Flexible Battery Market to Cross USD 879.66 Million by 2030 owing to Demand for Wearable Devices and Internet of Things (IoT) Devices
Flexible Battery Market was valued at USD 156.36 million in 2022 and Growing at a CAGR of 24.1% from 2023 to 2030 | By SNS Insider
Pune, March 22, 2023 (GLOBE NEWSWIRE) — Based on SNS Insider analysis, the increasing adoption of flexible displays in smartphones, tablets, and other electronic devices is driving the demand for flexible batteries. “The Flexible Battery Market had a worth of USD 156.36 million in 2022, and it is projected to grow at a CAGR of 24.1% from 2023 to 2030, with an estimated value of USD 879.66 million by 2030, as reported by SNS Insider”.
A flexible battery is a type of battery that can be bent, twisted, or otherwise deformed without losing its functionality. These batteries are becoming increasingly popular in various industries, including consumer electronics, medical devices, and wearable technology.
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Flexible Battery Market Report Scope
|Market Size in 2022||US$ 156.36 Million|
|Market Size by 2030||US$ 879.66 Million|
|CAGR From 2023 to 2030||24.1%|
|Key Segments||• By Type (Thin-Film Batteries, Printed Batteries)
• By Application (Consumer Electronics, Smart Packaging, Smart Cards, Medical Devices, Wireless Sensors, Others)
• By Capacity (Below 10 mAh, Between 10 mAh And 100 mAh, Above 100 mAh)
• By Rechargeability (Eprimary, Secondary)
• By Voltage (Below 1.5V, Between 1.5V And 3V, Above 3V)
|Company Profiles||Blue Spark Technologies, Samsung SDI, LG Chem, Enfucell Oy Ltd, Apple Inc., Panasonic, Fullriver Battery New Technology Co. Ltd., Paper Battery Co. Inc., Brightvolt Inc., Stmicroelectronics N.V, Rocket Electric, Ultralife Corporation, BrightVolt, Imprint Energy, Energy Diagnostics, Jenax and Other.|
|Key Drivers||• R&D activity for producing flexible batteries for wearable devices is increasing.|
The flexible battery market is experiencing robust growth, fueled by the increasing demand for flexible batteries by electronic assemblers and manufacturers globally. This growth is also being supported by the expanding production capacities of manufacturing organizations and assembly sites in various regions. Furthermore, the growing popularity of smart wearable devices and the easy availability of skilled labor and raw materials are contributing to the market’s upward trajectory. Manufacturing organizations and assembly sites are investing in expanding their production capacities to meet the growing demand for flexible batteries. The increasing production capacities of these organizations are helping to drive down the cost of flexible batteries, making them more affordable.
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Impact of Recession
A recession can have a significant impact on the flexible battery market. The decline in demand, shift in consumer preferences, and disruption in the supply chain can all negatively affect the sales and profitability of manufacturers of flexible batteries. However, with careful planning, cost-cutting measures, and adapting to changing market conditions, manufacturers can mitigate the impact of a recession.
Key Regional Development
The Asia Pacific region is expected to experience the highest growth rate in the flexible battery market throughout the forecast period. This growth can be attributed to the steadily increasing demand for Internet of Things (IoT)-enabled devices and portable consumer electronics in countries such as China, Japan, and South Korea. As the demand for IoT devices continues to surge, the need for flexible batteries has become increasingly vital. These batteries provide a lightweight, flexible, and durable power source that can be easily integrated into wearable technology and other portable devices. In addition, the growing popularity of flexible batteries can also be attributed to their ability to power medical devices, smart cards, and other small electronics.
Recent Developments Related to Flexible Battery Market
- Recently, ESS batteries achieved an additional UL safety certification, providing even greater confidence in their safety and reliability. UL, or Underwriters Laboratories, is a globally recognized safety certification organization that provides independent testing, inspection, and certification services. Their safety certification is highly respected and recognized worldwide as a mark of quality and safety.
- Meta Materials, a cutting-edge technology company, has announced a significant development in the field of battery materials. The company has signed a Joint Development Agreement (JDA) with a Global OEM, which will pave the way for the development of innovative and advanced materials for batteries.
Key Takeaway from Flexible Battery Market Study
- The market is expected to witness significant growth in the coming years, with the rechargeable battery segment estimated to experience the highest CAGR. This growth is due to several factors, including the increasing demand for rechargeable batteries over single-use batteries.
- With the rise in demand for wearable devices, companies are investing heavily in research and development to create innovative products that meet the evolving needs of consumers. This has led to the introduction of new and advanced wearable devices that require flexible batteries to power them.
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