Flexible Batteries Market

The market for flexible batteries is anticipated to achieve a value of USD 296 million by 2030, showing significant growth from its value of USD 142 million in 2023, with a compound annual growth rate (CAGR) of 24.7% during the forecast period. The growth rate from 2021 to 2022 was observed at 9%. Smart Packaging is expected to hold a substantial market share of 31%.

The expansion of the flexible battery market is driven by several factors, including increased research and development efforts focused on creating flexible batteries for wearable devices, growing utilization of thin and flexible batteries in flexible electronic devices, ongoing trend of electronic device miniaturization, rising demand for flexible batteries in Internet of Things (IoT) applications, and the increased use of flexible batteries in medical devices for treating COVID-19 patients. The report provides coverage of the flexible battery market, which is segmented by type, voltage, capacity, rechargeability, application, and region.

Flexible Battery Market Segment Overview
In terms of market segments, the above 3V segment of the flexible battery market is expected to experience the highest CAGR during the forecast period. The demand for flexible batteries with a voltage exceeding 3V is projected to rise due to their ability to deliver higher power, longer lifespan, and enhanced safety compared to other flexible batteries. These batteries find applications in consumer electronics and wearables, especially in compact electronic devices where conventional batteries would be bulky. Additionally, they are free from toxic materials such as hazardous liquids or gases.

The use of portable medical devices during the COVID-19 pandemic led to significant demand for flexible batteries.
Currently, the medical devices industry is increasingly adopting flexible batteries, with manufacturers designing and offering these batteries to power temperature sensors, pacemakers, and smart patches. The convergence of technological advancements and the Internet of Things (IoT) in the medical sector has opened opportunities for battery-powered medical devices. Flexible batteries, known for their reliability and high performance, fulfill the requirements of implantable medical devices such as neural stimulators, pacemakers, and defibrillators, providing steady and reliable power over extended durations.

New iterations of pacemakers, drug delivery systems, medical patches, medical diagnosis sensors, disposable medical devices, and biosensors are leveraging flexible and thin power sources due to their size and flexibility. Therefore, the medical devices segment holds a significant share in the flexible battery market.

The thin-film batteries segment held the largest share of the flexible battery market in 2019.
Thin-film batteries find widespread usage in various applications such as smart packaging, smart cards, wearable devices, and medical devices. These batteries offer superior performance, higher average output voltage, and lower chances of electrolyte leakage compared to bulky solid-state batteries.
The growing demand for miniaturized products in these applications has significantly boosted the adoption of thin-film lithium-ion flexible batteries, driving the substantial growth of the thin-film batteries segment. Furthermore, the increasing demand for smart cards in sectors like telecommunications, banking, and transportation for payment applications has also contributed to the growth of the thin-film batteries segment in the flexible battery market.

During the forecast period, the flexible battery market in the Asia-Pacific (APAC) region is expected to witness the highest compound annual growth rate (CAGR).
The APAC region is experiencing a continuous rise in demand for Internet of Things (IoT)-enabled devices and portable consumer electronics, particularly in countries like China, Japan, and South Korea. South Korea is notable for companies like LG Chem and Samsung SDI, which have developed curved and flexible batteries to power their products, such as smartphones, smart glasses, and wearable devices. In APAC, the popularity of smart packaging is also on the rise, leading to an increased need for integrating flexible batteries with smart packaging solutions.

The consumer electronics industry in China has faced production declines due to the COVID-19 outbreak. As a result, there could be a potential rise in global prices of consumer electronics in the coming months due to the partial shutdown of manufacturing facilities in China. This situation may lead to a shortage in the supply of components like batteries required for consumer electronics, thereby negatively impacting the growth of the flexible battery market in 2020.

Key Market Players in Flexible Battery Industry
Samsung SDI (South Korea), LG Chem (South Korea), Enfucell Oy Ltd. (Finland), Blue Spark Technologies (US), Apple, Inc. (US), Panasonic (Japan), Ultralife Corporation (US), BrightVolt (US), Imprint Energy (US), Energy Diagnostics (UK), and Jenax (South Korea) are key players operating in the flexible battery market.

Samsung SDI (US) is one of the global leaders in flexible battery technology. It seeks to expand its market presence and create a progressive future through technological developments. The company has launched 2 innovative series of small-sized lithium-ion batteries—band batteries and strip batteries— for use in wearable devices. These batteries bend like fiber. The band batteries are designed to add as much as 50% to the original battery life of devices. The strip batteries are designed with a depth of 0.3mm and can be used in wearable devices such as smart necklaces and interactive clothing designs. Samsung SDI has operations in countries such as South Korea, Malaysia, China, Mexico, Vietnam, Austria, Russia, the US, India, Taiwan, and Japan.
 
In this report, the flexible battery market has been segmented into the following categories:

By Type:
• Thin-film Batteries
• Printed Batteries
 

By Voltage:
• Below 1.5V
• Between 1.5V and 3V
• Above 3V
 

By Capacity:
• Below 10 mAh
• Between 10 mAh and 100 mAh
• Above 100 mAh
 

By Rechargeability:
• Primary Batteries
• Secondary Batteries

By Application
• Consumer Electronics
• Smart Packaging
• Smart Cards
• Medical Devices
• Wireless Sensors
• Others (Drones, Displays, Energy Harvesting, and Smart Textiles)
 

By Geography
• North America
o US
o Canada
o Mexico
• Europe
o UK
o Germany
o France
o Rest of Europe
• APAC
o China
o Japan
o India
o Rest of APAC
• RoW
o South America
o Middle East and Africa

Recent Developments in Flexible Battery
• In May 2019, Ultralife Corporation acquired Southwest Electronic Energy (SWE), an advanced battery solutions provider, in a deal worth USD 25 million. This acquisition enhanced the extensive portfolio of batteries and charger technologies of Ultralife Corporation and expanded its technical expertise to new industry segments.