The worldwide flexible batteries market is anticipated to amass a revenue of US$ 1,420 million by 2032 as opposed to US$ 152.49 million in 2022. The market is set to experience an astounding compound annual growth rate (CAGR) of 25% from 2022 to 2032. The adoption of folding smartphones is likely to play a crucial role in the market’s growth.
Because batteries occupy a considerable amount of space in smartphones, numerous top competitors in the industry are concentrating on developing innovative flexible batteries for folding smartphones. Increasing research and development efforts regarding the production of flexible batteries for wearable devices, prevailing miniaturization trends of electronic devices, and rising demand for flexible batteries in IoT applications will also drive the growth of the flexible batteries market.
Flexible batteries provide electronic devices with flexibility and portability. Substituting conventional batteries with flexible batteries enhances product durability, and efficiency, and reduces weight. These batteries are utilized in various products such as smart cards, wearable electronics, flexible displays, and novelty packaging. The eco-friendly nature and ease of application are significant advantages of flexible batteries. In addition to this, There is an increasing demand for mobile medical equipment and wireless medical monitoring devices.
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These devices require long-lasting energy sources, creating a significant market opportunity for thin and flexible Li batteries. The wearable industry is witnessing a surge in the number of new product releases and advancements. These devices necessitate a high degree of capability and lightweight batteries to provide a continuous power supply. During the forecast period, these factors are expected to drive market growth.
The world’s flexible battery market is propelled by the need for thin and flexible batteries in electronic devices and the growing trend of miniaturization in electronic products. The market growth is also supported by major companies’ increasing research and development activities. Market growth in the global flexible batteries market has been robust, thanks to electronic assemblers’ and manufacturers’ increasing demand for flexible batteries, and the enhancement of production capacities of manufacturing organizations and assembly sites across the globe.
Additionally, the market is experiencing growth due to the escalating use of various smart wearable devices and the ready availability of competent labor and raw materials. On the other hand, the development of thin and flexible batteries in the Internet of Things and wearable electronic equipment is creating substantial opportunities in the market. However, high investment requirements and the lack of proper standards for the development of flexible batteries have impeded market growth.
Key Takeaways:
- High investment costs and a lack of sufficient standards for the progress of flexible batteries will hinder the growth of the market.
- Elevated demand for IoT-empowered gadgets will drive the flexible batteries market forward in Asia Pacific.
- The flexible batteries market in Europe will hold a significant portion of the overall market share, fueled by increasing research and development efforts regarding flexible battery technology.
Competitive Landscape
In a competitive environment, significant market players are keen on amplifying investment in research and development activities to produce enhanced flexible batteries and cater to the growing demand. These enterprises also employ various organic and inorganic business strategies to enhance their market positions.
A few of the key players in the flexible batteries market are profiled in the full version of the report
- 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
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More Insights Into Flexible Batteries Market
FMI’s latest report delivers an impartial analysis of the global flexible batteries market with historical data from 2015 to 2020 and forecast statistics for 2022 to 2032. This report offers insights into a ten-year sales forecast, important market drivers, trends, challenges, and opportunities. To understand the global market potential, growth, and scope, the market is segmented into type, charge ability, and regions.
According to the FMI predictions, based on the country, the flexible batteries market in the Asia Pacific region will present robust growth. An upsurge in demand for IoT-empowered gadgets and portable consumer electronics across countries like South Korea, China, and Japan will drive the flexible battery market in this region. Besides Asia Pacific, the flexible batteries market in Europe will also exhibit significant growth owing to greater research and development activities regarding flexible battery technology. Thus, Europe and Asia Pacific will drive the growth of the flexible batteries market.
Key Segments Profiled in the Flexible Batteries Industry Survey
Type:
- Thin-Film Flexible Battery
- Printed Flexible Battery
- Curved Flexible Battery
- Other Flexible Battery Types
Chargeability:
- Rechargeable Flexible Batteries
- Single-Use Flexible Batteries
Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- APEJ
- Japan
- Middle East & Africa
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5,000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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