Albany, NY -- (SBWIRE) -- 01/11/2018 -- Flexible batteries are the upcoming trend in the battery industry. These batteries are light in weight, flexible and user friendly. Its flexibility feature enables it to be folded, rolled and integrate in any shape of the product. Flexible batteries being thin in nature allows the designers to utilize these power sources on curved surfaces. These batteries are eco-friendly as well. Increasing trend of product miniaturization is one of the most important factor anticipated to trigger the demand of flexible batteries in the coming years. These batteries have a low self-discharge rate. Owing to these factors, the application scope of such batteries is expected to enhance in the near future.
Global Flexible Battery Market: Market Dynamics
Factors such as the increasing demand for internet of things (IoT) devices is one of the key factors predicted to trigger the demand of eco-friendly flexible batteries during the forecast period. Advances in the field of Internet of Things (IoT) based devices have led the manufacturers operating in this field to focus on extensive research and development activities to implement new designs that would overcome the shortcomings that are present in the traditional batteries. These flexible batteries come with new and improved power efficiency coupled with heightened durability. Increasing inclination of various battery manufacturers towards manufacturing flexible batteries in order to cope up with the rising demand is also predicted to accelerate the market growth of flexible batteries in the coming years. For instance, Panasonic Corp. which is one of the world's largest lithium ion battery makers has introduced a new flexible lithium ion battery for use in wearable device that maintains its electrical characteristic even after repeated bending. This battery gives more freedom to the designers of consumer electronics like wearable devices that are constrained by the need to inflexible areas to hold the battery.
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A fresh commerce and business study by Transparency Market Research (TMR) has detected that the global flexible battery market is distributed among a large number of players, although four major companies held nearly 65% of the market share in 2016 and will continue to stay ahead of the curve in the near future. Blue Spark Technology, LG Chem Ltd., Panasonic Corporation, Ultralife Corporation, NEC Energy Solutions Inc., Enfucell Oy, ST Microelectronics N.V., Samsung SDI Co. Ltd., and Brightvolt Inc. are some of the prominent companies currently operating in the global flexible battery market.
As per the projections of the TMR report, the demand in the global flexible battery market will expand at a highly impressive CAGR of 32.9% during the forecast period of 2017 to 2025. In terms of revenue, the market for flexible battery had an opportunity worth US$230.0 mn in 2016, which will swell up to US$2,437.6 mn by 2025. In the near future, key players are expected to bank on product innovation to strengthen their competitive advantage in this market. Most of them will be aspiring to innovate products in-sync with safety standards implemented by various agencies. For instance, Samsung SDI Co. Ltd. has introduced advanced materials that offer high efficiency to Li-ion batteries as well as lower the power consumption.
Based on chargeability, the market for flexible battery gains significantly more demand for chargeable flexible battery than single use flexible battery and the pattern is expected to continue throughout the forecast period. On the basis of product type, this market is exhibiting considerably more demand for thin film and printed battery than other categories, viz. flexible zinc carbon battery, laminar lithium-polymer batter, and advanced lithium ion battery. In terms of end-users, the global flexible battery market obtained 26.6% of the overall demand from smart packaging in 2016, staying ahead of healthcare, electronics, and transportation and logistics. Geographically, North America served nearly two-third, 32.5% of the total demand in the global flexible battery market, gaining traction from the developed country of the U.S
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Extended Life Driving Demand for Flexible Batteries
The global flexible battery market is driven by a number of factors, such as escalating demand for thin and flexible batteries in electronic devices, advent of wearable electronics, and increasing need for miniaturization of electronic devices. The report observes that the demand for wearable devices such as smart watches and smart bands as escalated in the recent past owing to rising health awareness among the urban population. These devices have proven their worth to monitor health of the users on the run time. In addition to that, the rising demand for flexible battery in the healthcare segment is expected to positively impact the market's growth.
Advancements in the Internet of Things (IoT) technology is also expected to reflect positively on the global flexible battery market, as they can offer the ability to integrate into products of various dimensions, a feature that was missing in traditional batteries. Flexible batteries that include IoT feature offer increased power efficiency along with elongated battery life. Moreover, the adoption of flexible battery is increase as they are eco-friendly and can be easily disposed or recycled.
High cost of Manufacturing Obstructing Market's Prosperity
The lack of standardization in the development of flexible batteries, requirement of high initial investment, fabrication of flexible lithium Ion batteries, and absence of material that can provide sufficient power supply are some of the key challenges obstructing the growth of the global flexible battery market. Nevertheless, implementation of flexible lithium-air batteries in next generation wearable electronics is expected to open new opportunities in the global flexible battery market.
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