Thin Film and Printed Battery Market is expected to reach US$ 904.94 million by 2030
Rising Demand for Connected Devices to Drive Thin Film and Printed Battery Market Growth During 2022–2030
According to our latest market study on "Thin Film and Printed Battery Market Size and Forecast (2020–2030), Global and Regional Share, Trend, and Growth Opportunity Analysis – by Voltage Rating, Chargeability, and Application," the thin film and printed battery market was valued at US$ 197.31 million in 2022 and is anticipated to reach US$ 904.94 million by 2030; it is estimated to record a CAGR of 21.0% from 2022 to 2030.
Wearable devices, such as smart glasses, virtual reality headsets, smartwatches, and fitness wristbands, are becoming increasingly popular among consumers. These devices serve various purposes, including activity tracking and health monitoring. The growing demand for wearable devices drives the need for thin and durable batteries. The application areas of wearable devices are expanding beyond consumer electronics to include medical devices and wireless communication devices. In addition, the medical sector holds significant growth potential for thin film and printed batteries, particularly in wearable medical devices and wireless healthcare monitoring systems, as the sector undergoes a technological transformation.
Thin Film and Printed Battery Market Analysis – by Geography, 2022
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The market for wearable technology is characterized by continuous product innovation, with frequent product launches and advancements. Therefore, the development of flexible and ultra-thin batteries, such as thin film and printed batteries, is crucial to meet the high flexibility and design requirements of wearable devices. For instance, in February 2023, in the Indian market, the shipping of wearable devices, such as fitness-tracking bands, smartwatches, and true-wireless earbuds, achieved a significant milestone by surpassing 100 million devices in a single calendar year. This accomplishment was accompanied by an impressive year-on-year shipment growth rate of 46.2% for the segment. Notably, both smartwatches and earbuds experienced a substantial increase in consumer demand throughout the year, indicating a strong and growing interest in these products. These smart wearable devices require thin film and printed batteries to power their real-time clocks, ensuring uninterrupted operation even during power outages. Hence, the increasing demand for wearable devices is expected to be an important thin film and printed battery market trend worldwide.
Asia Pacific held the largest thin film and printed battery market share in 2022. China holds the largest thin film and printed battery market share in the region due to the increasing demand for portable electronic devices, such as smartphones, tablets, and wearables. China is the world’s largest manufacturing hub; it produces ~36% of the world’s electronics, which includes smartphones, computers, cloud servers, and telecom infrastructure. In addition, with approximately one-fifth of the world’s population, China is the second-largest final consumption market for electronic devices after the US. This demand drives the need for smaller, lightweight, and more efficient power sources. The thin film and printed batteries, with their compact size and high energy density, are perfectly suited to meet these requirements. According to a report by China Daily, China has achieved global leadership in the production and sales of consumer electronics due to its enhanced innovation capabilities and effective brand-building strategies. Thus, the increase in the demand and production of portable electronic devices in the country is propelling the growth of the thin film and printed battery market.
According to the thin film and printed battery market forecast, India is expected to register the highest CAGR during 2022–2030. During the COVID-19 pandemic, the world experienced the biggest supply chain disruptions from China; as a result, India has emerged as a strong alternative for manufacturers. Many market players are investing in the country to open their manufacturing units. Apple, Inc. moved a few of its production facilities to India. The iPhone 13 model was produced in India by Foxconn’s contract manufacturing partner. Thus, to attract more manufacturers, the Indian government is taking various steps to boost domestic electronics manufacturing, reduce import dependence, and increase exports. Various initiatives such as the Make in India program, the National Policy on Electronics, the Production Linked Incentive Scheme for the electronics sector, the Modified Special Incentives Scheme, and the Electronics Manufacturing Clusters (EMC) Scheme are providing incentives for domestic manufacturing, localization of electronics manufacturing, attracting foreign direct investment, and increasing exports. Thus, the growing consumer electronics sector is the major factor fueling the thin film and printed battery market growth in India.
Molex LLC, Varta AG, Renata SA, Enfucell Flexible Electronics Ltd, STMicroelectronics, Samsung SDI CO LTD, Excellatron Solid State LLC, Ultralife Corporation, Ilika, and Imprint Energy are among the key players profiled in the thin film and printed battery market report. Several other major players were also studied and analyzed in the thin film and printed battery market report to get a holistic view of the market and its ecosystem. The market analysis provides detailed market insights, which help the key players strategize their growth.
The increasing focus on sustainability is anticipated to bring a major thin film and printed battery market trend during the forecast period. Sustainability refers to the ability to meet the needs of the present without compromising the ability of future generations to meet their own needs. Sustainability encompasses environmental, social, and economic aspects of development and aims to create a more inclusive and resilient society. Moreover, there is growing awareness about the environmental impacts of conventional batteries, such as greenhouse gas emissions, resource depletion, waste generation, and pollution. Thus, the growing focus on sustainability can help minimize waste by being recyclable, biodegradable, or compostable.
Additionally, regulatory and reporting standards for environmental, social, and governance (ESG) performance are increasing. ESG refers to the criteria that measure an organization's sustainability and social impact. ESG investors and rating agencies are holding firms accountable for their ESG performance and are rewarding those that demonstrate leadership and innovation in sustainability. The thin film and printed batteries can help firms improve their ESG performance by reducing their carbon footprint, enhancing their energy efficiency, and supporting their social responsibility initiatives. Thus, the growing focus on sustainability will fuel the growth of the thin film and printed battery market during the forecast period.
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