Flexible Batteries Market

Flexible Batteries Market Overview

The global Flexible Batteries Market size was valued at USD 175.0 million in 2023 and is predicted to reach USD 912.3 million by 2030 with a CAGR of 26.6% from 2024-2030. The flexible batteries market includes the manufacturing and use of batteries that are specifically created with flexible shapes. These batteries are commonly used in different sectors such as wearable electronics, medical devices, IoT, consumer electronics, automotive, and aerospace, among others. Due to their flexibility, they can be utilized in a range of devices with varying shapes and sizes, providing important benefits in product design and functionality. Companies in the flexible batteries industry are committed to enhancing energy density, longevity, and safety through innovative approaches tailored to various sector-specific needs.

Market Dynamics and Trends

The growing demand for electronic devices such as smartwatches, fitness trackers, and healthcare monitoring devices is driving the demand for batteries that are smaller, lighter, and are highly flexible. For instance, Apple sold about 27 million smartwatches in 2023, followed by Samsung and Huawei, and it aims to increase its sales volume by 36 to 38 million by 2024. Such rise in the adoption of smartwatches and fitness trackers drives the demand for compact and flexible batteries, boost the market growth.

Moreover, with the rising environmental concern globally, there is an increasing demand for eco-friendly products across various industries. Printed and flexible batteries, which are manufactured using non-toxic and recyclable materials, offer significant benefits in terms of sustainability by reducing the environmental impact associated with traditional battery technologies. The shift towards non-toxic materials and recyclability is driving the flexible batteries market growth.

Furthermore, advancement in battery technology such as combination of conventional and flexible battery components is further driving the growth of the Flexible batteries market. For instance, in January 2024, LiBEST Inc., a South Korean lithium-ion battery startup, launched flexible batteries designed for augmented reality glasses and head-mounted displays. 

The battery offers multi-structured design that combines conventional and flexible battery components and 1,500mAh battery capacity to enhance battery performance in wearable devices. However, risk associated with safety such as leakage, overheating, and maintaining structural integrity along with limited amount of power output are the major factors restraining the flexible batteries market demand. 

On the contrary, the introduction of solid state and lithium-sulfur in printed and flexible batteries with high energy density is expected to create ample opportunities in the growth of Flexible batteries industry in the coming years. These advancements promise to enhance battery performance, enabling longer usage times and more powerful applications in diverse sectors such as consumer electronics, wearable devices, and electric vehicles. 

Market Segmentations and Scope of the Study

The flexible batteries market report is segmented on the basis of chargeability, application, and region. On the basis of chargeability, the market is divided into rechargeable and non-rechargeable. On the basis of application, the market is classified into consumer electronics, energy harvesting, pharmaceutical & medical devices, packaging, smart cards, wearable technology, and others. Regional breakdown and analysis of each of the aforesaid segments include regions comprising of North America, Europe, Asia-Pacific, and RoW.

Geographical Analysis

Asia Pacific dominates the flexible batteries market share and is expected to continue its dominance during the forecast period. This is attributed to factors such as rapidly growing consumer electronic industry along with the increasing usage of printed and flexible batteries in consumer electronic devices. 

According to the Semiconductor Industry Association, China is the world’s largest manufacturing hub, producing 36% of the world’s electronics including smartphones, computers, cloud servers, and telecom infrastructures. Such rise in the consumer electronic industry drives the demand for advanced component and battery technologies, boosting the growth of the industry in this region.

Moreover, the presence of key players such as Samsung Electronics, LG and others play a major role in the development of flexible batteries market in this region. For instance, in June 2024, Enovix Corporation partnered with Elentec Co., Ltd, a leading manufacturer of battery packs for consumer electronics.

The partnership was aimed at harnessing Elentec’s robust battery pack design and high-volume manufacturing capabilities enhancing Enovix’s capacity to integrate its advanced battery cells into diverse applications across consumer, industrial, and military sectors.

On the other hand, North America is expected to show a steady rise in the growth of the flexible batteries market. This is due to the rising investment by both public and private sectors for the development of advanced battery technologies, including flexible batteries. 

As stated by a report from the U.S. Government, the country invested USD 62 million in the development of advanced battery technologies while also focusing on increasing utilization of battery recycling. Such investment is creating lucrative opportunities for the expansion of the flexible battery manufacturers, driving the growth of the market.

Moreover, the presence of key market players such as Imprint Energy and Blue Spark Technologies play a major role in the growth of the market in this region. For instance, in January 2022, Imprint Energy launched new generation of ultrathin, flexible, printed batteries named Zincore. The new zinc-based batteries were launched to supply power and connectivity in numerous sectors including logistics, medical devices, pharmaceuticals, agriculture, and IoT wearables.

Competitive Landscape

Various key market players operating in the flexible batteries industry include Blue Spark Technologies, Brightvolt Inc., Cymbet Corporation, Excellatron Solid State LLC, Imprint Energy Inc., LG Chem Ltd, Innovation Lab GmbH, Samsung Electronics, STMicroelectronics, Ultralife Corporation, and others. These key players are adopting various strategies such as product launch and acquisition to remain dominant in the market. 

Moreover, in June 2022, Innovation Lab acquired flexible solid-state batteries technology. Through this acquisition, the company aimed to provide printed, polymer-based, rechargeable batteries as the next game-changing component in the field of printed electronics.

Key Benefits

• The report provides quantitative analysis and estimations of the flexible batteries market from 2024 to 2030, which assists in identifying the prevailing industry opportunities.

• The study comprises a deep-dive analysis of the current and future trends flexible batteries market to depict prevalent investment pockets in the industry.

• Information related to key drivers, restraints, and opportunities and their impact on the flexible batteries market is provided in the report. 

• Competitive analysis of the key players, along with their market share is provided in the report.

• Value chain analysis in the market study provides a clear picture of roles of stakeholders. 

Flexible Batteries Market Key Segments

By Chargeability 

• Rechargeable

• Non-Rechargeable

By Application 

• Consumer Electronics

• Energy Harvesting

• Pharmaceutical & Medical Devices

• Packaging

• Smart Cards

• Wearable Technology

• Others

By Region

• North America

  • The U.S.

  • Canada

  • Mexico

• Europe

  • The UK

  • Germany

  • France        

  • Italy        

  • Spain        

  • Denmark        

  • Netherlands        

  • Finland        

  • Sweden        

  • Norway        

  • Russia        

  • Rest of Europe    

• Asia-Pacific

  • China

  • Japan

  • India

  • South Korea

  • Australia

  • Indonesia

  • Singapore

  • Taiwan

  • Thailand

  • Rest of Asia-Pacific

• RoW

  • Latin America

  • Middle East 

  • Africa

REPORT SCOPE AND SEGMENTATION:

Parameters	Details
Market Size in 2023	USD 175.0 Million
Revenue Forecast in 2030	USD 912.3 Million
Growth Rate	26.6% from 2023 to 2030
Analysis Period	2023–2030
Base Year Considered	2023
Forecast Period	2024–2030
Market Size Estimation	Million (USD)
Growth Factors	The growing consumer electronics industry drives the growth of the market The increasing focus on environmental sustainability drives the market Advancement in battery technology drives the market expansion
Countries Covered	28
Companies Profiled	10
Market Share	Available for 10 companies
Customization Scope	Free customization (equivalent to up to 80 working hours of analysts) after purchase. Addition or alteration to country, regional, and segment scope.
Pricing and Purchase Options	Avail customized purchase options to meet your exact research needs.

KEY PLAYERS

• Blue Spark Technologies 

• Brightvolt Inc

• Cymbet Corporation

• Excellatron Solid State LLC

• Imprint Energy Inc

• LG Chem Ltd 

• InnovationLab GmbH 

• Samsung Electronics

• STMicroelectronics

• Ultralife Corporation