Flexible Battery Market | COVID-19 pandemic has negatively impacted the smart packaging application segment

(IT-NEWSWIRE.COM, July 23, 2020 ) According to a new market research report “Flexible Battery Market with COVID-19 Update by Type (Thin-film, Printed), Voltage, Capacity, Rechargeability (Primary Batteries, Secondary Batteries), Application (Medical Devices, Smart Packaging), Region – Global Forecast to 2025″, the flexible battery market is projected to grow from USD 98 million in 2020 to USD 296 million by 2025; it is expected to grow at a CAGR of 24.7% from 2020 to 2025. The flexible battery industry is likely to exhibit lucrative growth potential during the forecast period.

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COVID-19 pandemic has negatively impacted the smart packaging application segment of the flexible battery market.

Based on application, the smart packaging segment held the largest size of the flexible battery market in 2019. Flexible batteries are flexible and lightweight. They can be rolled without any loss of energy and are easy to dispose of. Thus, smart packaging manufacturers prefer flexible batteries over conventional batteries, which are bulky and rigid. Increasing adoption of micro batteries by smart packaging manufacturers is expected to drive the growth of the smart packaging segment of the market during the forecast period. However, COVID-19 pandemic has created a major disruption in the smart packaging sector. This, in turn, has affected the smart packaging market globally. Restrictions on the movement of laborers are likely to place increased pressure on supplies of products. Meanwhile, delayed shipments have also resulted in wastes generated from perishable products. All these factors have adversely affected the demand for smart labels and smart packaging sector. This, in turn, has negatively impacted the growth of the flexible battery market for smart packaging.

The above 3V segment of the flexible battery market is projected to grow at the highest CAGR during the forecast period.

The demand for flexible batteries with a voltage of above 3V is expected to increase during the forecast period. Flexible batteries with a voltage above 3V offer higher power, longer life, and more safety than other flexible batteries. The applications of these batteries are increasing owing to the development of a number of compact electronic devices, which are generally bulky if conventional batteries are used. These batteries are used in consumer electronics and wearables. They are free from toxic materials such as noxious liquids or gases.

The use of portable medical devices during the COVID-19 pandemic led to significant demand for flexible batteries.

Currently, flexible batteries are increasingly being used in the medical devices industry, as several manufacturers are designing and offering flexible batteries to power temperature sensors, pacemakers, and smart patches. Technological advancements and penetration of IoT in the medical sector have generated opportunities for new battery-powered medical devices. Implantable medical devices, such as neural stimulators, pacemakers, and defibrillators, require batteries that can deliver steady, reliable power for a long duration of time. Flexible batteries meet such requirements owing to their excellent reliability and high performance. New versions of pacemakers, drug delivery systems, medical patches, medical diagnosis sensors, disposable medical devices, and biosensors use flexible and thin power sources. The size and the flexibility of flexible batteries perfectly comply with these requirements. Thus, the medical devices segment holds a significant share of the flexible battery market.

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Flexible Battery Market | COVID-19 pandemic has negatively impacted the smart packaging application segment