Battery Packaging Market Trends

Growth Drivers

• Rising Demand for Consumer Electronic Goods

Significant transformation has been observed in the field of consumer electronics in the past couple of decades. Several technological advancements have helped the consumer electronics industry to develop several new products which found wide acceptance amongst the consumers. Products such as smart speakers have changed the way how consumers  experienced music. Similarly, the development of juice pack access portable battery cases have helped users to transform their traditional battery packs to smart cases. Moreover, wide acceptance of smart wearable devices amongst consumers on the back of increasing concern for health, and other consumer electronic goods, such as drones, along with medical health devices, such as cardiac pacemakers, batteries are used in almost every consumer goods in varied form and shape. The growing demand for consumer electronics, coupled with technological advancements in consumer electronic goods is anticipated to raise the demand for a greater number of battery forms varying in size and shape, thereby generating the need for packaging of the varied forms of batteries. Such factors are anticipated to drive the growth of the global battery packaging market during the forecast period.

• Increasing Investments by Battery Manufacturers for the Production of Different Battery Types

Increasing investments across nations for the deployment of solar plants and wind mills on the back of growing concern for the environment amongst nations around the globe is anticipated to raise the demand for batteries that are deployed to store the electrical energy produced by the sustainable energy sources. Rising adaptation of smart cities across economies and the deployment of numerous IoT goods that are powered by batteries as an alternative storage source of energy to support the development of smart cities are anticipated to impact positively towards the greater consumption of batteries across the sector. The utilization of numerous forms of batteries across these sectors is thereby expected to raise the investments of battery manufacturers so as to mitigate the demand for the varied battery forms that are deployed in the various sectors. Such a factor is anticipated to drive the growth of the global battery packaging market in the upcoming years.

Challenges

• High Cost of Sustainable Technologies
  Sustainable technologies come at a cost. Owing to high price of products that run in the sustainable technology model the demand for battery for such products is anticipated to impact tremendously, thereby affecting the need for battery packaging. Such a factor is anticipated to hinder the growth of the global battery packaging market during the forecast period.