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Flexible Battery Market to Reach $958.4 Million by 2022, at a CAGR of 46.6%
November 28, 2018 | PRNewswireEstimated reading time: 2 minutes
The flexible battery market is valued at $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.
Thin-Film Battery Segment to Hold the Largest Share and Grow at the Highest Rate by 2022
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 Expected to Grow at the Highest Rate Between 2016 and 2022
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.
Samsung SDI Co., Ltd. (South Korea), STMicroelectronics N.V. (Netherlands), LG Chem Ltd.(South Korea), Blue Spark Technologies Ltd. (U.S.), and Enfucell Oy Ltd. (Finland) are some of the leading players in the flexible battery market. New product launches and developments, expansions, contracts, agreements, acquisitions, and partnerships were the key strategies followed by the major players to gain a competitive edge in the market.
Samsung SDI Co., Ltd. (South Korea) is engaged in the manufacturing and selling of batteries worldwide. Samsung SDI offers both flexible batteries and curved batteries for wearable devices and electronics devices. The curved battery is mainly designed to power smart watches and bands, whereas the latest flexible battery can be rolled and bent, without affecting its functionality. The company carries out intensive R&D activities to improve the performance of existing materials and develop new and innovative materials and efficiency of secondary cells. The introduction of these batteries enabled the company to attract new customers and expand its customer base. In 2015, the company launched a rollable and bendable band battery for wearable devices to expand its battery product portfolio.
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