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Flexible Battery Market Worth $958.4 Million by 2022
January 6, 2017 | PRNewswireEstimated reading time: 2 minutes
According to the new market research report "Flexible Battery Market by Type (Thin-Film (Lithium-Ion, Lithium Polymer), Printed, Curved), Chargeability (Rechargeable, Single-Use), Application (Packaging, Smart Card, Wearable Devices, Consumer Electronics, Medical Devices) - Global Forecast to 2022," published by MarketsandMarkets, it was valued at USD 69.6 million in 2015 and is estimated to be worth $958.4 million by 2022, at a CAGR of 46.6% between 2016 and 2022.
The smart packaging application of the flexible battery held the largest market size in terms of value in 2015. Smart packaging includes printed electronics products such as disposable batteries, sensors, printed displays, and circuits as well as other electronic features such as anti-theft tags, RFID tags, and smart labels. The packaging requirements have been growing over the years as the packaging of products has a direct impact on customers' decisions. Therefore, packaging manufacturers are integrating sound and display text and interactive media in packages using flexible power sources. These factors are driving the growth of the market for the smart packaging application of the flexible battery market during the forecast period.
The thin-film battery type is expected to dominate the global flexible battery market between 2016 and 2022. Thin-film batteries are used widely in applications such as smart packaging, smart cards, wearable devices, and medical devices. The trend of miniaturization in the products used in these applications has increased the demand for thin-film batteries, thereby driving the growth of thin-film battery market significantly. Thin-film batteries have a low self-discharge rate and cost less than lithium polymer batteries. Thus, they have a huge demand in electronics devices, thereby driving the growth of the thin-film flexible battery market.
APAC is expected to be the fastest-growing market for flexible battery during the forecast period. Major consumer electronics manufacturers in this region are innovating their product designs to run on thin power sources for compatibility with the flexible designs of their products. Thus, the advancement of technology in the smart packaging, consumer electronics sector, and the growing popularity of wearable devices in this region ate the major factors fueling the growth of the flexible battery market in APAC. Moreover, the penetration of Internet of Things (IoT) in medical devices and the miniaturization of wireless devices would further drive the demand for thin and flexible batteries in this region.
Major players involved in the development of flexible battery include Samsung SDI Co., Ltd. (South Korea), LG Chem Ltd. (South Korea), STMicroelectronics N.V. (Netherland), Enfucell Oy Ltd. (Finland), Blue Spark Technologies Ltd. (U.S.), Rocket Electric Co. ltd (South Korea), Fullriver Battery New Technology Co., Ltd. (China), Paper Battery Co. Inc. (U.S.), BrightVolt, Inc. (U.S.), Panasonic Corporation (Japan), Ultralife Corporation (U.S.), and NEC Energy Solutions (U.S.).
About MarketsandMarkets
MarketsandMarkets is the largest market research firm worldwide in terms of annually published premium market research reports. Serving 1700 global fortune enterprises with more than 1200 premium studies in a year, M&M is catering to a multitude of clients across 8 different industrial verticals. We specialize in consulting assignments and business research across high growth markets, cutting edge technologies and newer applications. Our 850 fulltime analyst and SMEs at MarketsandMarkets are tracking global high growth markets following the "Growth Engagement Model - GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors.
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