Thin Film Batteries Market Size

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.