PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1388785
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1388785
Flexible electronics is known as the technology for attaching electronic circuitry by mounting the electronic devices on flexible substrates such as polyimide, PEEK (Polyether Ether Ketone), and transparent conductive polyester film. Flexible electronics are preferred for the small electronics devices as it is unbreakable and more flexible which makes it simple to install a circuit in the small devices. Additionally, flexible electronics can integrate a rigid active plastic display. Flexible electronics have witnessed significant growth, ranging from the extensive applications in flexible solar cell arrays and flexible OLED electronics which are made up of a plastic substrate.
The major factor accounting for accelerating the growth of the global flexible electronics market is the rising awareness regarding the advantages of utilizing flexible electronics in vast applications. The growing acceptance of smartphones and wearable devices and the increasing adoption of thin-film solar modules are anticipated to drive the global market. However, the presence of recognized substitutes such as inflexible products is projected to act as a restraining factor in the global flexible electronics market. Furthermore, the flexible printed circuits are designed for special applications, and the price of circuit design, wiring, and photographic plate is high. Moreover, in terms of technology, the rising requirement for improvements for a vast end-user adoption including the healthcare and defense industry is predicted to offer lucrative opportunities. The lighting technologies and increasing government support for renewable energy projects are also expected to tender trending opportunities for the key players. In healthcare applications, the rising implementation of flexible devices is a significant factor that will fuel the flexible electronics market revenue in the forecast years.
The global flexible electronics market is segmented on the basis of Component, Circuit Structure, Application, and region.
The market is divided into four categories based on components: memory devices, displays, sensors, batteries, and others. The displays segment is accounted to witness the highest growth rate over the forecast period. The segment is attributed to the rising demand from consumers for advanced displays that can roll, bend, or provide a level of flexibility. Additionally, flexible displays are more energy efficient than conventional displays because they consume less power.
The market is divided into four categories based on applications: industrial, consumer electronics, healthcare, automotive, and others. The consumer electronics segment is likely to maintain its dominance in the forecast period. Demand is increasing for products including, smartphones, smartwatches, and laptops that have extended battery life and are lightweight. Manufacturers' approach toward integrating flexible batteries, sensors, and displays to introduce more products with improved quality is increasing the adoption of smart components further anticipated to support the growth of the consumer electronics segment.
Region-wise, the flexible electronics market can be segmented into North America, Asia Pacific, Europe, and the Rest of the World. North America is projected to accelerate the flexible electronics market revenue share. The growing demand for smart devices and wearables that provide effective user experiences is one of the major drivers for the growth of the market. Consumers want products that effortlessly integrate into their daily lives, pushing manufacturers to develop flexible electronics that can conform to the human shape and offer comfortable, unobtrusive functionality. This trend has aided collaborations between material suppliers, design firms, and electronics manufacturers, pushing the boundaries and fostering innovation of what's possible with flexible electronics. Furthermore, Asia Pacific is expected to witness the highest growth rate over the forecast rate. This growth can be anticipated due to the rise of smart electric vehicles and in the automotive sector, the vast applicability of consumer electronics. Additionally, increasing demand for portable and innovative devices is expected to support the growth of flexible electronics in the region.
Prominent industry members use cutting-edge techniques that enable new applications, such as smart building power management and wireless sensors for zero power, agriculture field reporting/monitoring devices, and information logger transmission to gain competitive advantage. Moreover, market players engage in various growth strategies, such as mergers & acquisitions, geographical expansion, and partnerships, to stay afloat in the competitive landscape scenario. For instance, in January 2023At CES 2023, LG Display introduced its newest OLED displays for desktops and TVs. The business's OLED displays have an ultimate luminance, of 2,100 units, that's 60% greater than its preceding premium OLED screens, according to the South Korean show panel producer.
For instance, in June 2023, FLEX PLUS, an innovative high-value-added battery package from Forsee Power, is now available for large electric vehicles. The newly announced FLEX PLUS battery pack rounds out the PLUS format business family, which currently includes ZEN PLUS, a high-energy battery pack range..
The scope of this report covers the market by its major segments, which include as follows: