The advent of portable consumer electronics and medical devices, and advancement in segments such as packaging and smart cards, has increased the demand for flexible battery in the market. Flexible batteries help products to be light weight, safe, and flexible. Flexible batteries have the ability to be recharged which makes them compatible with many applications. These batteries can also be stacked one over the other to increase its voltage and power supply, making the batteries capable of providing enough energy required for heavy devices. The demand for flexible batteries is expected to increase and grow further because of the advantages of the flexible batteries.
North America held the largest share of the flexible battery market, followed by Europe; however, the market in APAC is expected to grow at the highest CAGR between 2015 and 2020. Moreover, APAC is expected to become the second-largest market for flexible by 2020, replacing Europe. North America and Asia-Pacific are the key revenue pockets in the flexible battery market.
Flexible Battery Market
North America accounted for the largest market share of ~35% in 2014. The advancement of packaging industry in this region is leading to the integration of sound and display text, RFID tags, and smart labels in packages which require flexible and thin battery to supply power for their working. Additionally, the wireless communication application is expected to evolve over the coming years, because of the emerging development in the field of Internet of Things and the growing popularity of wireless devices is expected to lead to the rise in demand for these devices, which would in turn increase the need for flexible battery for the same. Further, the U.S. government has provided an ideal environment for research and innovation which has facilitated massive advancements in the fields of flexible battery. Blue Spark Technologies, Inc. (U.S.), Paper Battery Co. Inc. (U.S.), BrightVolt Inc. (U.S.), Flexel LLC (U.S.), Front Edge Technology, Inc., (U.S.), and Ultralife Corporation (U.S.) among the others are key players in the region.
The flexible battery market is growing rapidly in APAC and it is expected to grow at a CAGR of 60.13% between 2015 and 2020. Further, the APAC region is likely to surpass the market in the Europe by 2020. It is expected to account for the market share of ~32% in 2020. The APAC region is expected to have a significant growth potential in the coming years; this is mainly attributed to the increasing innovations and new product developments by key players in the region.
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Major consumer electronics manufacturers such as Samsung SDI Co. Ltd. (South Korea), LG Chem Ltd. (South Korea), and others based in this region are developing advanced flexible batteries to power their portable devices which require flexible and thinner power sources to complement the design of their product. Furthermore, China is a developing economy and has a tremendous manufacturing capacity for consumer electronics, which is one of the emerging applications for flexible battery. These factors are contributing to the growth of the flexible market in the Asia-Pacific region.
