Portland, OR -- (SBWIRE) -- 09/21/2017 -- Flexible Thin Film and Printed Battery Market Report, published by Allied Market Research, forecasts that the global market is expected to garner $1.9 billion by 2022, registering a CAGR of 51.4% during the period 2016-2022. Non-rechargeable batteries dominate the market for flexible batteries in 2015. Asia-Pacific led the global market, accounting for a market share of over 43% in 2015.
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Application of flexible batteries have increased in recent times owing to the growth in trend of portable devices and flexible electronics. These batteries possess a new form factor and ultra thin fabrication that enables them achieve flexibility. The compatibility issue with conventional batteries to operate with flexible devices, namely, wearable sensors, implantable medical devices, artificial skins, and others, gives rise to the need for flexible batteries. However, all these requirements cannot be practically realized unless an appropriate flexible power source is developed. To achieve this, flexible batteries are being developed with the most prevalent chemical, that is, lithium ion. Large scale production as well as utilization of such batteries is not in the picture now, due to its limited energy density that restricts its usage in emerging applications such as electrical vehicles. Consistent R&D in the field of battery technology by companies, such as Enfucell Oy, Blue Spark Technologies, and Imprint Energy, a and growth in involvement of existing market leaders, such as LG and Panasonic Corporation, pave way for implementation of flexible batteries in the future.
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Asia-Pacific is dominant over the market, and is expected to maintain this trend throughout the forecast period. Housing a huge number of manufacturing base in China, Japan, and South Korea, along with a vast consumer base in India and China, this region manages leads in revenue generation with respect to the other regions. North America and Europe follow Asia-Pacific and are expected to grow with the similar trend by the end of the forecast period.
Key Findings of Flexible Thin Film and Printed Battery Market Study:
- In the year 2015, non-rechargeable segment held the major share in revenue generation but the rechargeable flexible batteries are anticipated to witness faster growth ahead.
- Consumer electronics is expected to grow with the CAGR of 56.4% owing to the use of portable electronics and devices.
- China is the major shareholder, accounting for about 32% of the Asia-Pacific market in 2015.
- India is expected to witness rapid growth, in terms of CAGR, from 2016 to 2022.