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Thin-Film Batteries Market Analysis by Battery Type (Disposable and Rechargeable); by Voltage (Below 1.5V, 1.5V to 3V and Above 3V); and by Application (Wearable Devices, Medical, Consumer Electronics, Smart Cards and Others) – Global Supply & Demand Analysis & Opportunity Outlook 2022-2031

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Inflation And Looming Recession to Haunt Businesses:

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.

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Purchasing power in the couPurchasing 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.                                                         Request Insights

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  • October, 2021: 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.

  • September, 2018: Imprint Energy, a renowned market leader in flexible, rechargeable battery development, today announced that the company has successfully secured a new investment of approximately USD 5 million. Investors included Semtech (Imprint's technology partner), the fund and Phoenix Venture Partners. The fresh funds will be used to advance the development of ultrathin flexible batteries.

Global Thin-Film Batteries Market Size, Forecast, and Trends Highlights Over 2022 - 2031

Thin-Film Batteries Market CAGR & Forecast By 2031

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.

Thin-Film Batteries Market Overview

Source – Research Nester

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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.

Global Thin-Film Batteries Market: Growth Drivers and Challenges

Growth Drivers

  • 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.


  • High Cost of Raw Materials
  • Shorter Operational Life as Compared to Traditional Batteries
  • Manufacturing of Thin-Film Batteries Lacks Standardization

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.

Global Thin-Film Batteries Market Regional Synopsis

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.

Thin-Film Batteries Market Share 2031

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The global thin-film batteries market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook

Market Segmentation

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

By Battery Type

  • Disposable
  • Rechargeable

By Voltage

  • Below 1.5V
  • 1.5V – 3V
  • Above 3V

By Application

  • Wearable Devices
  • Medical
  • Consumer Electronics
  • Smart Cards
  • Others

Top Featured Companies Dominating the Global Thin-Film Batteries Market

  • 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 (LG Corporation)
  • Cymbet Corporation
  • Imprint Energy
  • Jenax Inc.
  • Samsung SDI Co., Ltd. (Samsung Electronics)
  • Excellatron Solid State, LLC
  • Angstrom Engineering Inc.


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