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 demand for flexible batteries of above 100 mAh capacity is expected to increase significantly during the forecast period.
Flexible batteries with a capacity of above 100 mAh are designed for products and devices with high-energy requirements and long shelf life. These batteries are used in consumer electronics and energy harvesting systems as these systems require power sources to improve their functionalities. Flexible batteries with this capacity range are expected to be adopted significantly in numerous applications in the future.
The outbreak of COVID-19 has adversely affected investments being made to develop flexible batteries by a number of manufacturers in North America.
Smart packaging, wearable devices, and smart cards are key application segments wherein flexible batteries are used in North America. These applications require thin and flexible power sources for their operations. Flexible battery manufacturers such as Blue Spark Technologies (US), BrightVolt (US), and Ultralife Corporation (US), are based in North America, thereby leading to the growth of the flexible battery market in the region. The outbreak of the COVID-19 pandemic has affected the production and supply chain of flexible batteries. It has adversely affected the investments being made to develop flexible batteries by a number of manufacturers in the region. However, flexible batteries are being increasingly used in medical applications for recording the body temperature of the COVID-19 suspects, as well as of infected on a daily basis. This, in turn, is creating a significant demand for flexible batteries. The rise in research and development activities for the development of enhanced flexible batteries and the technology advancements in the medical and packaging sector of North America are also leading to the growth of the flexible battery market in this region.
Samsung SDI (South Korea), LG Chem (South Korea), Enfucell Oy Ltd. (Finland), Blue Spark Technologies (US), Apple, Inc. (US), Panasonic Corporation (Japan), Ultralife Corporation (US), BrightVolt (US), Imprint Energy (US), Energy Diagnostics (UK), Prologium Technology Co., Ltd. (Taiwan), Molex (US), PolyPlus Battery Company (US), ITEN SA (France), Jenax (South Korea), and Guangzhou Fullriver Battery New Technology Co., Ltd. (China), are key players operating in the flexible battery market.
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