The Flexible Electronics Market is estimated to be valued at US$ 30.71 Bn in 2023 and is expected to exhibit a CAGR of 12.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Flexible electronics incorporate thin, lightweight and bendable electronic circuits and components on flexible substrates. These electronics are used in applications such as displays, smart cards, sensors and energy harvesting. Flexible screens allow manufacturers to produce thinner and lighter electronics. Flexible electronics are revolutionizing traditional electronics by introducing new form factors and use cases such as foldable phones, wearables, smart labels, smart packaging and others.
Market Dynamics:
The increasing demand for portable and flexible consumer electronics is expected to drive the growth of the flexible electronics market over the forecast period. Smartphones with flexible displays, smartwatches, virtual/augmented reality head-mounted devices and other wearables demand miniaturized and lightweight electronics. Additionally, new applications in areas such as medical devices, smart cards, Internet of Things (IoT) devices and RFID (Radio Frequency Identification) tags are emerging which require flexible form factors.
Another major driver for the Global Flexible Electronics Market is the growing popularity of flexible and printed electronics in various industries. Industries such as consumer electronics, automotive, healthcare and others are increasingly adopting printed and flexible electronics due to advantages such as durability, flexibility, lightweight and miniaturization. Flexible and printed sensors can enable new applications and use cases invarious sectors. This growing demand from various end-use industries will contribute to the market growth over the forecast period.
Segment Analysis
The global flexible electronics market is dominated by the display segment that holds the largest market share of over 35% in 2023. Within the display segment, the OLED display sub-segment dominates owing to the increasing demand for bendable and flexible displays in smartphones, wearables, and other consumer electronics. OLED displays provide better picture quality, higher contrast, and wider viewing angles compared to conventional LCD displays.
PEST Analysis
Political: The government across various countries is supporting the adoption of flexible electronics by funding R&D activities and setting up manufacturing facilities. For instance, the US government provides grants and tax incentives to boost innovations in the field of flexible electronics.
Economic: The declining price of electronic components is boosting the demand for flexible electronics. Their lightweight, flexible, and durable nature makes them suitable for various applications.
Social: Rising health awareness and busy lifestyles have increased the demand for wearable devices, thereby driving the flexible electronics market. People are incorporating health trackers and smartwatches into their daily routine.
Technological: Advancements in materials science have enabled the development of thin, lightweight, and highly flexible components. Improved nanoprinting and roll-to-roll manufacturing technologies are helping mass-produce flexible electronics at low-cost.
Key Takeaways
The global flexible electronics market size was valued at US$ 30.71 billion in 2023 and is expected to reach over US$ 90 billion by 2030, exhibiting a CAGR of 12% during the forecast period. The rapid miniaturization of electronic components and growing demand for wearables, E-textiles, and bendable/foldable consumer electronics are fueling the flexible electronics market growth.
Regional analysis: Asia Pacific dominates the global flexible electronics market with over 40% market share in 2023 owing to strong manufacturing capabilities in countries like China, South Korea, Japan, and Taiwan. The presence of leading display, semiconductor, and electronics manufacturing companies is augmenting market growth in the region.
Key players analysis: Key players operating in the flexible electronics market are Au Optronics Corp., Blue Spark Technologies, Cymbet Corporation, E Ink Holdings Inc., Enfucell Softbattery, Imprint Energy Inc., LG Electronics, and Palo Alto Research Center Incorporated. These players are focusing on new product launches, partnerships, and acquisitions to strengthen their market position and gain an edge over other players. For instance, in 2022 Blue Spark Technologies partnered with Touchwood to develop flexible battery solutions for customer applications.
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