Noida, Oct. 18, 2021 (GLOBE NEWSWIRE) -- The global thin film and printed battery market is growing at a high CAGR because of the emerging and expanding application of thin film and printed batteries in implantable medical devices, such as tiny defibrillators, and other smart devices, such as smart cards, radio frequency identification (RFID), sensors, etc…
A recent study conducted by the strategic consulting and market research firm BlueWeave Consulting revealed that the global thin film and printed battery market was worth USD 98.2 million in 2020. The data yielded by the study reveals that the market is estimated to grow at a CAGR of 24.0%, earning revenue of around USD 442.0 million by the end of 2027. The global thin film and printed battery market has grown due to factors such as the increasing production of IoT devices and sensors and technological advancements in solid-state lithium-ion batteries. Moreover, growing demand for continuous power supply from the industrial and commercial sectors will drive demand for uninterruptible power supply systems, boosting industry growth. Additionally, thin film and printed battery manufacturers are experiencing growth due to the growing demand for lightweight, flexible, and thin batteries for certain consumer electronics and implantable medical devices.
In addition, global industry growth will be aided by rising demand for compact size batteries with higher energy storage. Additionally, increased demand for security systems such as RFID and sensors from railway stations and financial institutions to reduce the risk of financial crime and cyber security will raise market share. However, the small size of thin-film and printed batteries may hinder market growth due to their low energy density and power capacity.
Thin Film and Printed Battery are Transforming the Industry
Thin Film and Printed Battery is a rapidly changing industry, with new designs, methods, and improved chemistries continuously emerging. Many companies/players are now planning to move their lab-scale technology into mass production, which is substantially changing the business landscape. This is an exciting time duration for this emerging technology. Due to the creation of new addressable market categories, the composition of the target market is also changing dramatically. Micro-power thin and printed batteries are commonly used in skin patches, RFID tags, and smart cards. However, several new emergent applications have emerged in the past decade, bringing many big players into the arena and transforming a business landscape previously dominated by smaller firms.
Technological Advancements in Thin Film and Printed Battery is Driving Market Growth
In response to the growing demand for batteries and other electric devices, investments are underway to make thin-film and printed batteries more technologically advanced. For instance, using low resistance electrode/solid electrolyte interfaces, scientists from Tokyo Tech Company and Tohoku University have developed batteries with less resistance to tackle the disadvantage of all-solid-state batteries. Additionally, according to recent studies, lithium-ion battery prices have declined dramatically by more than 97%, and their production capacity is expected to triple by 2025, while the cost per kilowatt-hour will drop below USD 100. Innovations like these are expected to spur the market in the forecast period.
Secondary Batteries are Powering the Global Thin Film and Printed Battery Market
Based on rechargeability, the global thin film and printed battery market is segmented into primary batteries and secondary batteries. Globally, there is a very strong demand for secondary batteries in the thin film and printed battery markets. Because of this, this segment commands the largest market share. Rechargeable batteries, also known as secondary batteries, can be recharged and discharged multiple times. Moreover, electronic waste and improper disposal of batteries have very lethal effects on the environment, driving the demand for secondary batteries in electronic devices.
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Consumer Electronics Segment is Fueling the Growth of the Global Thin Film and Printed Battery Market
Based on applications, the global thin film and printed battery market is segmented into consumer electronics, wireless sensors, medical devices, smart packaging, smart cards, and others. Among these segments, the consumer electronic products account for most of the market share as thin film and printed batteries are commonly used in portable devices. Such as wearables. Additionally, the burgeoning consumer electronics industry in emerging economies like China and India is significantly influencing the growth of the global thin film and printed battery market.
On the other hand, smart cards also remain a valuable sector. and thin-film battery technologies have been optimized to meet card lamination requirements. However, the price is too high for widespread market penetration.
Healthcare Sector Can Be One of the Promising Application Sector For Upcoming Players,
The healthcare industry is a promising target market. Skin patches with printed batteries are already on the market. Analysts at BlueWeave Research predict that the market for disposable medical devices requiring micro-batteries will grow as well during the forecast period. Skin patch companies are on the rise, making this a great market to explore. Printed zinc batteries offer the most potential in this industry, but their prices must continue to fall before they can be widely adopted. New form factors will be the key differentiator when compared to high-volume incumbents such as coin cell batteries.
North America Holds the Largest Market Share
Geographically, the global thin film and printed battery market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle-East & Africa. North America holds the largest market share among all the regions. The thin film and printed battery industry in the U.S. contributed a significant share across the globe in 2020. Rising investment towards high-grade medical equipment, including dental products, optical technology, and diagnostic imaging, will positively influence the business growth. Due to the increased implementation of EMV/chips to decrease payment fraud, Brazil is also likely to expand in the next years.
It is, however, projected that the Asia-Pacific will witness the highest CAGR during the forecast period. The production of solid-state batteries in the Asia-Pacific region, is fueling the market's growth. Thin-film and printed batteries are driving demand in emerging markets such as China, India, Japan, etc., as consumer electronics and medical devices make their way onto the market.
Impact of COVID-19 on Global Thin Film and Printed Battery Market
The global thin film and printed battery market were negatively impacted by the sudden breakout of the COVID-19 pandemic. Consumer electronic product production operations have decreased dramatically because of the severe shortage of chips on the market. During the quarantine period, however, the market for electronic devices surged. Manufacturing and production operations were completely halted by the lockdown imposed by countries to prevent the spread of the virus. Consequently, there was a sharp decline in the demand for thin film and printed batteries. The acute shortage of chips in the market is still hindering market growth even in the post-COVID-19 period. As a result, a huge demand and supply gap for consumer electronics has been created, impacting the growth of the global thin film and printed battery market.
The leading players in the global thin film and printed battery market are Blue Spark Technologies, STMicroelectronics, Brightvolt, Inc., Samsung SDI Co Ltd, Cymbet Corporation, Prologium, Excellatron Solid State, Inc., Panasonic Corporation, Jiangsu Enfucell Flexible Electronics Co., Ltd., Fullriver Battery New Technology Co., Ltd., Apple Inc., LG Chem Ltd., Enfucell Oy Ltd., Ultralife Corporation, Prelonic Technologies, Flexel, Molex, and other prominent players.
The market is highly fragmented, with the presence of several industry players. The companies invest heavily in R&D, innovations, and improving the power capacity of their products. They also focus on regional penetration to extend their consumer base. Furthermore, the adoption of competitive strategies like mergers, acquisitions, partnerships, expansion, collaborations, etc., is also very prominent in the market. For instance, Heilind Electronics, a well-known distributor of electronic components globally and Molex's authorized distributor, has launched a line of batteries with a disposable thin film battery.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global thin film and printed battery market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the global thin film and printed battery market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
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