Flexible, Printed & Thin Film Battery Market Worth $67.1 Billion By 2025
The global flexible, printed and thin film battery market size is expected to reach USD 67.1 billion by 2025, accelerating at a CAGR of 39.7% over the forecast period, according to a new report by Grand View Research, Inc. Rising adoption of wearable devices including watches, smart glasses, and fitness trackers is likely to strengthen the growing demand for flexible, printed and thin film battery over the forecast period.
The market is primarily driven by increasing demand for small, flexible, thin, and low-weight devices with higher lifetime and efficient micro energy storage capacity. Growing adoption of such printed, flexible battery in medical applications, consumer electronics, smart cards, and sensors is further expected to complement the growth of the industry. Furthermore, advancements in wearable sensor technology, IoT innovation trends, and mobile cloud computing are expected to positively impact market growth over the forecast period.
Most wearable applications such as smart devices and smart fabrics require flexible, ultra-thin, durable battery, which, in turn, is boosting the product demand. Smart cards application segment accounts for a significant share of the market. Transaction security, logistics, material management, access control, and inventory tracking are the key application areas of smart cards. Flexible, printed and thin film batteries are extensively used in several medical applications including printed batteries for transdermal skin patches and micro-power thin film batteries for disposable healthcare devices. The penetration of thin film, lightweight batteries in medical devices is estimated to register a significant growth rate due to the increasing demand for portable medical equipment.
Industry participants are focusing on advanced manufacturing techniques to increase product penetration in the market. For instance, Europe-based Imec manufactures a 3D thin-film battery constructed over a structured substrate instead of a planar substrate to provide enhanced energy density and usage of low ionic conductivity electrolyte materials. This technique is expected to aid in lowering the per-unit cost of flexible, printed and thin film batteries, which may otherwise hinder the market growth.
Collaborations between electronic manufacturers & battery manufacturers are likely to fuel the growth of consumer electronics segment. Declining cost of rechargeable batteries is expected to further drive the market growth in low-power applications such as smart cards RF-ID tags. In Asia Pacific, China occupies the largest share in printed, thin film batteries market owing to rising adoption of IoT along with the growing demand for portable electronic devices.
Further key findings from the report suggest:
- Wearable devices segment grabbed the largest revenue share of the market and was valued at USD 2.0 billion in 2018 owing to the rapid advancements in wearable technology
- Consumer electronics is likely to be the fastest-growing segment, escalating at a CAGR of 39.6% over the forecast period owing to large consumer base for electronic industry globally
- Rechargeable segment is anticipated to attain significant value of USD 32.3 billion by 2025 owing to increased use of rechargeable batteries in portable consumer electronic devices
- The flexible, printed and thin film battery market in Asia Pacific was valued at USD 2.0 billion in 2018 and is likely to witness substantial growth rate owing to an increase in manufacturing of electronics in emerging countries
- Enfucell, BrightVolt, STMicroelectronics, Cymbet, Blue Spark Technologies, Imprint Energy, Printed Energy Pty Ltd., Jenax Inc, Ilika, and Excellatron are some of the significant participants of printed, flexible, thin film battery industry.