Flexible Battery Market : Global Demand Analysis & Opportunity Outlook 2024
Flexible Battery Market : Global Demand Analysis & Opportunity Outlook 2024
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Flexible Battery Market : Global Demand Analysis & Opportunity Outlook 2024
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In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Flexible batteries are designed for their flexible use in electronic devices such as toys, smart card, sensors and others. Compact and small sized electronic devices need small, stretchable and flexible batteries due to presence of less space for their installation in these devices. Most of the electronic items need a power supply which should be thin, flexible and adoptable to the design needs. Manufacturing of these batteries requires cheap mass production processes. With increasing use of flexible electronic devices and wearable appliances, flexible lithium ion batteries are the most attractive for flexible energy sources. Introduction of flexible paper batteries is anticipated to be the major factor behind the success of market at global level as it could open up possibilities for smart labels, medical devices and electronic displays in advertising. The paper battery distinguishes itself from other batteries in its use of carbon nanotubes, which is allowed for electrical efficiency and effective use of space.
Global flexible battery market is anticipated to reach around USD 470 Million by the end of 2024, witnessing a healthy compound annual growth rate over the forecast period.North America region is anticipated to dominate the global market followed by Asia Pacific. This can be attributed towards the high rate of adoption of emerging technologies in these regions. Europe market is expected to expand at a moderate rate over the forecast period.It has been notified that smart card and RFID segments by end-use dominated the flexible battery market in 2016 as these are widely accepted technologies. High adoption of smart card technology in transportation sector will further propel the growth of flexible battery market over the forecast period.
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Deep dive market analysis has been carried out on following product segments:-
Flexible batteries have a wide range of application in different sector, following end uses are thoroughly analysed in the report:-
Global Flexible Battery Market is further classified on the basis of region as follows:
Increasing use of electronic textiles along with rising adoption of wearable technology will further create a huge demand for flexible batteries in global market. Owing to the emerging technology in electronic devices, which has evolved from large desktop computers to pocket sized smart phones capable of running numerous applications, the need for small and flexible batteries are gaining the traction in the market, this will further boost the market growth over the forecast period.
Expansion of smart card technology in various fields is boosting the demand for flexible batteries all across the globe. Wireless sensors are catching the trend in the market; and thus found their wide range of application in various sector such as medical, construction and others. Increasing end use of flexible batteries will further uplift the market growth in next few years. However, technological advancement in these batteries has created various opportunities in the market which is likely to foster the growth in future.
Moreover factor such as charging, short life span of primary batteries, threat of substitution by emerging technologies are anticipated to hinder market growth over the forecast period i.e. 2017-2024.
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