According to a new report published by Allied Market Research, titled, “Flexible Electronics Market By Component, and Application: Opportunity Analysis and Industry Forecast, 2020-2027”, the flexible electronics market size was valued at $23.64 billion in 2019, and is projected to reach $42.48 billion by 2027, registering a CAGR of 7.4% from 2020 to 2027. Asia-Pacific is expected to be the leading contributor to the global flexible electronics market, followed by North America and Europe.
Flexible electronics are a new class of electronics that conform to any shape and are also bendable, stretchable, and twistable, enabling new capabilities, features, and products. The next-generation flexible electronics possess a wide range of applications including the measuring temperature gradients from our bodies and the environment, wearable and implantable bioelectronics that monitor health and makes diagnostics simpler using machine learning, harvesting energy from light through windows, cars, and clothing, and consumer electronics like folding phones and rollable displays. Flexible electronics enable rolling and bending of large area photovoltaics. It conforms into irregular shapes, twisting, folding, stretching, and deforming that is essential for devices in electronic skin, while maintaining device performance and reliability.
The rise in implementation of Internet of Things (IoT) majorly drives the growth of the flexible electronics market, as digitalization demands for connected devices and infrastructure. Moreover, increase in interest of government in the development of flexible electronics to establish a connected world and harness full potential of various applications such as safety & security, mobile health, transportation, and wearable technology among others is expected to boost the flexible electronics market growth. Furthermore, ease of integration of big data analytics and artificial intelligence with flexible electronics components are expected to provide lucrative growth opportunities for the market. However, cost constrain and lack of commercialization of new technologies are expected to hinder the growth of the market.
The flexible display segment was the highest contributor to the market in 2019. The flexible display and flexible memory segments collectively accounted for around 75.0% market share in 2019. Increase in adoption of flexible displays for smartphones, televisions, and infotainment systems is anticipated to enhance the flexible electronics market growth.
The emergence of COVID-19 has created significant opportunities for the global market growth. The pandemic generated considerably high demand for flexible electronics components used in medical equipment such as ventilators. Furthermore, partial or complete lockdown created huge demand for remote monitoring devices, which in turn increased the demand supply gap because of disrupted supply chain.
Region wise, the flexible electronics market trends have been analyzed across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific accounted for a major share of the global market in 2019, and is expected to dominate the market in terms of revenue during the forecast period, owing to presence of several leading market players in this region. North America holds the second largest share in the global flexible electronics market, and is expected to witness significant growth during the forecast period, owing to growing adoption of smart and portable electronics.
Key Findings of the Study
- In 2019, the flexible display segment accounted for the maximum revenue and is projected to grow at a notable CAGR of 9.1% during the forecast period.
- The flexible display and flexible memory segment together accounted for around 75.0 % of the flexible electronics market share in 2019.
- Consumer electronics segment contributed major share of 56.0% in the global market during 2019.
- China was the major shareholder in the Asia-Pacific flexible electronics market, accounting for more than 14.0% share in 2019.
The key players profiled in the report include Samsung Electronics Co., Ltd., Solar Frontier, Palo Alto Research Center Incorporated, LG Corporation, Cymbet Corporation, Blue Spark Technologies, Enfucell Flexible Electronics Co., Ltd., Imprint Energy, E Ink Holdings, and AU Optronics. These Market players have adopted various strategies such as product launch, collaboration & partnership, joint venture, and acquisition to expand their foothold in the flexible electronics industry.