The global Flexible Battery Market is estimated to be valued at US$ 162.48 Mn or Mn in 2023 and is expected to exhibit a CAGR of 20% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Flexible batteries are rechargeable batteries that can be bent, folded or rolled up. They offer several advantages over traditional lithium-ion batteries such as flexibility, lightweight, durability and ability to power a range of flexible electronic devices. Flexible batteries find widespread usage in wearable devices, medical devices, smart packaging, consumer electronics and electric vehicles. Their lightweight, ultra-thin and flexible nature make them an ideal power source for applications where rigid batteries cannot be utilized.
Market key trends:
The growing adoption of wearable technology is a key trend fueling demand for flexible batteries. Wearable devices such as smartwatches, fitness trackers, smart clothing require batteries that are lightweight and can contour to body movements. Flexible batteries fulfill this need perfectly as they can be incorporated into wearables without compromising on design, functionality or comfort levels. Innovation in materials is another trend enabling manufacturing of flexible batteries that are thinner, more durable and offer higher energy density. Flexible batteries produced from organic materials, fiber based batteries and printed batteries are emerging rapidly. Advancements in manufacturing processes have unleashed opportunities for applications across various end-use verticals. Rising R&D investments by both academics and industry players to develop sustainable and safe flexible batteries is anticipated to open new growth avenues over the forecast period.
Threat of new entrants: The threat of new entrants is moderate in the flexible battery market. Establishing manufacturing facilities for flexible batteries requires sizable capital investments, lowering the threat from new players. However, new companies can enter through acquisitions or collaborations with existing players.
Bargaining power of buyers: The bargaining power of buyers is high in the Global flexible battery market. Buyers have numerous options available as flexible battery technology is developing rapidly. They can negotiate on price and demand improved product or service quality.
Bargaining power of suppliers: The bargaining power of suppliers is moderate. Major suppliers include companies providing materials, components, and production equipment for flexible batteries. They have some control over pricing but alternate sourcing options are also available.
Threat of new substitutes: The threat of substitutes is low. Flexible battery technology has advantages over conventional rigid batteries. Alternative power sources like fuel cells still have limitations in terms of cost, size, and design flexibility.
Competitive rivalry: The competitive rivalry is high due to the presence of numerous global and regional players. Companies compete based on pricing, product differentiation, technological innovations, and expansion into new application areas.
The global flexible battery market size is expected to reach US$ 162.48 Mn in 2023 and exhibit a CAGR of 20% over the forecast period. Increasing demand for portable and wearable electronics is a major factor driving the flexible battery industry.
Regional analysis – Asia Pacific region dominates the global flexible battery market and is expected to remain the largest market during the forecast period. This is attributed to the strong presence of flexible battery manufacturers in countries like China and South Korea. Countries like Japan, India, and South Korea are also significant contributors to the growth of the regional market.
Key players – Key players operating in the flexible battery market include STMicroelectronics, LG Chem, SAMSUNG SDI CO., LTD., Panasonic Corporation, ROCKET Poland Sp. z o.o., Enfucell, Imprint Energy, Energy Diagnostics., Jenax Inc., and Molex. Manufacturers are investing in R&D to develop advanced flexible battery technologies and expand their product portfolios. They are also collaborating with OEMs for new product designs integrating flexible battery technology.