The global flexible thin film and printed battery market size was valued at USD 2088 million in 2021 and is estimated to reach an expected value of USD 23723 million by 2030, registering a CAGR of 31% during the forecast period (2022 – 2030).
The emergence of technologies like flexible electronics and wearable electronics has increased the demand for complementary batteries. Currently, curved or flexible screens in televisions, smartphones, and smartwatches require both thin and flexible batteries. Many battery technology providers offering flexible, thin film, and printed batteries have considered these criteria. The flexible thin film and printed battery markets have lately been joined by well-known players Panasonic, Samsung, and Sony. The increased participation of corporate behemoths in this sector demonstrates how the market's competitive environment is changing.
Batteries with the ability to bend are said to be flexible batteries. Flexibility is produced by manufacturing the conducting additives on a flexible substrate using methods like printing or chemical deposition. Flexible batteries use thin metal foil or ink as current collectors. Flexible batteries are divided into rechargeable and non-rechargeable batteries based on the materials used. Due to the present trend of product shrinking and the expansion of IoT, flexible thin film batteries and printed batteries have become increasingly common. The flexible thin film & printed battery market is expected to increase due to various application verticals, whose technological advancements are expected to outpace those in wearable technology, medical & cosmetic, packaging, and consumer electronics.
|Market Size||USD 23723 million by 2030|
|Fastest Growing Market||North America|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, Environment & Regulatory Landscape and Trends|
Rise in IoT
The rise of the Internet of Things has been significantly influencing the technical, social, and economic stature of everything, along with the application dynamics in the present time. The ambitious project of establishing a connection between 100 billion devices by 2025 presents a sustainable need for other components required to support the growth. The use of sensors, implementation of technologies, and a compatible power source to run emerging applications can be listed as some of the components of IoT.
The considerable rise in demand for sensors to operate IoT-connected devices and the source to power them enables the growth of flexible, thin, and printed batteries. Also, there is a growing demand for power devices operated with sensors. The figures below display the increasing utility of sensors across various applications, which help the flexible battery usage.
Growing Demand for Smart Electronic Products
The adoption of smart electronic products, including smartwatches, flexible phones, and slimmer and foldable laptops, has been driving the demand for flexible batteries. The implementation of MEMS and the emergence of NEMS in sensor technology have put forward the need for smart power sources which can be compatible with miniaturized products.
For the same, batteries with characteristics such as moldable shape per need, ability to act as high-energy batteries and supercapacitors, and others are required. Since flexible batteries are the only power source that can be integrated in the desired way, they have become the most suitable option in the market. Therefore, the need for smart electronic products utilizing the emerging sensor technology is driving the flexible thin film & printed battery market.
Lower Energy Density
There are quite a few application field where the usage of flexible batteries is yet to be discovered, primarily due to the low energy density. The thickness of the material and total electrolyte loading are the factors responsible for the energy density of flexible batteries. The applications requiring high capacity and high energy density use a secondary lithium battery. The mechanical and electrical properties must be kept in mind for the flexible batteries to replace the currently used batteries. With the help of R&D, the energy density of flexible batteries can be optimized to a greater extent. However, the lower energy density is acting as an inhibitor for the flexible battery market in high-end applications.
Growth in Printed Electronics
The printing technology can be used independently to produce printed batteries, but the full potential of printed batteries can be harnessed by integrating them with other printed devices. This is one of the key reasons for the proliferation of printed flexible batteries across various applications like RFID. Moreover, the applications associated with flexible electronics are growing intensely and are expected to take up high speed in the future. The figure below provides a picture of the potential growth of flexible electronics across various applications.
Based on region, the global flexible thin film and printed battery market are segmented into North America, Europe, Asia-Pacific, and LAMEA.
Asia-Pacific was the highest contributor to the market and is estimated to grow at a CAGR of 32.9% during the forecast period. The Asia-Pacific region comprises some of the biggest as well as fastest-growing economies on the global level. Being home to some of the most extensive semiconductor and electronics companies in the world, such as Samsung Electronics (South Korea), LG Electronics (South Korea), Sony Corporation (Japan), and Taiwan Semiconductor Manufacturing Company (Taiwan), among others, Asia-Pacific holds a strong position in this market. The opportunities for innovation and the implementation of technologies associated with these are expected to be taken up faster in the region. Many companies and universities in this region have engaged their resources to develop next-generation battery technology, such as flexible and ultra-thin batteries. In 2019, Sanyo Chemical Industries Ltd. developed a resin-based flexible and ultra-thin battery that overcomes the hazardous nature of lithium-based batteries. Another firm from South Korea, Jenax, developed an advanced lithium-ion battery, which is ultra-thin, flexible, and rechargeable. The flexible battery market finds enormous opportunities in the emerging economies of the Asia-Pacific region, especially in India and other South Asian countries. Due to a large consumer base and extreme emphasis on manufacturing growth, the flexible battery market for India can be explored. This development will promote the country and contribute to the growth of the overall flexible battery market in Asia-Pacific.
North America is the second largest region and is predicted to reach an expected value of USD 6390 million by 2030, growing at a CAGR of 30.5% n terms of housing the companies operating in flexible electronics; North America leads the queue. Many companies operating in flexible batteries are present in North America and thus provide ample opportunities for flexible electronic products, including flexible, thin film, and printed batteries. Owing to technological advancement, the adoption rate of emerging technologies is higher in the countries of North America, such as the U.S and Canada. The companies in the North American region in flexible batteries are consistently involved in developing smarter solutions to cater to emerging applications. Some of the key companies operating in the North American region are BrightVolt Inc. (U.S.), STMicroelectronics N.V. (Switzerland), and Paper Battery Co. Inc. (U.S.). Potential growth in portable electronics and wearables, flexible thin film, and printed batteries is gaining momentum in North America. Leading players of flexible batteries from other regions export to the U.S. manufacturers of wearables, especially for medical devices.
Europe is the third largest region. Owing to the development in microelectronics which sets the trend for the miniaturization of intelligent and smart products, the flexible battery market in Europe is growing. The growth of fundamental indicators of the economic development of Europe presents an optimistic picture for the region's overall growth. These fundamentals are GDP, inflation, and the rate of unemployment. The overall trend for flexible battery market in Europe can be concluded as progressive, with major contributions from the countries such as France, Germany, Russia, and the U.K. The growth of the European flexible battery market is expected to be high due to the efforts to promote technological change in electronics products and telecommunication along with the Internet of Things.
Moreover, with the recovering economy of the region, the emphasis on technological innovation is anticipated to be high. In 2018, ENrG Inc. and ITN Energy Systems developed a new thin and flexible solid-state lithium rechargeable battery (SSLB) for the applications of flexible electronics, smart wearables, and healthcare devices. With an upsurge in the adoption of wearable technology in Europe, researchers from Fraunhofer IZM developed a smart wristband using flexible batteries. Flexible batteries are foreseen to be approached to keep up with the requirements of the imminent applications of IoT and electronics.
The global flexible thin film and printed battery market are analyzed by application, chargeability, and region.
By chargeability, the global flexible thin film and printed battery market is fragmented into rechargeable and non-rechargeable. The non-rechargeable segment was the highest contributor to the market and is estimated to grow at a CAGR of 30% during the forecast period. The batteries, which cannot be reused and are discarded since inactive phases are formed after one use, are categorized as primary or non-rechargeable batteries. Due to their diverse applications, these batteries have highly increased in the flexible battery market. Currently, the applications using disposable flexible batteries are leading compared to those requiring rechargeable batteries. Medical devices, entertainment & electronic devices, and sports equipment are some areas where disposable flexible batteries are used. The companies operating in the non-rechargeable flexible battery market are intensively involved in product launches and showcasing the products at various shows and events. Such factors propel the segment growth.
The rechargeable segment is the second largest. There are few strategies for this segment to witness tremendous growth. The market players are actively involved in developing the flexible battery materials for electrodes. For instance, market players such as Imprint Energy and Power Stream Technology have developed rechargeable flexible batteries. Imprint uses Zinc Polymer chemistry for its batteries. The efforts by these companies are expected to cast away the issue of limited commercial extension of rechargeable flexible batteries, thereby fueling the flexible thin film and printed battery market growth. In addition, the growing industry demand for portable electronics and wearable technology is developing the rechargeable battery market. The portable electronic segment, especially consumer electronics such as mobile phones, and tablets, is expected to be flexible and curved during the forecast period and anticipated to have a surging demand for high energy density, thus becoming the most significant beneficiary of the rechargeable flexible thin film & printed battery market.
Based on application, the global flexible thin film and printed battery market is segregated into consumer electronics, energy harvesting, pharmaceutical & medical devices, packaging, smart cards, wearable technology, and others. The consumer electronics segment dominated the market and is estimated to grow at a CAGR of 34.9% during the forecast period. Although comprehensive integration of flexible batteries is yet to be achieved, using flexible batteries in consumer electronics will enable new features in such devices beyond traditional capabilities. These abilities include thinness, printability, and flexibility. The consumer electronics giants like Samsung, LG, Lenovo, and Panasonic Corporation have been involved in developing flexible batteries. For instance, Panasonic Corporation developed a rechargeable flexible Lithium-ion Battery with a thickness of 0.55mm in September 2016. The contribution of consumer electronics companies toward developing flexible batteries for the new design of cell phones, which may be curved, flexible, and can be wrapped around the wrist, is helping the flexible battery market to witness growth. With the evolution of battery technology, efforts to increase energy density can be realized for practical applications. Therefore, flexible batteries can be integrated into consumer electronic devices.
The pharmaceutical & medical devices segment is the second largest. Flexible battery providers have shown significant presence in the pharmaceutical, medical and healthcare verticals. Blue Spark Technologies and Enfucell Oy are some market players who have taken the lead in providing flexible batteries for transdermal patches, drug monitoring, and wearable medical devices. The pharmaceutical and healthcare industry increasingly uses transdermal patches for self-administered drug delivery. These patches utilize thin, flexible batteries. Thus, over 50% of injectable drugs have been delivered by battery-operated patches since 2016. This provides the trend for the utilization of flexible batteries in pharmaceutical and medical devices and supports the growth of the flexible battery market.