Flexible electronics utilizes flexible or foldable electronic devices made on plastic and other organic flexible, instead of conventional silicon-based hard materials. Flexible electronic devices can adapt to any surface whether flat or non-flat. Some key products under flexible electronics include flexible displays, printed sensors, flexible batteries, wearable electronic components and circuits. Flexible displays are increasingly being used in smartphones, tablets and other consumer electronic devices to provide larger screen sizes in compact form factors. Wearable devices have emerged as one of the major application areas for flexible electronics. The growing trend of remote patient monitoring and fitness tracking is driving demand for wearable devices integrated with flexible electronics components.
The global Flexible Electronics Market is estimated to be valued at US$ 30.71 Bn in 2023 and is expected to exhibit a CAGR of 6.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The increasing demand for wearable devices represents a key opportunity and growth driver for the flexible electronics market over the forecast period. Flexible displays and electronic components are increasingly being integrated into smartwatches, fitness bands, medical devices and other wearable gadgets due to their compact and lightweight form factors. According to a report by Statista, global shipments of wearable devices are expected to reach 451.6 million units by 2024, exhibiting immense growth potential. The rising adoption of wearable devices across consumer fitness, healthcare and industrial sectors will thus significantly boost demand for flexible electronics. Another important driver for the market is the ability of flexible electronics to provide larger display sizes without increasing the overall form factor of electronic devices. Smartphone and tablet manufacturers are integrating flexible displays to maximize usable screen size while keeping device thickness unchanged, thereby enhancing user experience. This will promote adoption of flexible displays and fuel flexible electronics market growth over the coming years.
Segment Analysis
The global flexible electronics market can be segmented into display, battery, sensors, memory, and others. The display segment dominates the market and accounts for over 30% share of the global market. Flexible displays are increasingly being used in smartphones, televisions, and digital signage boards due to benefits like lightweight, shatter resistance, and durability. Advances in materials science have enabled mass production of flexible displays using materials like OLED and quantum dots.
PEST Analysis
Political: Government policies in regions like Europe and North America promote funding for R&D in flexible electronics. This is driving innovations. However, stringent environmental regulations increase production costs.
Economic: Declining electronics prices and growing demand for wearables is fueling market growth. However, high capital costs associated with transition from rigid to flexible manufacturing processes hampers market adoption.
Social: Increasing digitization and demand for portable devices is the key driver. Consumers prefer lightweight, durable, and bendable gadgets. Rise in remote work culture boosts demand for laptops, tablets and foldable phones.
Technological: Advancements in materials science enables creation of flexible substrates that can be bent, twisted, or folded without damage. Miniaturization of components allows integration into wearables, IoT devices and smart labels.
Key Takeaways
The Global Flexible Electronics Market is expected to witness high growth over the forecast period.
Regional analysis: The North American region is expected to grow at a CAGR of 7.1% during the forecast period. This can be attributed to focus on development of OLED technology by US companies and investments in healthcare applications of flexible electronics by Canadian firms.
Key players: Key players operating in the flexible electronics market are Samsung, LG, Solar Frontier, Blue Spark, AU Optronics, Palo Alto Research Center, Konica Minolta, Panasonic, OLEDWorks, and DuPont Teijin Films.
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals.