexible battery market is driven by factors such as rise in demand for wearable technologies, advancements in materials & manufacturing technologies, and the expanding Internet of Things (IoT).
Wilmington, Del., Feb. 29, 2024 /PRNewswire/ -- Allied Market Research published a report, titled, "Flexible Battery Market by Type (Thin-Film Batteries and Printed Batteries), Voltage (Below 5V, 5V To 20V, and Above 20V), Rechargeability (Primary Batteries and Secondary Batteries), and Application (Consumer Electronics, Smart Packaging, Smart Cards, Medical Devices, Wireless Sensors, and Others): Global Opportunity Analysis and Industry Forecast, 2023-2032. According to the report, the global Flexible battery market was valued at $ 0.17 billion in 2022 and is estimated to reach $ 1.54 billion by 2032, exhibiting a CAGR of 24.88% from 2023 to 2032.
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- 233- Pages
- 181- Tables
- 56- Charts
Prime determinants of growth
The flexible battery market is expected to witness notable growth owing to rising demand in wearable electronics and the proliferation of IoT devices and the need for compact, flexible power sources. Moreover, an increase in adoption of wearable medical devices is expected to provide lucrative opportunities for the growth of the market during the forecast period. On the contrary, high manufacturing cost limits the growth of the flexible battery market.
Report coverage & details:
Report Coverage | Details |
Forecast Period | 2023-2032 |
Base Year | 2022 |
Market Size In 2022 | $0.17 Billion |
Market Size In 2032 | $1.54 Billion |
CAGR | 24.88 % |
No. Of Pages in Report | 250 |
Segments Covered | Types, Voltage, Rechargeability, Application, And Region |
Drivers | Surge In Demand for Wearable Technologies Increase In Integration of IoT Technologies |
Opportunity | Innovations In Electric Vehicles |
Restraint | High Initial Costs of Production |
The Thin-film batteries segment to maintain its leadership status throughout the forecast period
On the basis of type, the thin-film batteries segment held the highest market share in 2022, accounting for more than three-fifths of the global flexible battery market revenue and is estimated to maintain its leadership status throughout the forecast period, owing to its lightweight design, flexibility, and efficiency. These batteries cater to the rising demand in wearable tech and IoT applications, sustaining leadership in the forecast period. However, the printed batteries segment is projected to manifest the highest CAGR of 21.85% from 2023 to 2032.
The below 5V segment to maintain its leadership status throughout the forecast period.
On the basis of voltage, the below 5V segment held the highest market share in 2022, accounting for nearly three-fifths of the global Flexible battery market revenue and is estimated to maintain its leadership status throughout the forecast period. Moreover, the below 5V segment is projected to manifest the highest CAGR of 25.50% from 2023 to 2032, owing to increasing demand for low-voltage applications in portable and wearable electronics.
The Primary Batteries segment is expected to maintain its leadership status throughout the forecast period.
On the basis of rechargeability, the primary batteries segment held the highest market share in 2022, accounting for more than two-thirds of the global Flexible battery market revenue and is estimated to maintain its leadership status throughout the forecast period. However, the secondary batteries segment is projected to manifest the highest CAGR of 25.67% from 2023 to 2032, owing to the surge in demand for rechargeable energy storage solutions in applications such as consumer electronics and electric vehicles.
The Consumer Electronics segment is projected to maintain its leadership status throughout the forecast period.
On the basis of application, the consumer electronics segment held the highest market share in 2022, accounting for more than two-fifths of the global flexible battery market revenue and is estimated to maintain its leadership status throughout the forecast period. Moreover, the consumer electronics segment is projected to manifest the highest CAGR of 26.32% from 2023 to 2032, owing to surging demand for portable and flexible power sources in smartphones, wearables, and other gadgets.
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North America to maintain its dominance by 2032.
On the basis of region, North America held the highest market share in terms of revenue in 2022, accounting for more one-third of the global flexible battery market revenue owing to the technological advancements, which have fueled the growth of the market in this region. In addition, Asia-Pacific is projected to manifest the highest CAGR of 26.17% from 2023 to 2032.
Key Industry Development -
In March 2023, STMicroelectronics, a semiconductor company, made lithium batteries that performed well and lasted longer with a high-accuracy BMS (Battery Management System) controller. STMicroelectronics' L9961 BMS device delivered accuracy and flexibility to improve the performance, lifetime, and safety of Li-ion as well as Li-polymer batteries.
Leading Market Players: -
- Samsung SDI Co., Ltd.
- LG Chem
- Panasonic Corporation
- Apple, Inc.
- Blue Spark Technologies, Inc.
- Ultralife Corporation.
- Imprint Energy
- Molex
- STMicroelectronics N.V.
- ProLogium Technology Co., Ltd.
The report provides a detailed analysis of these key players in the global flexible battery market. These players have adopted different strategies such as product launch, product development, partnership, investment, acquisition, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Key Benefits for Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the flexible battery market analysis from 2022 to 2032 to identify the prevailing flexible battery market opportunity.
- The market research is offered along with information related to key drivers, restraints, and opportunities and also flexible battery market share by company.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the flexible battery market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the wearable flexible battery market players.
- The flexible battery market report includes the analysis of regional as well as global flexible battery market trends, key players, market segments, application areas, and flexible battery growth projections strategies.
Flexible Battery Market Key Segments:
By Type:
- Thin-film Batteries
- Printed Batteries
By Voltage:
- Below 5V
- 5V to 20V
- Above 20V
By Application:
- Consumer Electronics
- Smart Packaging
- Smart Cards
- Medical Devices
- Wireless Sensors
- Others
By Region:
- North America (U.S., Canada, Mexico)
- Europe (Germany, UK, France, Spain, Italy, Rest of Europe)
- Asia-Pacific (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific)
- LAMEA (Brazil, Saudi Arabia, UAE, South Africa, Rest of LAMEA)
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