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Thin-Film Batteries Market Segmented By Disposable and Rechargeable battery type with Application in Wearable Devices, Medical, Consumer Electronics, Smart Cards
Thin-film batteries market is expected to grow at a high CAGR of 25% during 2021-2031. The growth is primarily driven by increase in demand for thin film batteries which are increasingly being used in wearables and smart devices.
The surge in demand for thin-film batteries in IoT applications coupled with miniaturization of electronic devices are other major factors responsible for driving the market growth. Moreover, increasing use of thin-film batteries in medical devices is another major factor driving the product demand.
One of the significant advantages of the thin film battery technology happens to be its physical flexibility, enabling different sizes and shapes. Thin film batteries have numerous features such as light weight, high flexibility, high power, easy portability, and exceptional energy density. The market for thin film batteries is anticipated to grow at a significant pace.
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Rising adoption of smart cards and e-IDs used across transportation and in government sectors is anticipated to improve security and will be propelling the market revenue over the forecast period. Increasing number of mobile subscribers is also expected to amplify growth.
Owing to the technological advancements in IoT and wireless sensor technologies, wireless sensor systems are becoming more prevalent than ever.
Moreover, growing demand for wearable devices such as health trackers and smart watches among others has further boosted the thin film batteries sales. These devices make use of small batteries as it enables the manufacturers to design them within a manageable size.
This factor has further enabled the manufacturers to focus upon the development of innovative and advanced products. Thin film battery market is expected to grow as a result of various factors such as increasing application of thin film batteries used in smartphones and tablets coupled with its use in sensor networks. The growth in demand for thin-film batteries is majorly attributed to the ever increasing IoT and connected devices ecosystem.
With the advent of artificial intelligence, there has been a substantial growth in thin-film batteries adoption. Increasing demand for the wearable electronics, IoT devices, and medical tracking applications in both developed and developing countries are projected to augment the growth of thin-film batteries market over the forecast period.
Furthermore, increasing implementation of thin-film batteries in the manufacturing industry owing to the changing requirements across different industry verticals is further responsible for driving the growth.
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Get a Customized VersionThe thin-film batteries providers are carrying out different expansion and innovation strategies for increasing their market share in the thin-film batteries market. Key players are entering into partnerships with other major players to expand their geographic presence in order to meet the increasing demand for thin-film batteries.
Companies such as Samsung, STMicroelectronics, and Panasonic Corporation have adopted this strategy to expand their customer base and enhance their product portfolio. However, to cope up with pandemic, giants like Samsung have closed some of its production facilities to support social distancing efforts, which is anticipated to affect its operations.
Whereas, STMicroelectronics is focused on executing and implementing its business continuity plans, while collaborating with suppliers, customers, and partners.
North America is anticipated to dominate in terms of market share and is expected to continue its dominance over the forecast period. The growth in the North America region is being dominated by the U.S. with growing technological innovations and increasing research and development activities and are projected to be the key driving factor for the regional market.
Owing to the advancements in IoT and wireless technologies, there has been an increase in the rapid adoption of wireless sensors. Furthermore, the increasing demand for wireless sensors is expected to act as a growth opportunity for the thin film batteries across various applications.
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In terms of geography, Europe happens to be one of the leading regions in the thin-film batteries. The growth is attributed to the ongoing technological developments as well as stringent government safety regulations for battery applications.
The growth in Europe is being dominated by Germany owing to the higher demand for medical and wearable devices in the country. Increasing demand for compact, lightweight, durable, and flexible devices across a wide range of industry verticals is projected to drive the thin-film batteries sales.
Moreover, surge in demand for compressed size battery with improved energy storage is expected to further complement the growth of thin-film batteries.
Key players such as
are actively involved in offering thin-film batteries for different applications. The major vendors in the market are adopting various key strategies, to increase their customer base across the globe.
Along with product innovations, implementations and expansion, major companies are also focusing on collaborations and partnerships with other technology players, in order to offer advanced products to the end users.
By Battery Type
By Voltage
By Application
By Region
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.
