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.
Growth Drivers
Challenges
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Base Year |
2022 |
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Forecast Year |
2023-2035 |
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CAGR |
~25% |
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Base Year Market Size (2022) |
~ USD 100 Billion |
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Forecast Year Market Size (2035) |
~ USD 300 Billion |
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Regional Scope |
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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:
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Battery Type |
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Voltage |
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Application |
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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.
Author Credits: Payel Roy, Dhruv Bhatia
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