The global printed electronics market is projected to grow from USD 9.9 billion in 2021 to USD 23.0billion by 2026; it is expected to grow at a CAGR of 18.3% from 2021 to 2026. The key factors fueling the growth of this market include increased demand for printed electronic products in automotive & transportation, growth of the consumer electronics industry, increased adoption of IoT by end-use industries, and significant cost advantages offered by printed electronics.
Driver: Significant cost advantages offered by printed electronics
The manufacturing costs of printed electronics are lower than traditional electronics due to improved and cost-efficient manufacturing technologies used for the mass production of displays, photovoltaic cells, and sensors. Thin, lightweight, and environment-friendly printed electronics can be produced using low-cost printing processes. They can be fabricated at a very low cost by layering thin stacks of electronic components, semiconductors, and barriers on substrates. The use of polymeric (carbon-based) materials and the employment of high-volume, low-cost printing techniques enable the production of lightweight, robust, and cost-effective electronic components. The use of flexible materials and thin layers results in the development of flexible devices and opens the possibility of roll-to-roll (R2R) manufacturing of printed electronic devices. According to a report published on the scalable printing of nanoscale electronics and sensors by the Carnegie Mellon University (US) in February 2018, the cost of manufacturing printed electronics is 10 to 100 times less than the manufacturing cost of silicon-based sensors.
The use of R2R printing also increases the cost benefits associated with printed electronics. Gravure printing, offset printing, and flexographic printing come under R2R printing, usually used for high-volume production of photovoltaic cells, flat-panel displays, and solid-state lighting devices. The R2R process offers a significant reduction in fabrication costs than traditional fabrication methods. It is used for the production of solar panels, batteries, and displays. The R2R process is also used for manufacturing nanoscale solar cells and photonic crystals.
Restraint: High investment cost
When it comes to new technologies, cost reduction is often a strong driver of R&D efforts. However, the cost of new materials and equipment for printed electronicsresearch is very high. Manufacturers thus need a huge focus on R&D to create value beyond cost reduction, such as thinner, lightweight, robust, and flexible products. Decisions regarding investments in certain technologies will be ruled by their material properties. The development of new technologies also needs precision machinery and trained personnel, adding to the overall costs. The high investment involved is thus a restraint for the printed electronics market.
Opportunity: Smart packaging to create lucrative growth opportunities for printed electronics
Smart packaging is gaining prominence worldwide. It is expected to quickly replace the traditional packaging, as it enables shipment tracking and quality control of the packaged products. Smart packaging generally uses near-field communication (NFC) and radiofrequency identification (RFID) technologies to connect manufacturers with their customers and confirm the authenticity of different products such as wines and perfumes. Rewritable chips can be used as labels for smart packaging and are expected to replace the traditional bar code labeling system. For instance, YUNI Beauty (US), a shower sheet manufacturer, uses smart packaging with NFC tags to provide product details to customers.
Smart packaging uses printed electronics as they are thin, lightweight, efficient, and robust. Packaging with integrated electronics opens new communication channels between the real and the digital worlds. This is expected to help companies focus on individual customers and personalize their customer service delivery. In the smart packaging application, printed sensors are used to assess, secure, and measure the temperature of packaged products and provide real-time updates about the origin, transportation, and condition of products.
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Conductive inks on cartons and NFC chips are also used in pharmacy packages and compliance cards to connect to smartphone apps using IoT. In the healthcare sector, smart packaging equipped with NFC and smart labels is witnessing increased demand as it informs patients about their medicine dosages. It also provides a call to action information on packages so that patients can contact their chemists and doctors if required. Thus, the growth opportunities for printed electronics with respect to smart packaging are high.
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