The global thin-film batteries market is estimated to garner a moderate revenue by the end of 2031 by growing at a CAGR of ~23% over the forecast period, i.e., 2022 – 2031.
Further, the market generated a significant revenue in the year 2021. The market is estimated to grow on the back of increasing adoption of Internet of Things (IoT) based devices and rising demands of thin-film batteries from various end user industries. 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. In addition, more than 80% of organizations have implemented IoT technology to improve their work efficiency.
Source – Research Nester
Get more information on this report: Request Sample PDF
The global thin-film batteries market is also estimated to witness growth on account of growing sales of smartwatches and rising technological advancements. For instance, smartwatches are one of the most adopted wearable category worldwide and are estimated to generate over ~USD 50 billion in revenue by the end of 2025. In addition, global shipment of smartwatches was around 142 million units in 2021, up from ~95 million units in 2019. The increasing miniaturization of compact electronic devices and systems coupled with the capabilities of thin-film batteries for remarkable performance, high power density and high flexibility is expected to drive the market growth in the coming years.
Rising Adoption of Smartphones and Tablets – For instance, about 93% of adults in South Korea owns a smartphone. 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.
Increased Research and Development Expenditure – As per data by the World Bank, global research and development expenditure in proportion with gross domestic product (GDP) was around 2.63% in 2020, up from 2.2% in 2018.
Surging Demand of Better Medical Equipment – As per the data, the export valuation of medical devices in India was around USD 2.3 billion in 2019-20 and this figure is expected to surpass ~USD 9 billion by the end of 2025.
Rising Trend of Fitness Tracker – According to statistics, there were approximately 440 million wearable fitness devices shipped to consumers globally in 2020. Additionally, about 18% of US citizens regularly used a fitness tracker in 2019.
Growing Adoption of Smart Cards – According to statistics, at the beginning of 2022, there were approximately 10 billion EMV (Europay, MasterCard and Visa) payment cards in circulation globally. The market growth is anticipated to increase with the adoption of smart cards including SIM cards, e-IDs used for government and transport sectors and EMV cards used for payment related options.
The thin-film batteries market is segmented and analyzed for demand and supply by battery type into disposable and rechargeable. Out of these segments, the rechargeable batteries segment is anticipated to garner the largest market share over the forecast period, owing to the rising adoption of rechargeable batteries in the consumer electronics products. As per the data, in India, the valuation of appliances and consumer electronics industry was around USD 9 billion in 2021 and is expected to reach a valuation of ~ USD 20 billion by the end of 2025. Moreover, rechargeable batteries have applications in medical devices, IoT devices, wireless sensors and wearable devices. Such a factor, is therefore estimated to boost the segment growth in the coming years.
Regionally, the global thin-film batteries market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Out of these, the market in North America is projected to hold the largest market share by the end of 2031. This can be accredited to the rising adoption of IoT based devices and presence of large number of manufacturers in the region. As per estimates, by the end of 2025, the total number of active IoT connections in North America is projected to reach approximately 5 billion. Moreover, rising technological advancements and increasing demand for wireless sensors coupled with favorable government support are expected to propel the market growth in the region.
Further, the market in Asia Pacific is estimated to the gain the highest growth during the forecast period, owing to the growing demand for smartphones, tablets and laptops coupled with the rising expansion of the electronics device manufacturing industry. As per estimates, the Indian electronics manufacturing industry is anticipated to reach valuation of ~USD 510 billion by the end of 2025. The emerging economies such as India, China and South Korea are estimated to lead the regional market. Moreover, increasing production facilities and rising application scope is further estimated to propel the market growth in the APAC region.
Get more information on this report: Request Sample PDF
The global thin-film batteries market is further classified on the basis of region as follows:
Our in-depth analysis of the global thin-film batteries market includes the following segments:
By Battery Type
FREQUENTLY ASKED QUESTIONS
The surging demand for better medical equipment and growing adoption for smartwatches are estimated to majorly boost the market growth.
The market is anticipated to attain a CAGR of ~23% over the forecast period, i.e., 2022 – 2031.
High cost of raw materials and shorter operational life of thin-film batteries as compared to traditional batteries are estimated to challenge the market growth.
The market in North America is projected to hold the largest market share by the end of 2031 and provide more business opportunities in the future.
The major players in the market are Enfucell Oy, STMicroelectronics International N.V., LG Chem (LG Corporation), Cymbet Corporation, Imprint Energy, Jenax Inc., Excellatron Solid State, LLC, Angstrom Engineering Inc and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by battery type, voltage, application and by region.
The rechargeable batteries segment is anticipated to garner the largest market size by the end of 2031 and display significant growth opportunities.
Select License Type
Direct access to analyst to help you understand the market in a better way to handle your critical question
Citing your business specific requirement our consultant would assist you ensuring targeted goal is achieved
Get 10% free customization