Flexible Battery Market | The use of portable medical devices during the COVID-19 pandemic led to significant demand for flexible batteries
According to a new market research report "Flexible Battery Market with COVID-19 Update by Type (Thin-film, Printed), Voltage, Capacity, Rechargeability (Primary Batteries, Secondary Batteries), Application (Medical Devices, Smart Packaging), Region - Global Forecast to 2025", the flexible battery market is projected to grow from USD 98 million in 2020 to USD 296 million by 2025; it is expected to grow at a CAGR of 24.7% from 2020 to 2025. The flexible battery industry is likely to exhibit lucrative growth potential during the forecast period.
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The use of portable medical devices during the COVID-19 pandemic led to significant demand for flexible batteries.
Currently, flexible batteries are increasingly being used in the medical devices industry, as several manufacturers are designing and offering flexible batteries to power temperature sensors, pacemakers, and smart patches. Technological advancements and penetration of IoT in the medical sector have generated opportunities for new battery-powered medical devices. Implantable medical devices, such as neural stimulators, pacemakers, and defibrillators, require batteries that can deliver steady, reliable power for a long duration of time. Flexible batteries meet such requirements owing to their excellent reliability and high performance. New versions of pacemakers, drug delivery systems, medical patches, medical diagnosis sensors, disposable medical devices, and biosensors use flexible and thin power sources. The size and the flexibility of flexible batteries perfectly comply with these requirements. Thus, the medical devices segment holds a significant share of the flexible battery market.
The flexible battery market in APAC is projected to grow at the highest CAGR during the forecast period.
Continuously increasing demand for IoT-enabled devices and portable consumer electronics in countries such as China, Japan, and South Korea is driving the growth of the flexible battery market in APAC. South Korea is home to companies such as LG Chem and Samsung SDI who have developed curved and flexible batteries to power their products such as smartphones, smart glasses, and wearable devices. In APAC, the popularity of smart packaging is continuously increasing, thereby driving the requirement of integrating flexible batteries with smart packaging.
The consumer electronics industry in China is also witnessing a decline in its production owing to the outbreak of COVID-19. The global prices of consumer electronics could rise in the coming months owing to the partial clamp down on manufacturing facilities in China. This, in turn, is expected to result in a shortage in the supply of components such as batteries required for consumer electronics, thereby negatively impacting the growth of the flexible battery market in 2020.
Key Market Players
Samsung SDI (South Korea), LG Chem (South Korea), Enfucell Oy Ltd. (Finland), Blue Spark Technologies (US), Apple, Inc. (US), Panasonic (Japan), Ultralife Corporation (US), BrightVolt (US), Imprint Energy (US), Energy Diagnostics (UK), and Jenax (South Korea) are key players operating in the flexible battery market.
Samsung SDI (US) is one of the global leaders in flexible battery technology. It seeks to expand its market presence and create a progressive future through technological developments. The company has launched 2 innovative series of small-sized lithium-ion batteries—band batteries and strip batteries— for use in wearable devices. These batteries bend like fiber. The band batteries are designed to add as much as 50% to the original battery life of devices. The strip batteries are designed with a depth of 0.3mm and can be used in wearable devices such as smart necklaces and interactive clothing designs. Samsung SDI has operations in countries such as South Korea, Malaysia, China, Mexico, Vietnam, Austria, Russia, the US, India, Taiwan, and Japan.
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