According to a new report, the global flexible batteries market was valued at US$ 250.0 Mn in 2017. Now, the global flexible batteries market is further projected to expand at a CAGR of 30.0% from 2018 to 2026.
The flexible batteries market in Asia Pacific is anticipated to expand at a rapid pace during the forecast period owing to the increase in presence of electronic manufacturers and assemblers writes Transparency Market Research (TMR) in a latest report.
Rise in production capacities of manufacturing companies and assembly plants in the region are likely to drive the demand for flexible batteries during the forecast period.
Increase in Demand for Smart Wearable Devices
Internet of Things (IoT) devices connect numerous objects to the internet. IoT devices, such as smart wearable devices, near-body electronics, on-body electronics, in-body electronics, and electronic textiles, are widely used to monitor, diagnose, gauge, navigate, and track applications. These wearable devices are powered by thin films and flexible batteries. Widespread deployment of IoT enabled smart wearable devices is anticipated to boost the demand for flexible batteries. Increase in demand for smart watches, fitness bands, smart glasses, smart video/ photo devices, and smart clothing is projected to propel the global flexible batteries market during the forecast period.
Growing Demand for Flexible Batteries in Health Care Applications
Flexible batteries are used in medical patches and patient monitoring, transdermal drug delivery, and accelerated healing devices. Transdermal patches are used for self-administered drugs through direct skin contact. Transdermal and medical patches provide pain relief, wound care, and cosmetic treatments owing to their efficient drug delivery rate. Rise in adoption rate of transdermal and medical patches for medical and pharmaceutical applications is expected to drive the flexible batteries market. Implantable medical devices, such as pacemakers, defibrillators, and neurostimulators, require flexible batteries that are produced using non-flammable electrolytes and organic composites. Flexible batteries have low manufacturing cost and long life cycle and hence, the demand for flexible batteries in implantable medical devices is projected to increase.
North America and Europe are at the Forefront of Global Demand
In terms of region, the global flexible batteries market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America and Europe account for a substantial share of the global market owing to the advancements in technology and extensive research & development activities in the field of flexible batteries. Demand for flexible batteries in Asia Pacific is anticipated to increase at a rapid pace in the near future due to the emergence of large OEMs, electronic component manufacturers, and electronic device assemblers in the region. Rapid industrialization and growing electronics industry in China, Japan, and South Korea are likely to boost the demand for flexible batteries in the next few years.