(MENAFN - GetNews) According to report published by Grand View Research,Inherent properties of flexible, printed and thin film solid-state batteries that include high energy density, lighter weight, longer lifespan, improved safety performance and their application in wearable devices, medical equipment, and smart cards are expected to drive their demand in the market.
According to a report, ' Flexible, Printed And Thin Film Battery Market Size, Share & Trends Analysis Report By Battery Type (Rechargeable, Disposable), By Application (Consumer Electronics, Smart Cards, Medical), By Region, And Segment Forecasts, 2019 - 2025 , published by Grand View Research, Inc.,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.
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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.
Wearables application segment for these printed batteries accounted for 30.7% of the market share in 2018. The growth of the segment can be attributed to the growing demand for wearable electronics and small energy storage sources. Moreover, compact size and light weight of wearable batteries are likely to maximize their penetration rate.
Medical application segment is likely to grow significantly over the forecast period owing to increasing usage of disposable medical equipment and devices. Smart card thin film, flexible batteries are widely used in transportation, healthcare, banking and credit cards, and information security.
Consumer electronics segment is projected to ascend at a CAGR of 39.6% over the forecast period. Widespread implementation of flexible, printed and thin film battery in tablets, smartwatches, television, washing machines, refrigerators, and residential & portable electronics is likely to propel its demand in the market over the forecast period.
Battery manufacturers are focusing on low-cost manufacturing processes such as using high-density plasma for material deposition to meet the rising demand for rechargeable flexible and thin film batteries for their use in electronic segment. Moreover, stack of thin film cells is assembled to function as an advanced battery for several hand-held devices such as smartphones. These practices are expected to improve the product marketability over the coming years.
The market in North America was valued at USD 2.1 billion in 2018, with the U.S. being the major contributor to the market revenue generation. Rising adoption of EMV chip card technology, embedded energy, power back-up, and rechargeable power is expected to enhance the penetration of the product across the country.
Germany is anticipated to witness substantial growth over the forecast period. Growing investments in high-quality medical equipment including diagnostic imaging, optical technologies, and dental products are expected to majorly drive the regional growth. Government regulations favoring the use of solar panels for electricity generation are likely to further prompt market growth.
Flexible, printed and thin film batteries market in the U.K. is the second-largest contributor after Germany and accounted for over 22.8% of the regional revenue share in 2018. Growing adoption of smart cards and automation in disposable medical devices are likely to fuel the business growth. Furthermore, rising demand for mobile electronic devices and advancements of security systems are likely to complement the industry growth.
Asia Pacific is expected to emerge as the fastest-growing regional market over the forecast period, registering a remarkable CAGR of 43.6%. Growing electronic manufacturing industry due to large consumer base and expanding applications in emerging countries such as China, Japan, India, and South Korea are likely to bolster industry growth across the region.
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Grand View Research has segmented the global Flexible, Printed and Thin Film Battery market on the basis of battery type, application, and region:
Battery Type Outlook (Revenue, USD Million, 2014 - 2025)
Application Outlook (Revenue, USD Million, 2014 - 2025)
Regional Outlook (Revenue, USD Million, 2014 - 2025)
Central & South America
Middle East and Africa
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Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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