Global Thin Film and printed battery Market Thriving: Likely to Grow at a CAGR of 24.0% by 2027
Published | 27 September 2021
Global thin film and printed battery market is growing at a high CAGR because of the emerging and expanding application of thin film and printed batteries in implantable medical devices, such as tiny defibrillators, and other smart devices, such as smart cards, radio frequency identification (RFID), sensors, etc.
A recent study conducted by the strategic consulting and market research firm BlueWeave Consulting revealed that global thin film and printed battery market was worth USD 98.2 million in the year 2020. The data yielded by the study reveals that the market is estimated to grow at a CAGR of 24.0%, earning revenue of around USD 442.0 million by the end of 2027. The global thin film and printed battery market has grown due to factors such as the increasing production of IoT devices and sensors and technological advancements in solid-state lithium-ion batteries. Thin film and printed battery manufacturers are experiencing growth due to the growing demand for lightweight, flexible, and thin batteries for certain consumer electronics and implantable medical devices. However, the small size of thin-film and printed batteries may limit the growth of the market because of their limited energy density and power capacity.
Technological Advancements in Thin Film and Printed Battery is Driving Market Growth
With the demand for batteries and other electric devices growing, investments are being made to make thin-film and printed batteries more technologically advanced. For instance, using low resistance electrode/solid electrolyte interfaces, scientists from Tokyo Tech Company and Tohoku University have developed batteries with less resistance to tackle the disadvantage of all-solid-state batteries. According to recent studies, lithium-ion battery prices have declined dramatically by more than 97%. Their production capacity is expected to triple by 2025, while the cost per kilowatt-hour will drop below USD 100. Innovations like these are expected to spur the market in the forecast period.
Secondary Batteries are Powering the Global Thin Film and Printed Battery Market
Based on rechargeability, the global thin film and printed battery market is segmented into primary batteries and secondary batteries. The demand for secondary batteries is very prominent in the global thin film and printed battery market. That’s why this segment holds the largest market share. Rechargeable batteries, also known as secondary batteries, can be recharged and discharged multiple times. Electronic waste and improper disposal of batteries have very lethal effects on the environment, which has driven the demand for secondary batteries in electronic devices.
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Consumer Electronics Segment is Fueling the Growth of the Global Thin Film and Printed Battery Market
Based on applications, the global thin film and printed battery market is segmented into consumer electronics, wireless sensors, medical devices, smart packaging, smart cards, and others. Consumer electronic products account for most of the market share as thin film and printed batteries are commonly used in portable devices like wearables. The burgeoning consumer electronics industry in emerging economies like China and India is significantly influencing the growth of the global thin film and printed battery market. Moreover, the growing demand for these battery types in implantable medical devices such as pacemakers is driving the thin film and printed batteries market in the Asia Pacific.
North America Holds the Largest Market Share
Geographically, the global thin film and printed battery market is0 segmented into North America, Europe, Asia-Pacific, Latin America, Middle-East & Africa. The largest market share belongs to North America. It is, however, projected that the Asia-Pacific will witness the highest CAGR during the forecast period. The growing manufacturing capacity of consumer electronics and medical devices in emerging economies like China, India, Japan, etc., is driving the demand for thin-film and printed batteries in these countries. In addition, the growth of the market is fueled by the production of solid-state batteries in the Asia-Pacific region.
Impact of COVID-19 on Global Thin Film and Printed Battery Market
The global thin film and printed battery market were negatively affected by the COVID-19 induced pandemic. The lockdown imposed by countries to halt the spread of the virus completely halted manufacturing and production operations. There was a sharp decline in the demand for thin film and printed batteries as a result. The acute shortage of chips in the market is still hindering market growth even in the post-COVID-19 period. As a result, a huge demand and supply gap for consumer electronics has been created, which is impacting the growth of the global thin film and printed battery market.
The leading players in the global thin film and printed battery market are Blue Spark Technologies, STMicroelectronics, Brightvolt, Inc., Samsung SDI Co Ltd, Cymbet Corporation, Prologium, Excellatron Solid State, Inc., Panasonic Corporation, Jiangsu Enfucell Flexible Electronics Co., Ltd., Fullriver Battery New Technology Co., Ltd., Apple Inc., LG Chem Ltd., Enfucell Oy Ltd., Ultralife Corporation, Prelonic Technologies, Flexel, Molex, and other prominent players.
The market is highly fragmented, with the presence of several industry players. The companies invest heavily in R&D, innovations, and improving the power capacity of their products. They also focus on regional penetration to extend their consumer base. Furthermore, the adoption of competitive strategies like mergers, acquisitions, partnerships, collaborations, etc., is also very prominent in the market.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global thin film and printed battery market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the global thin film and printed battery market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
BlueWeave Consulting provides comprehensive Market Intelligence (MI) Solutions to businesses regarding various products and services online and offline. We offer all-inclusive market research reports by analyzing both qualitative and quantitative data to boost up the performance of your business solutions. BWC has built its reputation from the scratch by delivering quality inputs and nourishing long-lasting relationships with its clients. We are one of the promising digital MI solutions companies providing agile assistance to make your business endeavors successful.
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