Thin Film Batteries Market Size & Share, by Battery Type (Disposable, Rechargeable); Voltage (Below 1.5V, 1.5V to 3V, Above 3V); Application (Wearable Devices, Medical, Consumer Electronics, Smart Cards) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2023-2035

  • Report ID: 4204
  • Published Date: Jul 28, 2023
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2023 - 2035

Thin Film Batteries Market size is poised to reach USD 300 Billion by the end of 2035, witnessing around 25% CAGR during the forecast period, i.e., 2023 – 2035. In the year 2022, the industry size of thin film batteries was USD 100 Billion. The reason behind the growth is impelled by the increasing adoption of Internet of Things (IoT) based devices.

Many IoT devices operate on wireless connectivity such as Wi-Fi or Bluetooth to transmit data and communicate with other networks, which necessitates the use of thin film batteries since they are light in weight and ensure uninterrupted connectivity. According to recent data, in 2021, there were about ~8 billion active IoT devices worldwide and the figure is projected to cross around 24 billion devices by the end of 2030.

The growing sales of smartwatches are believed to fuel the thin film batteries market growth. For instance, owing to their faster charging times and smaller designs, thin film batteries are being used in wearable technology such as fitness bands and smartwatches to support their features such as heart rate monitoring, and GPS tracking, amongst others. These batteries can easily fit into the limited space available within the device and can meet the demand for longer battery life in smartwatches. Smartwatches are one of the most adopted wearable categories worldwide and are estimated to generate over ~USD 50 billion in revenue by the end of 2025 across the globe. In addition, the global shipment of smartwatches was around 142 million units in 2021, up from ~95 million units in 2019.


Thin Film Batteries Market
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Thin Film Batteries Sector: Growth Drivers and Challenges

Growth Drivers

  • Rising Adoption of Smartphones and Tablets – Thin film batteries are highly suitable for smartphones and tablets that come with folding screens. To fulfill the need for energy, thin film batteries are provided in these devices that can be bent, twisted, and stretched without any interruption of the power supply. Thin film batteries use flexible components to make the batteries stretchable and bendable. Additionally, in 2021, there were approximately 6 billion smartphone users globally and this figure is projected to reach 7.5 billion smartphone users by the end of 2027.
     
  • Growing Adoption of Smart Cards- It is expected that the growing need for safe and dependable payment methods, as well as the inconvenience of carrying currency, has increased the demand for smart cards globally. Thin film batteries, sometimes known as micro batteries, are designed to power smart cards by supplying power to integrated circuits, they enable expanded memory and improve transaction security. According to statistics, at the beginning of 2022, there were approximately 10 billion EMV (Europay, MasterCard, and Visa) payment cards in circulation globally.

 

Challenges

  • High Cost of Raw Materials - The lack of raw materials used in the production of thin film batteries is a major factor that adds to the cost of that batteries. Furthermore, lithium-ion batteries are used wherein the lithium used in these batteries is available in limited amounts on Earth. Additionally, other metals such as manganese, and nickel, are also used to manufacture these batteries and these metals also have limited resources. Hence, all these complexities in obtaining raw materials are expected to limit the market growth over the forecast period.
  • Shorter Operational Life as Compared to Traditional Batteries
  • Manufacturing of Thin Film Batteries Lacks Standardization

Thin Film Batteries Market: Key Insights

Base Year

2022

Forecast Year

2023-2035

CAGR

~25%

Base Year Market Size (2022)

~ USD 100 Billion

Forecast Year Market Size (2035)

~ USD 300 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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Thin Film Batteries Segmentation

Battery Type (Disposable, Rechargeable)

The rechargeable segment in the thin film batteries market is estimated to gain a robust revenue share of 60% in the coming years owing to the growing demand for rechargeable batteries in medical devices. The current trend towards device miniaturization favors rechargeable batteries since they are smaller than primary alternatives and have a longer lifespan than lithium batteries, which is particularly helpful for medical applications. These batteries can be easily integrated into wearable medical devices, and implantable devices to enhance their usability and functionality.

Application (Medical, Wearable Devices, Consumer Electronics, Smart Cards)

Thin film batteries market from the consumer electronics segment is set to garner a notable share shortly. Consumer electronic devices such as TVs, laptops, set-top boxes, wearables, monitors, and others are used by consumers for daily purposes. Hence, a huge demand for consumer electronics can be observed across the world which triggers the higher utilization of thin-film batteries. For instance, globally the number of connected wearable devices was projected to hit approximately 1000 million in 2022 which was an increase from around 500 million in 2018 and 300 million in 2016. Hence, owing to the remarkable utilization of consumer electronics, the segment is set to grow exponentially over the forecast period.

Consumer electronic devices such as TVs, laptops, set-top boxes, wearables, monitors, printers, scanners, and others are used by consumers for daily purposes. Hence, a huge demand for consumer electronics can be observed across the world which triggers the higher utilization of thin-film batteries. Hence, owing to the remarkable utilization of consumer electronics, the segment is set to grow exponentially over the forecast period.

Our in-depth analysis of the global market includes the following segments:

          Battery Type

  • Disposable
  • Rechargeable

          Voltage

  • Below 1.5V
  • 1.5V to 3V
  • Above 3V

          Application

  • Wearable Devices
  • Medical
  • Consumer Electronics
  • Smart Cards

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Thin Film Batteries Industry- Regional Synopsis

North American Market Forecast

Thin Film Batteries market in North America is predicted to account for the largest share of 42% by 2035 impelled by the presence of a large number of manufacturers. As a result, there is a continuous research & development efforts to introduce new and enhanced thin film battery products and improve the energy density of the batteries. This will increase the availability of the batteries and drive demand through new product development in the region.

APAC Market Statistics

The APAC thin film Batteries market is estimated to be the second largest, during the forecast timeframe led by increasing demand for smart packaging. For instance, the demand for smart packaging is increasing as e-commerce sales increase in nations including India. Thin film batteries help in powering these smart packaging solutions, leading to a rise in their demand in the region. Smart packaging is integrated with several sensors, and displays which require a reliable power source to enhance the safety features and enhance product visibility.

Research Nester
Thin Film Batteries Market Size
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Companies Dominating the Thin Film Batteries Landscape

top-features-companies
    • BrightVolt Solid State Batteries
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Enfucell Oy
    • STMicroelectronics International N.V.
    • LG Chem, Ltd.
    • Cymbet Corporation
    • Imprint Energy Inc
    • Jenax Inc.
    • Samsung SDI Co., Ltd.
    • Excellatron Solid State, LLC
    • Angstrom Engineering Inc.

In-the-news

In The News

  • Brightvolt Solid State Batteries, a global market leader in the design, development, and manufacturing of solid-state lithium-ion batteries, raised USD 16 million in a Series B financing round. The funding was led by New Science Ventures and Caterpillar Venture Capital Inc. The company will target the industrial electrification and e-mobility markets with the use of the raised funds.
  • Imprint Energy, Inc., a renowned market leader in flexible, rechargeable battery development, announced that the company has successfully secured a new investment of approximately USD 5 million. Investors included Semtech (Imprint's technology partner), the u.life fund, and Phoenix Venture Partners. The fresh funds will be used to advance the development of ultrathin flexible batteries.

Author Credits:  Payel Roy, Dhruv Bhatia


  • Report ID: 4204
  • Published Date: Jul 28, 2023
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

Increasing adoption of Internet of Things (IoT) based devices and the growing sales of smartwatches are the major factors driving the growth of the market.

The market size of thin film batteries is anticipated to attain a CAGR of 25% over the forecast period, i.e., 2023 – 2035.

The major players in the market are Enfucell Oy, STMicroelectronics International N.V., LG Chem, Ltd., Cymbet Corporation, Imprint Energy Inc, Jenax Inc., Samsung SDI Co., Ltd., Excellatron Solid State, LLC, and others.

The rechargeable segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.

The market in the North American region is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.
Thin Film Batteries Market Report Scope
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