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Stretchable Devices Market Segmented By Technology such as Stretchable Circuits, Stretchable Batteries and Stretchable Displays with Substrate Material that is Glass and Plastic
The stretchable devices market is estimated to reach US$ 1.5 Bn in 2021, and is expected to grow by more than 30% CAGR during the forecast period 2021-2031. Stretchable devices are basically known as elastic circuits. They are a burgeoning technology, which can be used for developing electronic circuits.
The electronic circuits are developed by embedding the stretchable devices and circuits on protractible substances in a stretchable chemical compound material, known as silicone or polyurethane. The stretchable devices demand has witnessed several trends like innovation of mechanical design, material synthesis, and fabrication strategies.
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There has been tremendous technological advancements in the past few years in the flexible devices sector. The devices are getting changed day by day from bulky to slim. This is one of the factor contributing to the growth of stretchable devices globally.
High resolution, low power consumption and improved contrast ratio are major features offered by stretchable devices. Traditional display devices based on CRT technology had never provided these features in the past. This need is further propelling stretchable devices sales.
Due to high competition, new products are developed and launched with attractive looks and high-end specifications. Big players in this segment like Samsung and LG have led the display market toward a new era. They are launching products based on technologies such as Q-dot LED and OLED.
An excellent contrast rate and better viewing angle are the features of OLEDs, which are brighter than LCDs. High specifications and attractive looks of display products such as mobile phones, TVs, notebooks and desktop monitors are grabbing the attention of consumers. Thus, the market of stretchable devices is anticipated to grow significantly, during the forecast period.
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Get a Customized VersionComparing to other variants, OLED flexible screens are energy efficient. Manufacturers are finding easy to construct OLEDs as individual pixels due to small form factor. There has been a considerable demand of curved OLED TVs in consumer electronics industry.
Due to better image quality, simplified design and limited flexibility, OLED display systems are gaining popularity day by day. OLED displays are thinned and molded as they do not involve backlighting. This is one of the factor, augmenting the growth of stretchable devices globally.
Countries like India, South Korea and China have the high operating revenue from mobile devices as compared to other countries. There has been a continuous demand for a device up-gradation in these countries. This is contributing to the growth of stretchable devices.
For instance, sales revenue of LG was high in 2019 as compared to other previous years and amounted to more than 6.4 trillion KRW (South Korean Won). Therefore, the growth of stretchable devices is expected to propel in the upcoming years.
The Asia-Pacific is widely recognised as an essential and vital region for the production of flexible screens, particularly in the consumer electronics industry.
There has been a steady growth from most of the countries in this region for stretchable devices. China, Japan, Taiwan, South Korea, and Singapore are the countries, which have particularly high operating revenues in stretchable screens.
The market of display is witnessing an increased demand for OLED displays for mass production as various industries are focusing on the importance of high-quality displays.
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Currently, Europe region is one of the biggest market in international smart watches and wearables consumption. Many key players in the region are aiming for collaboration, acquisition and new product strategies to escalate their business presence.
The growing demand for display solution in the countries like UK, Spain, Italy, France and others, for stretchable devices technology has opened new growth avenue. Flexible display solutions technology has moved far beyond in Europe and this leads the way for growth of stretchable devices.
Some of the leading vendors of stretchable devices include
These companies are carrying out different expansion strategies to increase their customer base and market shares.
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The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain.
The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
NOTE - All statements of fact, opinion, or analysis expressed in reports are those of the respective analysts. They do not necessarily reflect formal positions or views of the company.
