The flexible electronics market is estimated to be valued at US$ 30.71 Bn in 2023 and is expected to exhibit a CAGR of 12.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Flexible electronics refer to electronic devices that can be bent, folded or twisted into different shapes without significantly reducing the performance of the device. The core components used in manufacturing flexible electronics include displays, battery chargers, sensors and integrated circuits that are flexible and can be securely mounted onto flexible plastic or fabric substrates. These devices find applications in wearable electronics, medical and healthcare devices, consumer electronics and several other industries due to their lightweight, durable and customizable nature.
Market Dynamics:
The rising adoption of flexible electronics in wearable devices and healthcare equipment is expected to be a major growth driver for the market over the forecast period. Wearable devices integrated with flexible displays and bendable printed batteries provide convenience and comfort to users. The market is witnessing increasing demand for fitness bands, smart watches and augmented reality head-mounted displays that rely on flexible components and circuits for their construction. In the medical sector, flexible electronics are widely utilized in manufacturing electronic skin, body-mountable health monitors and surgical robots due to their biocompatible nature. Adoption of bendable smart labels and sensors by the retail industry for tracking inventory is another key factor expected to fuel market growth between 2023 and 2030.
SWOT Analysis
Strength: Flexible electronics provide versatility and portability due to their lightweight and thin designs which makes them convenient to use. Their flexibility also allows for innovative product designs that are not possible with rigid electronics. Production of flexible electronics results in less electronic waste as compared to traditional electronics due to reuse and recyclability of flexible components.
Weakness: The manufacturing of flexible electronics is more complex and expensive as compared to rigid electronics which increases the overall costs. Flexible electronics also have a shorter lifetime and are less durable than traditional rigid devices which limits their widespread adoption.
Opportunity: The increasing demand for wearable technology and foldable smartphones provides a massive growth opportunity for flexible electronics. Conformal and skin mountable electronics used in medical devices, health monitors and prosthetics further expands the application areas.
Threats: Significant investments are required for research and development of flexible materials, processes and devices which poses financial challenges. Stiff competition from well-established rigid electronics manufacturers poses threat from substitution.
Key Takeaways
The Global Flexible Electronics Market is expected to witness high growth, exhibiting CAGR of 12% over the forecast period, due to increasing demand for wearable devices and foldable smartphones. Advancements in materials for flexible sensors, displays and batteries enable novel form factors and designs expanding their applications.
Regional analysis: Asia Pacific dominates the global flexible electronics market with a share of over 35% in 2023 owing to presence of key manufacturers in countries such as China, Japan, South Korea and Taiwan. Growing electronics and automotive industries driving the demand for flexible hybrid electronics in the region. Europe and North America are other major markets for flexible electronics due to extensive research and investments in wearable technologies and electronic skin.
Key players operating in the flexible electronics market are Au Optronics Corp., Blue Spark Technologies, Cymbet Corporation, E Ink Holdings Inc., Enfucell Softbattery, Imprint Energy Inc., LG Electronics, and Palo Alto Research Center Incorporated. Key players are focusing on new material innovations for flexible displays, surface mount technology and stretchable batteries to gain a competitive edge in the dynamic market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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