Flexible Batteries Market – Snapshot
A flexible battery comprises a cell stack composed of multiple unit cells and an external casing for sealing the cell stack. Each of the multiple unit cells is composed of a positive electrode, a negative electrode, and an electrolyte layer positioned between the negative electrode and the positive electrode. These micro-components are usually mounted on flexible substrates such as metal foils, polymer films, paper sheets, or rubber surfaces. Such flexible substrates offer the potential to produce battery products that bend and stretch, providing a wider range of battery designs and applications for energy storage devices.
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The global flexible batteries market is expected to expand at a significant pace during the forecast period, driven by growing awareness and increasing utilization of wearable electronic devices. The global flexible batteries market was valued at around US$ 250.0 Mn in 2017 and is anticipated to expand at a CAGR of around 30.0% between 2018 and 2026.
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Flexible batteries are stretchable, bendable, and lightweight in nature and easy to use in intricate products with limited internal space. These batteries are widely used in wearable electronic devices such as smart glasses, smart watches, fitness bands, smart video/photo devices, and smart textiles, due to their characteristics. As the flexibility feature enables the battery to be folded, rolled, cut, and adapted to complement any shape of the product, the demand for flexible batteries is expected to increase in electronic applications in the near future. IoT devices are likely to require battery attributes such as re-chargeability with high-storage capacity and wireless connection to external power supplies in the near future. Wearable electronic devices powered by an IoT medium are gaining popularity, as they have features such as instant interoperability, profile management, data collection, notifications, and security. Increase in the rate of adoption IoT-enabled wearable electronic devices for monitoring, diagnosing, gauging, navigating, and tracking applications is anticipated to boost the demand for flexible batteries in the next few years.
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Flexible batteries sustain large strain deformations including bending, twisting, stretching, and compressing, without any effect on the output of the system. These properties of flexible batteries enable their widespread use in health care and medical applications. Medical and cosmetic patches powered by flexible batteries are employed to monitor and track the user’s brain, heart and muscle activities. Simultaneously, these patches diagnose and treat the user’s syndromes by delivering and controlling the drug flow to the body. Flexible battery-powered medical implantable devices are used in pacemakers, defibrillators, and neuro-stimulators, owing to long life span and biocompatible nature of flexible batteries. Increasing demand for medical patches and implantable medical devices in health care applications is augmenting the demand for flexible batteries.
Asia Pacific is a significant region of the global flexible batteries market. The market in the region is anticipated to expand at a rapid pace during the forecast period. Technologically advanced countries such as China, Japan, and South Korea dominate the global electronics industry. Presence of large OEMs, electronic component manufacturers, and electronic device assemblers in these economies is projected to drive the flexible batteries market in Asia Pacific in the next few years. Furthermore, relocation and expansion of manufacturing and assembling plants for electronic devices from the western hemisphere to East Asia is likely to augment the demand for flexible batteries in Asia Pacific in the near future. Ease in availability of raw materials and competent labor pricing are projected to propel the global flexible batteries market during the forecast period. North America and Europe hold a substantial share of the global flexible batteries market. Ongoing research and development of the manufacturing technology of flexible batteries is expected to fuel the market in North America and Europe during the forecast period.
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Major players operating in the global flexible batteries market are 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., and Ultralife Corporation. Key players in the flexible batteries market are engaged in product development and innovation. These players are focused on introducing new and advanced materials in flexible batteries and diversify their portfolio in order to gain market share.
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