Press release
Explosive Growth Forecasted: Worldwide Flexible Batteries Market to Reach $1.42 Billion by 2032
Flexible Batteries Market
The worldwide flexible batteries market is anticipated to amass a revenue of US$ 1,420 million by 2032 as opposed to US$ 152.49 million in 2022. The market is set to experience an astounding compound annual growth rate (CAGR) of 25% from 2022 to 2032. The adoption of folding smartphones is likely to play a crucial role in the market's growth.
Because batteries occupy a considerable amount of space in smartphones, numerous top competitors in the industry are concentrating on developing innovative flexible batteries for folding smartphones. Increasing research and development efforts regarding the production of flexible batteries for wearable devices, prevailing miniaturization trends of electronic devices, and rising demand for flexible batteries in IoT applications will also drive the growth of the flexible batteries market.
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Flexible batteries provide electronic devices with flexibility and portability. Substituting conventional batteries with flexible batteries enhances product durability, and efficiency, and reduces weight. These batteries are utilized in various products such as smart cards, wearable electronics, flexible displays, and novelty packaging. The eco-friendly nature and ease of application are significant advantages of flexible batteries. In addition to this, There is an increasing demand for mobile medical equipment and wireless medical monitoring devices.
These devices require long-lasting energy sources, creating a significant market opportunity for thin and flexible Li batteries. The wearable industry is witnessing a surge in the number of new product releases and advancements. These devices necessitate a high degree of capability and lightweight batteries to provide a continuous power supply. During the forecast period, these factors are expected to drive market growth.
The world's flexible battery market is propelled by the need for thin and flexible batteries in electronic devices and the growing trend of miniaturization in electronic products. The market growth is also supported by major companies' increasing research and development activities. Market growth in the global flexible batteries market has been robust, thanks to electronic assemblers' and manufacturers' increasing demand for flexible batteries, and the enhancement of production capacities of manufacturing organizations and assembly sites across the globe.
Additionally, the market is experiencing growth due to the escalating use of various smart wearable devices and the ready availability of competent labor and raw materials. On the other hand, the development of thin and flexible batteries in the Internet of Things and wearable electronic equipment is creating substantial opportunities in the market. However, high investment requirements and the lack of proper standards for the development of flexible batteries have impeded market growth.
Key Takeaways:
- High investment costs and a lack of sufficient standards for the progress of flexible batteries will hinder the growth of the market.
- Elevated demand for IoT-empowered gadgets will drive the flexible batteries market forward in Asia Pacific.
- The flexible batteries market in Europe will hold a significant portion of the overall market share, fueled by increasing research and development efforts regarding flexible battery technology.
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Competitive Landscape
In a competitive environment, significant market players are keen on amplifying investment in research and development activities to produce enhanced flexible batteries and cater to the growing demand. These enterprises also employ various organic and inorganic business strategies to enhance their market positions.
Apple Inc., Blue Spark Technology, Brightvolt Inc., Enfucell Oy, LG Chem Ltd., NEC Energy Solutions Inc., Panasonic Corporation, Samsung SDI Co. Ltd., ST Microelectronics N.V., and Ultralife Corporation, among others, are a few of the key players in the flexible batteries market profiled in the full version of the report.
Key Segments Profiled in the Flexible Batteries Industry Survey
Type:
Thin-Film Flexible Battery
Printed Flexible Battery
Curved Flexible Battery
Other Flexible Battery Types
Chargeability:
Rechargeable Flexible Batteries
Single-Use Flexible Batteries
Region:
North America
Latin America
Western Europe
Eastern Europe
APEJ
Japan
Middle East & Africa
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About Future Market Insights, Inc. (FMI)
Future Market Insights (ESOMAR-certified market research organization and a member of the Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments based on Source, Application, Sales Channel, and End Use over the next 10 years.
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