Flexible Battery Market See Huge Growth in Coming Years
By 2025, the Flexible Battery Market is anticipated to rise from USD 98 million in 2020 to USD 296 million, expanding at a CAGR of 24.7%. During the forecast period, the flexible battery market is expected to have a profitable growth potential.
The COVID-19 epidemic has had a negative effect on the Flexible Battery Market's Smart Packaging Application Segment.
In terms of Application, the Flexible Battery Market in 2019 was dominated by the smart packaging sector. Lightweight and flexible batteries are available. They are lightweight, roll up easily, and are simple to get rid of. Therefore, flexible batteries are preferred by makers of smart packaging over traditional batteries, which are heavy and inflexible. During the forecast period, smart packaging manufacturers are anticipated to use micro batteries more frequently, fueling the market's growth in this area.
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However, the COVID-19 outbreak has significantly disrupted the market for smart packaging. Globally, this has had an impact on the market for smart packaging. Laborer mobility restrictions are likely to put more strain on the availability of goods. Wastes produced from perishable goods have also been a result of delayed shipping. The demand for smart labels and the smart packaging industry has been negatively impacted by all of these causes. The development of the flexible battery market for smart packaging has consequently suffered from this.
During the projection period, a significant rise in demand is anticipated for flexible batteries with capacities more than 100 mAh.
Flexible batteries with capacities greater than 100 mAh are intended for use in gadgets and products with high energy needs and lengthy shelf lives. These batteries are employed in consumer electronics and energy harvesting devices because the functionality of these systems depends on power sources. Future applications are anticipated to employ flexible batteries with this capacity range significantly.
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Numerous North American manufacturers' investments in the development of flexible batteries have been negatively impacted by the COVID-19 outbreak.
In North America, smart packaging, wearable technology, and smart cards are the main application categories for flexible batteries. For these applications to function, thin and adaptable power sources are needed. Due to the presence of North American-based flexible battery manufacturers like Blue Spark Technologies, BrightVolt, and Ultralife Corporation, the flexible battery market in the region is expanding. The COVID-19 pandemic outbreak has impacted flexible battery manufacturing and the supply chain. It has had a negative impact on the investments being made by a number of enterprises in the area to produce flexible batteries. However, flexible batteries are increasingly being used in medical applications for daily body temperature monitoring of infected as well as suspected of COVID-19. As a result, there is a considerable need for flexible batteries. The expansion of the flexible battery market in North America is also being fueled by the increase in research and development activities for the creation of improved flexible batteries as well as technological developments in these industries.
Key Players
Key Players Operating in the Flexible Battery Market Include 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).
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