According to a new report published by Allied Market Research, titled, “Flexible Thin Film and Printed Battery Market By Chargeability and Application: Opportunity Analysis and Industry Forecast, 2020–2027”, the flexible thin film and printed battery market size was valued at $1,217 million in 2019 and is projected to reach $11,033.3 million by 2027, growing at a CAGR of 30.9% from 2020 to 2027. Asia-Pacific is expected to be the leading contributor to the global flexible thin film and printed battery market, followed by North America and Europe.
Flexible electronics is a potential method of creating intelligent, scalable products, with several new applications such as wearable electronics. The flexibility in the substrate, faster manufacturing process of printable circuits, and the reduced risk of disposal after use are some of the drivers of printed flexible electronics in the current scenario. Printed battery is one of the most promising applications of flexible electronics, having huge traction in the current scenario. The growing usage of smart objects such as RFIDs, stand-alone sensors, and others that require portable, non-bulky, and flexible power sources has been boosting the demand for flexible batteries.
Increase in IoT devices is majorly driving the growth of the flexible thin film and printed battery industry. Moreover, rise in demand for smart electronic products and increase in concern of government on flexible electronics is expected to boost the flexible thin film and printed battery market growth. Furthermore, surge in printed electronics, and increased production and demand for rechargeable batteries are expected to provide lucrative growth opportunities. However, lower energy density and cost constraints are expected to hinder the flexible thin film and printed battery market growth.
Currently, flexible batteries are majorly employed in applications wherein the power is utilized for single use and does not need to be recharged. Personal care, cosmetic patches, sports equipment, and pharmaceutical & medical devices are major beneficiaries for the non-rechargeable, flexible batteries market. The market for rechargeable flexible batteries is expected to grow with the development in technology, which can harness the capacity of the battery.
By region, the flexible thin film and printed battery market trends have been analyzed across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific accounted for a major share of the global flexible thin film and printed battery market in 2019 and is expected to dominate the market in terms of revenue during the forecast period, owing to significant number of market players and growth in demand for smart consumer electronics.North America region holds the second largest share in the global flexible thin film and printed battery market and is expected to witness significant growth during the forecast period, owing to increasing demand for wearable devices.
Key findings of the Study:
By chargeability, the non-rechargeablesegment accounted for the maximum revenue in 2019 and is projected to grow at a notable CAGR of 29.8% during the forecast period.
By application, the consumer electronics segment accounted for approximately25.0% of the flexible thin film and printed battery market share in 2019.
The wearable technology segment is estimated to witness highest CAGR during the forecast period.
Chinawasthe major shareholder in the Asia-Pacificflexible thin film and printed battery market, accounting for more than 30.0% share in 2019.
The key players profiled in the flexible thin film and printed battery marketreport include Blue Spark Technologies, Brightvolt, Inc., Cymbet Corporation, Excellatron Solid State, Inc., Imprint Energy Inc., Jiangsu Enfucell Flexible Electronics Co., Ltd., Panasonic Corporation, Prologium, Samsung SDI, and STMicroelectronics. These key players have adopted various strategies such as product launch, collaboration &partnership, joint venture,agreement, and acquisition to expand their foothold in the flexible thin film and printed battery market.