The growing technological advancements in IoT-based devices and the growing miniaturization of electronic devices are expected to drive the growth of the global flexible Battery market. The global flexible battery market was valued at USD XX Mn in 2018 and is expected to reach USD XX Mn by 2026, growing at a CAGR of 40.5% during the forecast period.
Flexible Battery is both primary and secondary batteries that are designed to be flexible and conformal, unlike traditional rigid ones. The main characteristic of a flexible battery is that it can maintain its shape even against continual twisting or bending. The demand for the flexible battery is increasing owing to the rising demand for portable and flexible electronics and increasing deployment in products such as wearable electronics, flexible displays, transdermal drug delivery patches, smart cards, and novelty packaging, others. The increasing replacement of conventional batteries with flexible batteries in the production of advanced technology products is also one of the major factors to drive the growth of the global flexible battery market.
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Apart from these, the benefits offered by flexible battery such as improved power efficiency, elongated battery life, eco-friendly nature and ease of applications are major driving factors for the market. Further, the surge in the rate of adoption of IoT-enabled wearable electronic devices for diagnosing, tracking applications, monitoring, gauging and navigating is going to drive the demand for flexible battery during the forecast period.
Additionally, companies are investing a big amount on research and development of flexible electronic products and thereby the development of flexible batteries to power those devices. For instance, in May 2019, Jenax has created a flexible, fast charging, rechargeable lithium-ion polymer battery “J.Flex” to meet the demand for next-generation devices such as wearable and IoT devices.
However, high-cost associated with these batteries and the availability of low-cost options are expected to impede the growth of the global flexible Battery market.