Global Flexible Batteries Market Research Report: Forecast (2023-2028)

Market Definition

Flexible batteries are the type of energy storage device that can bend, twist, or deform without affecting its functionality. In comparison to the traditional rigid batteries that are made up of solid materials, the flexible batteries are designed to be more pliable, lightweight, and adaptable. It’s mostly applicable in the devices where conformability and portability are essential, such as wearable electronics, flexible displays, medical devices, and Internet of Things (IoT) devices.

Market Insights & Analysis: Global Flexible Batteries Market (2023-28)

The Global Flexible Batteries market size is projected to grow at a CAGR of around 25.12% during the forecast period, i.e., 2023-28. The market is driven primarily by increasing demand for portable and wearable devices that require compact and lightweight power sources. Wearable devices including smartwatch, fitness tracker, and others with comfortable and unobtrusive designs have gained a significance among the consumers due to the rising public awareness about personal health and fitness. The consumers have been more conscious about their health issues like calorie intake, blood pressure, diabetes-level, physical activity, etc. Hence, for continuous monitoring of vitals, the adoption of wearable devices has been growing across the globe.

The healthcare sector also became a significant area of growing demand of flexible batteries. The government of the countries such as India, the US, France, and others have been implementing initiatives and making investments in the development of medical devices industry which would further boost the sale of flexible batteries. In 2023, the US Food & Drug Administration has launched Medical Device Development Tools (MDDT) programs which intends to facilitate device development, timely evaluation of medical devices, and promote innovation.

Moreover, the increasing adoption of electric vehicles and renewable energy solutions is expected to drive the demand for advanced energy storage systems, and flexible batteries are emerging as potential solutions to meet these evolving needs. In addition, the rise in greenhouse gasses including carbon dioxide, carbon monoxide, etc., from the traditional internal combustion engine vehicles, has led to the surge in demand for cleaner transportation alternatives i.e., electric vehicle.

According to International Energy Agency, in 2022, global CO₂ emissions from the transport sector grew by more than 250 Mt CO₂ to nearly 8 Gt CO₂, 3% more than in 2021. Flexible batteries, with their ability to conform to the unique shapes and spaces within EVs, provide a viable solution for integrating energy storage electric vehicle. Therefore, the expansion of EV manufacturing facilities across the globe owing to the rising carbon emission and other greenhouses gasses would enhance the demand for energy storage solutions to power these vehicles efficiently in the forthcoming years. Furthermore, supportive government initiatives, environmental considerations favoring eco-friendly, recyclable battery technologies, and the growing interest in printed electronics would play a key role in the expansion of Global Flexible Batteries Market during 2023-2028.

Global Flexible Batteries Market Driver:

Growing Demand for Wearable Technology in Healthcare for Fitness Monitoring- Wearable technology has gained significant popularity in recent years due to advancements in miniaturization, sensor technology, wireless connectivity, and computing power. It allows users to monitor their physical activity, sleep patterns, heart rate, and other health parameters. Wearable devices also enable hands-free communication, immersive gaming experiences, augmented reality applications, and assistive technologies. As the demand for wearable health devices continues to rise, there is a need for flexible batteries that can power these compact and lightweight devices efficiently. Growing health concerns among individuals, and the continuous needs for health monitoring created the demand for wearable technologies in the global market.

Thus, to cater to the growing demand for wearable technologies companies such as Fastrack, OnePlus, and Realme introduced smart watches for continuous monitoring which required flexible batteries for their operations. For instance, in 2023, Fastrack launched Reflex Beat+ which includes Health suite features such as a heart rate monitor, women’s health monitor, and sleep tracker. As wearable health devices become more prevalent and sophisticated, the demand for flexible batteries will continue to grow during the forecast period for providing a reliable and optimized power source for these devices.

Global Flexible Batteries Market Growth Opportunity:

Growing Use of Internet of Things (IoT) in Manufacturing Industries- The IoT has revolutionized various industries manufacturing processes by enabling connectivity, automation, data analytics, and real-time monitoring. The use of IoT in critical industries such as oil & gas, mining, and chemical plays an important role in enhancing operational efficiency, safety, and remote monitoring. The growing use of IoT in different industry's production processes presents a significant opportunity for flexible batteries due to its surging integration in IoT devices for power supply.

Additionally, companies such as LG Chem, Telkomsel, Panasonic India, THK Co., etc., have been developing IoT devices in the manufacturing plants of different industries to provide them information about their asset tracking, supply chain monitoring, and remote operations & control. These IoT devices would need flexible batteries to provide energy storage in a form that can be integrated into small sensors further resulting in an opportunity to grow in the forecast period.

Global Flexible Batteries Market Possible Challenge:

High Energy Density of the Solid State Batteries to Restrict the Market Growth of Flexible Batteries– Solid-state batteries gain an advantage over flexible batteries as they use solid materials as the electrolyte which eliminates the flammable liquid electrolytes found in conventional batteries, including flexible ones which reduces the risk of fire. The higher energy density of the solid state batteries offers more energy storage than flexible ones which provides faster charging, longer lifespan, slower degradation and more resistance to physical stress.

As consumers and manufacturing companies look for safer and more efficient energy storage solutions, the demand for solid-state batteries is estimated to restrict the growth of the Global Flexible Batteries Market. Global battery manufacturing companies such as QuantumScape, Cymbet Corporation, BrightVolt, Prieto battery, and others have continued to invest in the research and development of solid-state batteries to make them more viable and commercially available. All these efforts could negatively impact the Global Flexible Batteries Market in the coming years.

Global Flexible Batteries Market Trend:

Installation of Flexible Solar Panels to Foster the Market Growth- Flexible Solar has been gaining a traction in the market due to growing research & development in the renewable energy sector. The government of the countries across the globe has been investing huge funds for the development of renewable energy sector including solar and ensure zero carbon emission in future. According to the International Energy Agency (IEA) around USD 400 billion amount is estimated to be invested in different countries for the expansion of the solar energy across the globe.

Flexible solar panels offer portability and versatility feature enabling them to be rolled up or folded, making them easy to transport and deploy in various settings, subsequently making them valuable for off-grid applications, outdoor activities, and emergency power needs.

In addition, flexible solar panels would gain a significance in the coming years for the regions with limited access to reliable electricity grids as it offers a viable solution for decentralized energy generation without extensive infrastructure development. Hence, by embedding flexible batteries within the solar panel structure, the generated electricity could be stored directly within the panel itself. This integration creates a self-contained solar panel with on-board energy storage capacity, eliminating the need for external battery installations, resulting in the expansion of the Global Flexible Batteries market.

Global Flexible Batteries Market (2023-28): Segmentation Analysis

The Global Flexible Batteries Market study of MarkNtel Advisors evaluates & highlights the major trends & influencing factors in each segment. It includes predictions for the period 2023–2028 at the global level. Based on the analysis, the market has been further classified as:

Based on Material Type:

• Lithium-ion
• Lithium Polymer
• Zinc

Lithium-ion batteries are expected to hold a considerable market share in the coming years owing to its higher energy density, cost-efficient, and safety characteristics. The miniaturization and increasing interest of the consumers in flexible electronic devices like flexible displays, bendable smartphones, and foldable gadgets have been the prime factors for the surging demand for Li-ion batteries. Smartphone manufacturing companies such as Samsung, Vivo, Oppo, and others have launched various range of foldable & flexible smartphones which integrates thin film Li-ion batteries.

In 2023, Samsung announced to launch Galaxy Z Fold 5 and Galaxy Z Flip 5 foldable phones.  The demand for this product has further been propelled by rising penetration of the internet, growing disposable income, and surging dependency of consumers on electronic devices for learning, shopping, and other purposes. Hence, the surge in manufacturing of these devices would further require thin film Li-ion batteries for better battery backup, demonstrating the growth of Global Flexible Batteries Market in the coming years

Based on Application:

• Consumer Electronics
  • Smartphones
  • Wearable Devices
• Medical Devices
  • Cosmetic and Medical Patches
  • Pacemakers
  • Hearing Aids
• Smart Packaging
• Wireless Sensors
• Others (Smart cards, IoT Devices, etc.)

The market share of medical devices category is expected to grow at a steady rate during the forecast period due to the rising research & development for the advancement and expansion of the medical industry. Flexible batteries have been essential for powering various implantable medical devices, including pacemakers, neurostimulators, drug delivery systems, etc. The flexibility of these batteries allows them to conform to the shape of the body, making them more comfortable and safer for patients. In addition, the rising support and investment by the government of the global countries to enhance the medical infrastructure and boost medical tourism would further necessitate the demand for flexible batteries for manufacturing medical devices.

The National Medical Devices Policy, 2023 of India aims to emerge as the global leader in the manufacturing and innovation of medical devices by achieving 10-12% market share in the expanding global industry over the next 25 years. The policy is expected to help the medical devices sector grow from present USD11 billion to USD50 billion by 2030. Hence, similar initiative undertaken by other countries like the US, the UK, China, and others to expand the medical industry would result in the expansion of Global Flexible Batteries Market in coming years.

Global Flexible Batteries Market: Regional Projections

Geographically, the market expands across:

• North America
• South America
• Europe
• The Middle East & Africa
• Asia-Pacific

The Flexible Batteries Market in North America is poised for significant growth, due to presence of various medical device manufacturing companies like Medtronic, Abbott Laboratories, Boston Scientific, etc. These companies have been utilizing the flexible batteries for manufacturing medical devices such as pacemakers, implantable cardioverter-defibrillators (ICDs), etc. The demand for flexible battery is also estimated to grow due to the rising geriatric population in the region which are more vulnerable to diseases such as arrhythmias, heart failure, coronary artery disease, and others which requires implantation of medical devices. According to the Canadian Institute for Health Information, there have been 6.2 million geriatric people in Canada and is estimated to reach 10.4 million in 2037.

Additionally, the vast presence of wireless electronics industry in the region encompassing smartphones, tablets, e-readers, hearing aids, and others would also contribute in the demand for flexible batteries, enabling manufacturers to design sleeker and lighter devices. According to the Cellular Telephone Industries Association (CTIA), the total wireless connection in the US has increased from 422 million in 2018 to 499 million in 2021. Hence, the surge in the sale of wireless electronics in the coming years would further stress the manufacturing sector to produce more devices further pushing the demand for flexible batteries in the forecast period.

The market share of Asia Pacific is expected to exhibit a surge in the forthcoming years amid growth in manufacturing of smart consumer devices, medical devices, etc. The countries such as China, Vietnam and India are seen as the major hotspots amid soaring greenfield investments in consumer electronics, healthcare equipment manufacturing, electric vehicles, etc.  

Global Flexible Batteries Market Recent Development

• In 2023, Forsee Power Launched FLEX PLUS, an Eco-Designed Flexible Battery System for Heavy Vehicles. FLEX PLUS is the latest addition to the PLUS format family, available in two options – 52 kWh and 56 kWh –with the ability to perfectly adjust the voltage and energy to the needs of the application.
• In 2022, Imprint Energy, the global leader in thin, flexible, rechargeable battery development, announced the launch of their latest generation of zinc-based battery technology, ZinCore.

Gain a Competitive Edge with Our Global Flexible Batteries Market Report

• Global Flexible Batteries Report by Markntel Advisors provides a detailed & thorough analysis of market size, growth rate, competitive landscape, and key players. This comprehensive analysis helps business organizations to gain a holistic understanding of the market dynamics & to make rational decisions.
• This report also highlights current market trends & future projections, allowing businesses to identify emerging opportunities & potential challenges. By understanding market forecasts, companies can align their strategies & stay ahead of the competition.
• Global Flexible Batteries Market Report aids in assessing & mitigating risks associated with entry level or operation level in the market. By understanding market dynamics, regulatory frameworks, and potential challenges, business organizations can develop strategies to minimize risks & optimize their operations.