London, Dec. 16, 2021 (GLOBE NEWSWIRE) -- According to Precedence research, the global flexible electronics market size was valued at USD 27.2 billion in 2020. The global flexible electronic market is primarily driven by the rising demand for the compact electronic devices across various industry verticals such as automotive, healthcare, military, and consumer electronics. The rising demand for the compact and designer electronic devices requires the flexible electronics, which are known for its stretchable and flexible features that boosts its adoption in various devices. The proliferation of various technological advancements such as AI and IoT is fostering the growth of the flexible electronics market across the globe.
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The rapidly growing healthcare, automotive, and consumer electronics industry is fueling the demand for the flexible electronics, globally. The growing demand for the smart wearable devices and advancements in the in-mold electronics is further fueling the demand for the flexible electronics. Moreover, the rising adoption of the electronic components in automotive industry is expected to significantly drive the growth of the global flexible electronics. The recent outbreak of the COVID-19 disease had adversely affected the market owing to the lockdown restrictions imposed across the globe. The manufacturing plants were completely or partially closed which hampered the production of electronic gadgets around the global markets.
Scope of the Flexible Electronics Market
| Report Coverage | Details |
| Market Size In 2030 | USD 61 billion |
| Growth Rate From 2021 to 2030 | CAGR of 8.5% |
| Fastest Growing Market | Asia Pacific |
| Base Year | 2021 |
| Forecast Period | 2021 to 2030 |
| Companies Covered | Samsung Electronics, LG Corporation, Solar Frontier, Palo Alto Research Center Incorporated, Cymbet Corporation, E Ink Holdings, Blue Spark Technologies, Enfucell Flexible Electronics Co. Ltd., Imprint Energy, AU Optronics |
Regional Snapshot
North America dominated the global flexible electronics market, garnering over 30% of the market share in 2020. This is attributable to the rising utilization of digital and electronic components in the manufacturing of numerous electronic devices in the healthcare and the automotive industries. Automotive is a huge industry in North America and the production of the latest vehicles is increasingly adopting compact electronic components, which fuels the growth of the flexible electronics in the region. The increased demand for the technologically developed and designer devices among the consumers has significantly contributed towards the growth of the market.
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Asia Pacific is estimated to be the most opportunistic market during the forecast period. Asia Pacific is characterized by the presence of world’s top electronic manufacturers that spurs the demand for the flexible electronic. Moreover, rising investments in the development of smart hospitals and sophisticated healthcare infrastructure is encouraging the adoption of advanced healthcare devices and hence the demand for the flexible electronics among the manufacturers is growing rapidly.
Market Dynamics
Driver
3D printing in the healthcare sector is driving the market
The advance 3D printing has wide range of applications in the healthcare electronics. The 3D printing is extensively utilized in the biomedical devices to develop flexible sensors that can track body temperature. Moreover, 3D printing is used in the production of the flexible electronic gloves that are used for thermotherapy. Thermotherapy is used for the treatment of injury and reducing pain. Therefore, the increasing demand for the 3D printing in the healthcare industry is expected to drive the global flexible electronics market during the forecast period.
Restraint
Increased complications in the design
With the technological advancements, the demand for the miniature or the compact devices is witnessing rapid upsurge across the globe. With the development of the compact devices, the complications in the circuitry is rising that may further lead to further problems in the production.
Opportunities
Various developmental strategies adopted by the market players
The market is fragmented with presence of several players in the market and various developmental strategies such as product launches, acquisitions, agreement, and partnerships highly influences the market growth. For instance, in June 2019, E Ink Holdings made a strategic investment in Plastic Logic HK, for manufacturing a flexible electrophoretic display (EPD) device for the wearable devices.
Challenges
The stringent government regulations and norms regarding the use of electronics
The implementation of the regulatory frameworks regarding the use of various electronic devices across various industry verticals is a major challenge. The manufacturers are strictly required to comply with the standards and regulatory frameworks for introducing their products into the market.
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Report Highlights
- Based on the application, the displays segment dominated the market, accounting for around 50% of the market share in 2020. The displays are an essential component of majority of the consumer electronic products such as smart TVs, foldable smartphones, laptops, and tablets. The exponential demand for the consumer electronics across the globe had resulted in the growth of the displays segment in the global flexible electronics market.
- Based on the verticals, the healthcare is estimated to be the most opportunistic segment. The growing prevalence of diseases and growing geriatric population are the major factors that encourages the development of smart and innovative devices, which fuels the growth of the flexible electronics across the healthcare industry.
Market Segmentation
By Application
- Displays
- Sensors
- Thin-Film Photovoltaics
- Batteries
- Others
By Verticals
- Healthcare
- Consumer Electronics
- Energy & Power
- Aerospace
- Military
- Others
By Geography
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of the World
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