Thin Film Batteries Market Trends

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