by Flexible batteries have gained prominence in recent years owing to their ability to power flexible and portable electronics including wearable devices, smartphones, and other consumer electronic devices. Flexible batteries are lithium-ion batteries that can be bent, twisted, or folded without affecting their power storage capabilities making them highly suitable for portable and wearable applications. They provide extended battery life to devices and allow design of innovative form factors not possible with conventional rigid batteries. The growing adoption of wearable devices along with miniaturization of electronics is propelling the demand for lightweight and flexible power sources such as flexible batteries.
The global Flexible Battery Market is estimated to be valued at US$ 187.18 million in 2024 and is expected to exhibit a CAGR of 6.5% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends propelling the flexible battery market growth is the growing focus on developing flexible thin-film batteries. Thin-film batteries are ultra-thin and lightweight allowing design of devices with novel form factors. Major players are investing in R&D to develop innovative thin-film battery technologies using materials like lithium-ion phosphorus oxynitride (LiPON). For instance, in 2021, Samsung SDI unveiled an all-solid-state thin film battery using LiPON that can be fabricated through a roll-to-roll process. Such batteries offer higher energy density in flexible form factors. Moreover, continuous technological advancements to enhance battery capacity and life are increasing commercialization prospects of flexible batteries. Players are working on integrating graphene and other 2D materials in battery cathodes and anodes to enable fast charging capabilities in flexible designs. This is expected to further fuel adoption of flexible batteries across various end-use industries.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is low in the flexible battery market as it requires significant R&D investments and manufacturing capabilities to produce flexible batteries.
Bargaining power of buyers: The bargaining power of buyers is moderate due to the presence of a large number of flexible battery suppliers in the market. However, buyers have limited influence over prices as flexible batteries are still an emerging technology.
Bargaining power of suppliers: The bargaining power of suppliers is low given the presence of a large number of component manufacturers and raw material suppliers in the flexible battery market.
Threat of new substitutes: Threat of new substitutes is low as flexible batteries serve unique applications that cannot be fulfilled by conventional lithium-ion batteries.
Competitive rivalry: The competitive rivalry in the market is high due to the presence of numerous international and regional players focusing on new product launches and innovations.
Key Takeaways
The Global Flexible Battery Market Demand is expected to witness high growth over the forecast period supported by increasing demand for wearable devices, medical devices, and smart packaging.
Regional analysis: Asia Pacific is anticipated to grow at the fastest rate in the flexible battery market during the forecast period. This is attributed to the growing electronics industry, rising disposable income, and increasing demand for wearables in countries such as China, South Korea, Japan, and India.
Key players: Key players operating in the flexible battery market are Samsung SDI Co., Ultralife Corp, Panasonic Corp., front Edge Technology, NEC Energy Solutions, and Sony Corporation
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
