14-December-2018: According to a report published by Grand View Research, Inc.; the flexible electronics market is expected to reach a valuation of around USD 87.21 billion by 2024.
Increasing demand for for compact and light-weight electronic devices can propel the market over the forecast period (2013 to 2024). In addition, increasing government expenditure is also expected to support the market growth.
Several advantages associated with it such as ruggedness, light-weight, portability, and low-cost of manufacture as compared to rigid substrates are expected to fuel the market growth. These devices pose high demand in gaming and entertainment industry due to their ability to curve, flex, roll, fold, and conform to provide a spontaneous user interface.
The market is expected to perceive the integration of wearable technology with flexible electronics due to increasing technological developments. Increasing demand for smartphones, smart watches, smart glasses, e-papers, and e-books are likely to boost the demand for this technology in the coming years. Since, the technology enables electronic systems to be the technology facilitates electronic systems to be rolled, flexed, and stretched that helps to design portable, compact, and miniature device. In addition, organic electronics will also offer opportunities sensors in non-display applications such as contactless control, biometric sensor arrays, and gesture recognition.
However, increasing competition with other commercialized technologies including LED, LCD, among the others are likely to hamper the market growth.
Worldwide flexible electronics market can be segmented on the basis of components, application, and region. Based on component, the market can be categorized into display, memory, sensors, battery, and others. The display segment estimated for the highest revenue of over 50%. The segment is anticipated to expand at a CAGR of more than 16% during the forecast period. Features such as better power efficiency and fast microsecond on/off pixel switching rates are likely to support the segment growth. Increasing applications in e-reader, smartphones, notebooks, laptops, and desktops, is likely to growth of the segment in the coming years.
The battery segment is projected to expand at CAGR over 15% during the study period. Growth of internet of things (IoT) and its execution in wearables and environmental sensors, and energy efficient products are expected to boost the segment.
As per application, the market can be bifurcated into consumer electronics, industrial, automotive, healthcare, and others.
In 2015, The wearable devices segment estimated for over 40% of the total revenue. The segment is expected to display healthy growth over the forecast period due to surge in demand for fitness or activity trackers for tracking physical activity, heart rate, and sleep.
The healthcare segment is likely to witness a steady growth at CAGR of over 8% during 2016 to 2024. This growth can be attributed due to growing usage in x-ray detectors, lab-on-chip devices, light therapies, healthcare photonics, health monitoring devices, and smart plastics.
Geographically, the market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa.
In 2015, North America estimated for over 30% of the overall revenue. Factors such as presence of established players, availability of technologically advanced process technologies, and equipment and intellectual property related to flexible electronics are likely to drive the regional growth over the forecast period. Presence of several research universities, which are involved in research projects are also expected to support the growth in the region.
In 2015, Asia Pacific accounted for over 20% revenue share of the total market. This region is likely to show rapid growth at a CAGR more than 17% during 2016 to 2024. This growth can be attributed to the presence of several major companies with high manufacturing capabilities.
In 2015, European market was valued over USD five billion. Numerous subsidized projects carried out in countries such as Germany, the UK, Belgium, Netherlands, and Finland to boost the advancements in technology. This is also driving the growth in this region.
Key companies operating in the market include E Ink Holdings Inc.; ITN Energy Systems Inc.; Thinfilm Electronics ASA.; Samsung; and GE Measurement & Control Solutions.
In-Depth Research Report On Flexible Electronics Market:
https://www.grandviewresearch.com/industry-analysis/flexible-electronics-market
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