Flexible Battery Market Is Estimated To Witness High Growth Owing To Developments In Flexible Form Factors
The Flexible Battery Market is estimated to be valued at US$ 162.48 Mn in 2023 and is expected to exhibit a CAGR of 20.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Flexible batteries refer to thin, lightweight and bendable battery technologies that can power flexible electronic devices. These batteries offer advantages such as flexibility, lightweight, minimized safety issues, high energy density and ability to fit into any form factor. They find applications in wearable medical devices, smart cards, smart packaging, consumer electronics and electric vehicles.
Market key trends:
One of the key trends spurring the growth of flexible battery market is the developments in flexible form factors. Manufacturers are focused on developing various flexible form factor designs to meet the demand from consumer electronics, wearables and automotive industries. For instance, Samsung SDI has developed a rectangular flexible battery for smart glasses applications. Similarly, researchers at MIT have developed a transparent and ultra-thin flexible battery that can bend, stretch and twist. Such developments are expected to drive the adoption of flexible batteries in emerging applications with unconventional form factors during the forecast period.
Porter’s Analysis
Threat of new entrants: The flexible battery market has moderate threat of new entrants as it requires high initial capital investment and expertise in battery manufacturing. However, there are low economies of scale in this market.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of product substitutes and undifferentiated products offered by manufacturers.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of substitute raw materials and components required for manufacturing flexible batteries.
Threat of new substitutes: Threat from substitutes is high as flexible display technology and rigid lithium-ion batteries are replacing flexible battery applications in certain products.
Competitive rivalry: Intense due to presence of global as well as regional players competing on basis of product quality, pricing and innovation.
SWOT Analysis
Strength: Flexible batteries offer advantages like flexibility, lightweight and capabilities of powering rollable displays. Manufacturers are investing in R&D to improve energy density and operational life of flexible batteries.
Weakness: High manufacturing costs and low economies of scale restrict mass production. Performance gaps exist versus rigid lithium-ion batteries in terms of energy storage capacity and charging cycles.
Opportunity: Growing demand for flexible and wearable devices provides huge market opportunities. Adoption in healthcare devices, smart packaging and implantable electronics can drive future growth.
Threats: Slow adoption due to technological challenges and availability of substitutes. Stringent safety regulations for battery manufacturing pose compliance challenges.
Key Takeaways
The global Flexible Battery Market Growth is expected to witness high growth, exhibiting CAGR of 20.% over the forecast period, due to increasing demand for wearable consumer electronics. Factors such as miniaturization of electronic devices and advancements in flexible display technology will boost market growth.
Regional analysis: Asia Pacific region dominated the global flexible battery market in 2023, accounting for around 35% of global revenue, due to presence of flexible battery manufacturing companies in countries like China, South Korea and Japan. North America region is expected to exhibit highest CAGR during the forecast period owing to rising adoption of wearable and smart textiles in U.S. and Canada.
Key players operating in the flexible battery market incorporate STMicroelectronics, LG Chem, SAMSUNG SDI CO., LTD., Panasonic Corporation, ROCKET Poland Sp. z o.o., Enfucell, Imprint Energy, Energy Diagnostics., Jenax Inc., and Molex. These players are focusing on new product launches, partnerships and geographical expansions to increase their market share.
For more details on the report, Read- https://cmiinfopiece.blogspot.com/2023/12/wearables-are-fastest-growing-segment.html
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