by The global flexible battery market is estimated to be valued at US$ 162.48 Mn or Million 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 are thin, lightweight, bendable power sources that can be integrated into wearables, portable electronics, and other applications requiring form-fitting energy storage solutions. Their flexibility enables novel product designs not possible with conventional rigid batteries.
Market key trends: One of the key trends in the Global flexible battery market is the increasing adoption in wearable devices. Wearable technology has surged in popularity in recent years with devices like smartwatches and fitness trackers. Flexible batteries are increasingly favored for wearables due to their flexibility and form-fitting qualities compared to traditional cylindrical or prismatic lithium-ion batteries. This allows for sleeker and more comfortable wearable product designs.
Segment Analysis
The flexible batteries can be bifurcated into lithium-ion batteries, zinc batteries, and lithium-polymer batteries. Among these, lithium-ion batteries dominated the market in 2023 and are expected to continue their dominance during the forecast period. Lithium-ion batteries have high energy density, long cycle life, and low self-discharge rate, making them suitable for various applications such as wearables, smart packaging, and medical devices that require flexibility.
Key Takeaways
The global flexible battery market size is expected to witness high growth, exhibiting a CAGR of 20% over the forecast period, due to increasing demand for flexible and portable electronic devices.
Regional analysis: Asia Pacific dominated the flexible battery market in 2023 and is expected to grow at the fastest rate during the forecast period. This can be attributed to the widespread availability of raw materials and presence of key battery manufacturers in countries such as China and South Korea.
Key players: Key players operating in the flexible battery market include STMicroelectronics, LG Chem, SAMSUNG SDI CO., LTD., Panasonic Corporation, ROCKET Poland Sp. z o.o., Enfucell, Imprint Energy, Energy Diagnostics., Jenax Inc., and Molex. The market is dominated by large players like LG Chem and Samsung SDI who have extensive manufacturing facilities for lithium-ion batteries.
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1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
