- The flexible batteries market was was valued at $250 million in 2017
- Asia Pacific is anticipated to expand at a rapid pace during the forecast period for this sector
According to a report by Transparency market research, the global flexible batteries market is projected to expand at a CAGR of 30 per cent from 2018 to 2026. It was valued at $250 million in 2017.
The report said that that the reasons for this growth include rise in demand for flexible batteries from electronic manufacturers and assemblers. The report also added that the flexible batteries market in Asia Pacific is anticipated to expand at a rapid pace during the forecast period. This is due to increase in presence of electronic manufacturers and assemblers in this region.
Increase in production capacities
Other factors for this growth include increase in production capacities of manufacturing companies and assembly plants in this region. Rapid industrialisation and growing electronics industry in China, Japan, and South Korea are likely to boost the demand for flexible batteries in the next few years said the report.
As per the report, widespread deployment of IoT enabled smart wearable devices is likely to increase the demand for flexible batteries. It added that increase in demand for smart watches, fitness bands, smart glasses, smart video, photo devices and smart clothing will speed up the growth of the global flexible batteries market during the forecast period.
In medical field
Flexible batteries are used in medical patches and patient monitoring, transdermal drug delivery and accelerated healing devices. The increase in adoption rate of transdermal and medical patches for medical and pharmaceutical applications will also boost up growth in the flexible batteries market.
The report said that in terms of region, the global flexible batteries market can be segmented into North America, Europe, Asia Pacific, Latin America and Middle East and Africa. North America and Europe have a substantial share of the global market in flexible batteries market due to advancements in technology and extensive research & development activities in the field of flexible batteries.
