Flexible batteries are designed to be flexible, lightweight, and compact to fit in miniaturized devices. These batteries can be cut, rolled, and customized into different sizes and shapes to be incorporated into products of any shape without any loss of efficiency. Thin-film batteries and printed batteries fall under the category of flexible batteries owing to their flexibility, compactness, thinness, and lightweight, as well as a unique manufacturing process. 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. Factors such as the growing demand for flexible batteries for use in wearables, increasing use of thin and flexible batteries in flexible electronic devices, ongoing miniaturization of electronic devices, surging demand for flexible batteries in IoT applications, and increasing use of flexible batteries in medical devices to treat COVID-19 patients are driving the growth of the flexible battery market.
The flexible battery market for consumer electronics is expected to witness significant growth during the forecast period. Technology advancements in consumer electronics, along with rising demand for flexible and miniaturized electronic products, have led to the development of flexible batteries and curved thin-film batteries. Flexible batteries have the capability to power various consumer electronic products such as smartphones, mobile phones, tablets, phablets, and cosmetics disposable products. These batteries for use in consumer electronics are expected to be commercialized by 2022, as several manufacturers are researching and developing flexible batteries to power their smartphones and wearable devices.
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The below 10 mAh segment accounted for the largest size of the flexible battery market in 2019. Batteries with a capacity of less than 10 mAh are widely used in medical implants, cosmetic patches, IoT devices, MEMS, CMOS memories, and other low-drain devices. These devices are compact and, therefore, have limited internal space. Moreover, they can be operated using low-capacity batteries. Increasing demand for flexible batteries for use in different applications is expected to drive the growth of the below 10 mAh segment of the market during the forecast period.
The flexible battery market in APAC is expected to grow at the highest CAGR during the forecast period. The key manufactures of consumer electronics in this region are innovating their product designs, which require thin power sources for compatibility with the flexible designs of their products. As a result, a number of device manufacturers based in the region have been investing in research and development activities for flexible batteries. Companies such as Jenax (South Korea), LG Chem (South Korea), and Samsung DI (South Korea), are launching their batteries for use in wearables in the region. However, the outbreak of COVID-19 has impacted the manufacturing facilities of all verticals across the world, resulting in their shutdowns. A few industries have started their operations in China, thereby leading to the initiation of manufacturing of some necessities. This, in turn, is expected to lead to significant demand for flexible batteries in APAC.
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
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