Increasing adoption of micro stretchable batteries by smart packaging manufacturers is expected to drive the growth and of the stretchable battery market segment in the upcoming years. Also, these flexible batteries are used in consumer electronics and energy harvesting systems as these systems require power sources to improve their functionalities and these stretchable batteries have the capacity range, which is expected to be adopted significantly in numerous applications of electronic goods. Also, with advancements in smart packaging, wearable devices, and smart card in the countries of North America, the market segment is having a significant amount of growth. Also, in COVID-19 pandemic, various medical appliances are used to measure body temperature using flexible batteries and hence, demand for the same has boomed recently.
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Market trends
- The demand for above 3V battery segment to witness a boost
- The demand for stretchable batteries with a voltage range of above 3V is expected to increase in the upcoming years. Stretchable batteries with voltage of 3V offer higher power, longer life, and more safety than the traditional batteries. The application of these batteries is increasing owing to the development of several compact electronic devices, which are generally bulky if conventional batteries are used. These batteries are used in consumer electronics and variables and are free from toxic materials such as noxious liquids or gases.
- Use of portable medical devices during COVID-19 pandemic has led to the demand for the batteries.
- Currently, the stretchable batteries are increasingly used in medical devices industry as several manufacturers are designing and offering stretchable batteries to power temperature sensors, pacemakers, and smart patches. Implantable medical devices such as neural stimulator, pacemakers require battery that can deliver a steady reliable power for a longer duration of time and stretchable battery fulfil such requirements owing to their excellent reliability and high performance.
- Deregulation in utility sectors has created new areas to explore.
- Government has always had an upper hand on utilities, in fact monopoly. Deregulation of the sectors has resulted in greater eligibility for private sector toward participation in the electricity utility industry services like power generation and operations rather than just providing traditional electricity utility services.
Key Market Players
- Samsung SDI, LG Chem
- Enfucell Oy Ltd.
- Blue Spark Technologies
- Apple, Inc.
- Panasonic Corporation
- Ultralife Corporation
- BrightVolt
- Imprint Energy
- Energy Diagnostics
- Prologium Technology Co., Ltd.
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Key Benefits of the Report
- This study presents the analytical depiction of the stretchable battery market industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the stretchable battery market share.
- The current market is quantitatively analyzed from 2020 to 2030 to highlight the stretchable battery market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed stretchable battery market analysis based on competitive intensity and how the competition will take shape in coming years.
Covid-19 Impact Analysis
- The coronavirus’s unfavorable global effects are already evident, and they will have a big impact on the stretchable battery market in 2020.
- The World Health Organization has declared a public health emergency after the COVID-19 virus outbreak in December 2019. The disease has spread to over 100 nations and resulted in massive deaths across the world. Exports & Imports, global manufacturing, tourism, and financial sectors have all been heavily damaged.
- The downward pressure on the global economy, which had previously shown signs of improvement, has escalated once more. The outbreak of the virus has added danger factors to the international economy’s already sluggish development. Many international groups have stated that the global economy is experiencing its most difficult moment since the financial crisis.
- Since the pandemic, the restriction of imports and exports has affected stretchable battery market to a great extent as the consumers’ consumption and demand patterns are changing amidst pandemics. Issues such as raw material unavailability, stagnation of the global trade and subsequent delays in installation are estimated to increase the prices, which will prove to be a significant obstacle that the industry will have to adapt to. This rise can cause project delays, which in turn, would again cause a spike in prices.
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