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[179+ Pages Report] According to a Facts and Factors market research report, the global flexible secondary rechargeable battery market is estimated to grow at a CAGR of around 22.5% from 2021 to 2026. The market observed sales revenue of USD 35.8 Million in 2020 which is expected to be valued at USD 121.8 Million in 2026.
In electrical equipment, a flexible battery enables flexibility and portability. When traditional batteries are replaced with flexible batteries, the product's longevity, efficiency, and weight are all improved. Smart cards, flexible screens, wearable electronics, and innovative packaging all make use of it. Flexible batteries have several advantages, including their environmental friendliness and ease of use.
The demand for thin and flexible batteries in electronic devices, as well as the continuous miniaturization of electronic products, is driving the global flexible secondary rechargeable battery market forward. In addition, large corporations are increasing their R&D operations, which aids growth. However, the market's growth has been hampered by expensive investment requirements and a lack of adequate guidelines for the development of flexible batteries. Wearable electronics and the development of thin and flexible batteries in the Internet of Things, on the other hand, are creating tremendous business prospects.
The rising number of R&D activities for developing flexible batteries for wearable devices, increasing use of thin and flexible batteries in flexible electronic devices, on-going miniaturization of electronic devices, surging demand for flexible batteries in IoT applications, and increasing use of flexible batteries in medical devices are all expected to drive this market's growth.
On the basis of technology used in flexible secondary rechargeable battery, the market can be segmented into thin-film li-ion, flexible lithium polymer, printed battery, curved battery, and paper battery. The thin film Li-Ion battery segment held the highest market share. One of the key reasons for the domination of these segments is the usage of thin-film batteries in a number of rapidly developing applications such as smartwatches, smartphones, and fitness bands, among others. On the basis of application, the flexible rechargeable battery market can be segmented into consumer electronics, smart packaging, transportation, the healthcare sector, and others. Over the forecast period of 2021-2026, the consumer electronics sector is expected to maintain its dominance. This segment's demand is projected to be fuelled by the rising demand for IoT and wearable devices.
Consumer electronics products, particularly smartphones and laptops, have a promising future in Asia Pacific. As a result, the market in this region is expected to be driven by rising demand for wearable devices and technological advancements in developing countries such as China, India, and Japan, among others, over the forecast period. Furthermore, as a part of their social obligation, numerous business sectors have adopted increased worries about sustainability and eco-friendliness. This, in turn, is expected to boost the flexible battery's growth prospects in this region, owing to the flexible battery's minimal environmental effect.
Furthermore, the flexible secondary rechargeable market in the United States is predicted to rise steadily over the forecast period, owing to the rising need for smart packaging in RFID and anti-theft tags, which drives up demand for flexible batteries. Furthermore, expanding the use of flexible batteries in smart packaging improves operational efficiency, reduces mistakes, and saves money. As a result, market growth in North America and the Asia Pacific is expected to be fuelled by increased demand for smart packaging and wearable gadgets, respectively.
Some of the major market players operating in the flexible secondary rechargeable market are LG Chem Ltd., Apple Inc., Samsung SDI Co. Ltd, Panasonic Corporation, Blue Spark Technology, Enfucell Oy, Ultralife Corporation, NEC Energy Solutions Inc., and STMicroelectronics N.V. among others.
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