Owing to benefits such as compact size, lightweight, and flexibility, the chargeable flexible battery market is gaining huge traction in the present times. Flexible batteries are designed to bend, twist and stretch without losing their charge capacity. These batteries are mostly made up of materials such as lithium-ion or nickel-metal hydride cells, which are embedded into thin sheets of polymer or plastic.
The growing need for energy storage solutions in renewable energy and grid systems is expected to further fuel the demand for chargeable flexible batteries during the forecast period. Moreover, increasing demand for medical devices and applications such as radiosurgery and implantable medical devices is expected to contribute to the growth of the market.
Rapid application across industries such as wearable devices, IoT(cards), and medical among others has led to the market growth of chargeable flexible batteries. These factors are fostering remarkable progress in the global chargeable flexible batteries market. The market consistently undergoes a series of developments in order to provide better services.
The advantages of using chargeable flexible batteries are that they have greater flexibility than traditional rigid batteries. They can be molded, cut, or folded into custom shapes to fit into tight spaces, allowing them to be incorporated into consumer electronics and other applications where space is an issue.
Considering these factors, it is reasonable to say that the chargeable flexible batteries market is growing at an appreciable compound annual growth rate (CAGR) of 21.3%. It is expected that the market might acquire a size of USD 6.63 billion during the period of forecast, that is, 2021-31.
Chargeable flexible batteries are rechargeable batteries that have a flexibility or stretch factor, allowing them to fit in tight spaces and conform to specific shapes. They are typically used in consumer electronics, medical devices, and military applications. Chargeable flexible batteries are generally made of a solid-state material such as lithium-ion (Li-ion), Nickel Metal Hydride (NiMH), and Lithium Polymer (LiPo).
A significant rise in the demand for flexible batteries is a driving factor in the chargeable flexible battery market. Flexible batteries offer advantages over traditional rechargeable batteries due to their unique characteristics such as lightweight, low cost, and flexibility. These features enable the product to be used in various applications such as wearable devices, the Internet of Things (IoT), and medical devices. Additionally, they can be recharged hundreds of times and have improved safety features compared to traditional rigid batteries.
However, the high cost associated with these batteries may hamper market growth over the forecast period. In spite of the limitation, the global chargeable flexible battery market is a flourishing industry that has been witnessing considerable growth in recent years.
The key players in the chargeable flexible battery market are Samsung SDI, LG Chem, Panasonic, Nexeon, Blue Spark Technologies, Cymbet Corporation, STMicroelectronics, Ultralife Corporation, Enfucell Oyj, and others. These companies are focusing on technological advancements and the development of innovative products for different applications. They have also been involved in product launches as well as collaborations with leading organizations in order to enhance their presence in the market. These players compete with each other in the market and each of them aims to earn higher profits and acquire a position above that of their competitors in the market.
Below 0.25 mm to Remain the Most Lucrative Segment
By type, the market is segmented into below 0.25 mm, 0.25-0.38 mm, and more than 0.38 mm. Among these segments, the below 0.25 mm segment holds a major share in terms of revenue due to the increasing demand for ultra-thin electronic products such as wearables and displays that require a very thin battery form factor for their operation.
Wearable Devices to Yield the Maximum Revenue
By application, the market is divided into wearable devices, IoT (cards), medical, and others wherein wearable devices hold a major market share due to technological advancements in wearable technology such as smartwatches and fitness trackers among others that use a flexible battery form factor for their operations.
Asia Pacific Region is Expected to Render Ample Investment Avenues
Regionally, the Chargeable Flexible Battery Market is classified into North America, Europe, Asia Pacific (APAC), Middle-East & Africa (MEA), and South America. Among these, the Asia Pacific region is expected to hold a dominant position in terms of revenue share during the forecast period owing to the presence of various manufacturers coupled with increasing demand for consumer electronics products in countries such as China, India, and Japan among others. Moreover, high disposable income among consumers in countries such as China and Japan is further expected to boost the market growth.
Covid-19 Impact and Market Status
The outbreak of the COVID-19 pandemic has had a significant impact on the global chargeable flexible batteries market. The demand for chargeable flexible batteries has witnessed a significant decline owing to the lockdown measures implemented by various governments across the globe. Moreover, the production of chargeable flexible batteries has also been affected due to the closure of manufacturing plants in several countries. This has led to a shortage of supply in the market and is expected to continue during the forecast period. On the other hand, the market is expected to benefit from the rising demand for advanced batteries from the healthcare sector. The pandemic has led to an unprecedented increase in the demand for medical equipment and battery-powered devices that require chargeable flexible batteries. Additionally, governments across the world are investing heavily in research and development activities related to chargeable flexible batteries for use in medical applications. This is expected to drive the growth of the global chargeable flexible batteries market during the forecast period.
Latest Innovations in the Global Chargeable Flexible Battery Market: a Snapshot
• In 2021, Samsung SDI announced the launch of its new flexible and bendable battery solutions for consumer electronics. The company has developed a unique design that offers superior flexibility and performance in comparison to traditional batteries. Moreover, it is equipped with a novel fast-charging technology that enables faster charging times.
• Similarly, LG Chem launched its new line of chargeable flexible batteries in 2021. These products are designed to provide superior flexibility and improved performance as compared to conventional batteries. Additionally, the company has also introduced its new “X-Charge” series which is designed to offer extended life cycles and increased charging speeds.
Chargeable Flexible Battery Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2031||USD 6.63 billion|
|Growth Rate||CAGR of 21.3 % during 2021-2031|
|Segment Covered||Type, Application, Regions|
|Regions Covered||North America, Europe, Asia Pacific, Middle East and Africa, South America|
|Key Players Profiled||Samsung SDI, LG Chem, Panasonic, Nexeon, Blue Spark Technologies, Cymbet Corporation, STMicroelectronics, Ultralife Corporation, Enfucell Oyj, and others|
Key Segments of the Chargeable Flexible Battery Market
By Type Overview, 2021-2031 (USD Billion)
• Below 0.25 mm
• 0.25-0.38 mm
• More Than 0.38 mm
By Application Overview, 2021-2031 (USD Billion)
• Wearable Devices
• IoT (Cards)
By Regional Overview, 2021-2031 (USD Billion)
• Rest of Europe
• Rest of Asia Pacific
• Rest of South America
Middle East and Africa