Transparency Market Research (TMR) (www.transparencymarketresearch.com)has published a new report titled, ‘Flexible Batteries Market - GlobalIndustry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026’. Accordingto a new report, the global flexible batteries market wasvalued at US$ 250.0 Mn in 2017 and is projected to expand at a CAGR of 30.0%from 2018 to 2026. The global market for flexible batteries market is primarilydriven by the rise in demand for flexible batteries from electronicmanufacturers and assemblers. The flexible batteries market in Asia Pacific isanticipated to expand at a rapid pace during the forecast period owing to theincrease in presence of electronic manufacturers and assemblers. Rise inproduction capacities of manufacturing companies and assembly plants in theregion is likely to drive the demand for flexible batteries during the forecastperiod.
Increase in Demand for Smart Wearable Devices
Internet of Things (IoT) devices connect numerous objects to theinternet. IoT devices, such as smart wearable devices, near-body electronics,on-body electronics, in-body electronics, and electronic textiles, are widelyused to monitor, diagnose, gauge, navigate, and track applications. Thesewearable devices are powered by thin films and flexible batteries. Widespreaddeployment of IoT enabled smart wearable devices is anticipated to boost thedemand for flexible batteries. Increase in demand for smart watches, fitnessbands, smart glasses, smart video/ photo devices, and smart clothing isprojected to propel the global flexible batteries market during the forecastperiod.
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Growing Demand for Flexible Batteries in HealthCare Applications
Flexible batteries are used in medical patches and patient monitoring,transdermal drug delivery, and accelerated healing devices. Transdermal patchesare used for self-administered drugs through direct skin contact. Transdermaland medical patches provide pain relief, wound care, and cosmetic treatmentsowing to their efficient drug delivery rate. Rise in adoption rate oftransdermal and medical patches for medical and pharmaceutical applications isexpected to drive the flexible batteries market. Implantable medical devices,such as pacemakers, defibrillators, and neurostimulators, require flexiblebatteries that are produced using non-flammable electrolytes and organiccomposites. Flexible batteries have low manufacturing cost and long life cycleand hence, the demand for flexible batteries in implantable medical devices isprojected to increase.
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North America and Europe are at the Forefront ofGlobal Demand
In terms of region, the global flexible batteries market can besegmented into North America, Europe, Asia Pacific, Latin America, and MiddleEast & Africa. North America and Europe account for a substantial share ofthe global market owing to the advancements in technology and extensiveresearch & development activities in the field of flexible batteries. Demandfor flexible batteries in Asia Pacific is anticipated to increase at a rapidpace in the near future due to the emergence of large OEMs, electroniccomponent manufacturers, and electronic device assemblers in the region. Rapidindustrialization and growing electronics industry in China, Japan, and SouthKorea are likely to boost the demand for flexible batteries in the next fewyears.
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Key players operating in the flexible batteries market include AppleInc., Blue Spark Technology, Brightvolt Inc, Enfucell Oy, LG Chem Ltd., NECEnergy Solutions Inc., Panasonic Corporation, Samsung SDI Co. Ltd., STMicroelectronics N.V., Ultralife Corporation, and Ultralife Corporation. Theseplayers concentrate on product innovation to develop state-of-the-art products,which is anticipated to help these companies capture a large share of themarket
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The sustainability aspects have dramaticallychanges the raw material sourcing strategies for many businesses in the Flexible Batteries Market. Players have become more responsibletoward reducing or managing the waste, are adopting material informaticsequipped with artificial intelligence (AI), and adopting energy-efficientproduction processes in order to maximize returns on invested capital.
Regulations, both region-specific andglobal, have made massive influence on the microeconomics of the materials andchemicals sector. Governments are intent on promoting the reduce the carbonfootprint of the entire chemical and materials manufacturing. As a result,forward-looking organizations in the FlexibleBatteries Marketare fervently looking for ‘green’ or low-carbon footprint processes across theentire the value chain. The trend has gained huge momentum from the growingawareness among customers of the affects that chemicals have on the ecology andenvironment.
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