What Has Been the Growth of the Flexible Batteries Market So Far?
The flexible batteries market has seen considerable growth due to a variety of factors.
• The size of the flexible batteries market has seen substantial growth in past years. The market is projected to expand from $0.27 billion in 2024 to $0.34 billion in 2025, with a compound annual growth rate (CAGR) of 26.3%.
Factors such as the growth of the pharmaceutical industry, needs for food preservation, increased demand for instant meals, advancements in clinical research, and use in the cosmetic industry are all contributing to the historic period growth.
What Are the Future Growth Projections for the Flexible Batteries Market?
The flexible batteries market is expected to maintain its strong growth trajectory in upcoming years.
• The market size of flexible batteries is predicted to witness an astronomical rise in the coming years. The market is forecasted to surge to $0.77 billion in 2029 with a compound annual growth rate (CAGR) of 23.1%.
The rise in the projected period can be credited to the global efforts in vaccine development, the expansion of the biopharmaceutical pipeline, the escalating nutraceuticals market, requirements for space exploration, and the enlargement of the e-commerce sector in the food industry. Key trends in the forecasted period comprise increased demand for personalized medication, sustained progression in biotechnology, innovative technological breakthroughs, advancements in biotechnology, and the worldwide expansion of cold chain logistics.
What Are The Core Factors Supporting Growth In The Flexible Batteries Market?
The flexible batteries market is anticipated to flourish owing to the rising use of wearable devices. These devices, which are electronic and can be worn on the body, are internet-connected, facilitating the gathering and transmission of data. Flexible batteries offer a desirable feature for these devices, as they allow for extended device operation, reducing the frequency of recharging. They also assure the best performance and safety even through recurring bending and flexing. For instance, the International Data Corporation, based in the US, reported that worldwide shipments of wearables surged from 492,247,834 in 2022 to 519,839,947 in 2023, and are predicted to soar to 625,399,055 by 2027. This expanding consumption of wearable devices contributes to the flexible batteries market growth. The growth trajectory of the flexible battery market is also bolstered by the escalating demand for electric vehicles. These vehicles, powered by one or more electric motors, rely on electricity stored in batteries or other energy storage devices for their operation. Flexible batteries equip electric vehicles with pliable and space-efficient energy storage, bettering design flexibility and overall performance. CITA EV, a UK-based smart electric vehicle solution provider company, reported that in 2023, UK's electric vehicles claimed a record high of 16.5% of the market. Additionally, plug-in hybrid electric vehicles secured another 7.4%, bringing the entire portion of plug-in vehicles to 23.9%. The EV market's remarkable growth is set to persist, with anticipated sales reaching 14.1 million units in 2023, a whopping 34% increase from 2022. Future forecasts show EVs comprising 23.5% of the global light-vehicle market by 2025 and increasing to 45.3% by 2030, thereby further driving the expansion of the flexible battery market.
What Are The Major Segments Within The Global Flexible Batteries Market?
The flexible batteries market covered in this report is segmented –
1) By Type: Thin-Film Batteries, Printed Batteries
2) By Voltage: Below 1.5V, Between 1.5V And 3V, Above 3V
3) By Capacity: Below 10 mAh, Between 10 mAh And 100 mAh, Above 100 mAh
4) By Rechargeability: Primary Batteries, Secondary Batteries
5) By Application: Consumer Electronics, Smart Packaging, Smart Cards, Medical Devices, Wireless Sensors, Others Applications
Subsegments:
1) By Thin-Film Batteries: Solid-State Thin-Film Batteries, Lithium-Based Thin-Film Batteries
2) By Printed Batteries: Printed Lithium Batteries, Printed Zinc Batteries
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What New Trends Are Influencing The Flexible Batteries Market?
Leading firms in the flexible batteries market, like EVLO Energy Storage Inc., are concentrating their efforts on creating innovative products such as Evloflex embedded with advanced capabilities to meet customer needs more effectively. Evloflex, a robust and adaptable battery storage system, has been designed to solidify renewable energy economically and efficiently on a large scale while augmenting grid resilience. The U.S. based energy storage company introduced its latest battery solution, Evloflex, in May 2023. It's developed with safety as the prime concern, incorporating lithium-iron phosphate (LFP) battery technology, contemporary control and communication framework and superior safety features. The system's additional qualities include an easily adaptable framework, high scalability, and a powerful EMS for distance monitoring and control.
Who Are the Key Players In The Flexible Batteries Market?
Major companies operating in the flexible batteries market report are:
• Apple Inc.
• Panasonic Corp.
• LG Chem Ltd.
• Toshiba Corporation
• NEC Corporation
• Samsung SDI Co. Ltd.
• ST Microelectronics N.V.
• Molex LLC
• ProLogium Technology Co. Ltd.
• Rocket Electric Co. Ltd.
• Jenax
• FULLRIVER Battery
• Guangzhou Fullriver Battery New Technology Co. Ltd.
• Paper Battery Company Inc.
• Flexel LLC
• Polyplus Battery Company
• ITEN S.A.
• Blue Spark Technologies Inc.
• Enfucell Oy Ltd.
• Front Edge Technology Inc.
• Ilika PLC
• Imprint Energy Inc.
• Brightvolt Inc.
• Cymbet Corporation
• Energy Diagnostics Inc.
What Is The Most Dominant Region In The Flexible Batteries Market?
Asia-Pacific was the largest region in the flexible batteries market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the flexible batteries market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
