In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.
Flexible electronics also called as flex circuits comprises of organic substances as substrates in the array of devices. They established significance in healthcare and medical, defense and wearable electronics sectors and changing the way of using electronics.
Technological advancements in electronics and semiconductors offer the advantages in terms of product shape, light weight and durability of flexible electronic devices. Increase in funding in research and development in order to develop light weight and durable electronic devices has intensified the market growth. Rapid pace in urbanization across the globe and growing preference for consumer towards handy, lightweight and durable electronic devices and rise in adoption of energy efficient and advanced electronics are likely to propel the growth of flexible electronics market in near future.
Moreover, importance of flexible electronics is growing in industries and government organizations owing to rising need for advanced, durable and energy efficient electronics. Growing trend of wearable electronic devices among the youth and increasing demand for energy efficient modular lightening systems in various sectors such as healthcare, automotive, etc. are some of the key elements driving the growth of flexible electronics market. Wide-scale applications and numerous flexible electronics option are some of the vital features of flexible electronics which aims to save energy and is enhancing the experience of user.
The global flexible electronics market reached around USD 5.2 Billion in 2016 and the market is expected to reach around USD 17.2 Billion by 2024. Further, the flexible electronics market is projected to register a CAGR of 19.7 % during the forecast period 2017-2024 globally. Growing trend of wearable flexible electronics and rising personal disposable income in emerging economies are likely to foster the demand for flexible electronics in near future.
Geographically, Asia-Pacific is expected to showcase a tremendous growth in the market of flexible electronics across the globe in near future. The market is has been driven by presence of key players in Asia-pacific regions such as Philips, Samsung, etc. and rapid urbanization which led to increase in demand for consumer goods in near future. Factors such as government initiatives towards saving of energy by adoption of energy efficient advanced electronics and rise in personal disposable income in growing economies such as China, Japan, and India are expected to boost the demand for flexible electronics over the forecast period i.e. 2017-2024.
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Likewise, North America is expected to account the largest market share in terms of revenue in overall market of flexible electronics across the globe. The market of North America region is expected to uplift on the back of introduction of advanced low cost flexible electronic devices such as smart watches, eBooks, smart glasses and rising adoption of energy efficient consumer goods.
Our in-depth analysis segmented the global market in the following segments:
Global Flexible Electronics Market is further classified on the basis of region as follows:
The market is majorly driven on the back of factors such as rising popularity of flexible electronics, increasing adoption of advanced and energy efficient electronic devices, availability of numerous flexible electronics according to the requirements of users and enhancement in user experience, which will further likely to adopt flexible electronics.
Rising demand for advanced consumer electronics in growing economies, increasing adoption of flexible electronics on account of rise in personal disposable income, rising concern towards energy efficient and durable electronic devices, availability of low cost flexible electronics are some of the major factors which are expected to swell the demand for flexible electronics across the globe in near future. Apart from this, rising industrialization across the globe sequentially raise the need for energy efficient and durable electronics such as displays, lightening, etc. Flexible electronics benefit the organization in the direction of development.
Rise in technological advancements and emergence of automotive and healthcare sector across the globe are adopting high-end display and lightening technology in order to save energy and update with new technology flexible electronic devices which are likely to bolster the demand for flexible electronics over the forecast period i.e. 2017-2024.
However, presence of stringent regulations regarding the manufacturing of flexible electronics, lack of awareness in slowing economies and high cost of flexible electronics are likely to hinder the growth of flexible electronics market over the forecast period i.e. 2017-2024.