According to a new market research report "Flexible Battery Market with COVID-19 Update by Type (Thin-film, Printed), Voltage, Capacity, Rechargeability (Primary Batteries, Secondary Batteries), Application (Medical Devices, Smart Packaging), Region - Global Forecast to 2025," the flexible battery market is projected to grow from $98 million in 2020 to $296 million by 2025; it is expected to grow at a CAGR of 24.7% from 2020 to 2025.
The flexible battery industry is likely to exhibit lucrative growth potential during the forecast period.
Based on application, the smart packaging segment held the largest size of the flexible battery market in 2019. Flexible batteries are flexible and lightweight. They can be rolled without any loss of energy and are easy to dispose of.
Thus, smart packaging manufacturers prefer flexible batteries over conventional batteries, which are bulky and rigid. Increasing adoption of micro-batteries by smart packaging manufacturers is expected to drive the growth of the smart packaging segment of the market during the forecast period.
However, the COVID-19 pandemic has created a major disruption in the smart packaging sector. This, in turn, has affected the smart packaging market globally. Restrictions on the movement of laborers are likely to place increased pressure on supplies of products. Meanwhile, delayed shipments have also resulted in wastes generated from perishable products.
All these factors have adversely affected the demand for smart labels and smart packaging sector. This, in turn, has negatively impacted the growth of the flexible battery market for smart packaging.
The demand for flexible batteries of above 100 mAh capacity is expected to increase significantly during the forecast period.
Flexible batteries with a capacity of above 100 mAh are designed for products and devices with high-energy requirements and long shelf life. These batteries are used in consumer electronics and energy harvesting systems as these systems require power sources to improve their functionalities.
Flexible batteries with this capacity range are expected to be adopted significantly in numerous applications in the future.
The outbreak of COVID-19 has adversely affected investments being made to develop flexible batteries by a number of manufacturers in North America.
Smart packaging, wearable devices, and smart cards are key application segments wherein flexible batteries are used in North America. These applications require thin and flexible power sources for their operations.
Flexible battery manufacturers such as Blue Spark Technologies (US), BrightVolt (US), and Ultralife Corporation (US), are based in North America, thereby leading to the growth of the flexible battery market in the region.
The outbreak of the COVID-19 pandemic has affected the production and supply chain of flexible batteries. It has adversely affected the investments being made to develop flexible batteries by a number of manufacturers in the region.
However, flexible batteries are being increasingly used in medical applications for recording the body temperature of the COVID-19 suspects, as well as of infected on a daily basis. This, in turn, is creating a significant demand for flexible batteries.
The rise in research and development activities for the development of enhanced flexible batteries and the technological advancements in the medical and packaging sector of North America is also leading to the growth of the flexible battery market in this region.
