Flexible electronics incorporate flexible integrated circuits and plastic substrates instead of rigid silicon materials. This allows the development of flexible and lightweight products. Flexible electronics find applications in emerging technologies such as wearables, smart cards, e-books, and wireless communication devices owing to their flexibility, lightweight, and ability to withstand deformations.
The global flexible electronics market is estimated to be valued at US$ 30.71 billion in 2023 and is expected to exhibit a CAGR of 6.6% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends: One of the key trends driving the growth of the flexible electronics market is the advancing flexible and lightweight designs of electronic products. Manufacturers are increasingly developing flexible circuits and components using materials like plastic, copper, and graphene that can be incorporated in lightweight and flexible gadgets. This is increasing the application of flexible electronics in emerging technologies. The lightweight and flexible nature of these electronics also make them durable and less prone to damage. The advanced flexible designs allow flexible screens and lightweight laptops, phones and other consumer devices to be developed. This growing use of flexible designs in both consumer and industrial electronics is expected to propel the flexible electronics market during the forecast period.
Segment Analysis:
The global flexible electronics market is dominated by the consumer electronics segment. This segment accounted for over 35% share of the global market in 2023. The growing demand for wearable devices, displays, and other consumer electronics incorporating flexible components is driving the growth of this segment. Consumers prefer slim, lightweight, and foldable electronics which is increasing the preference for flexible electronics over conventional rigid circuit boards in consumer devices.
Key Takeaways:
Global Flexible Electronics Market Demand is expected to witness high growth over the forecast period of 2023-2030.
Regional analysis: Asia Pacific region currently dominates the global flexible electronics market and is expected to maintain its leading position during the forecast period. This can be attributed to the strong presence of electronics manufacturing industries and rapid technological adoption in countries such as China, South Korea, Japan, and Taiwan. Growing demand for wearables, foldable displays, and smartphones incorporating flexible components from the region is fueling market growth.
Key players: Key players operating in the flexible electronics market include Kurihama Medical and Addiction Center, National Hospital Organization Kurihama Medical and Addiction Center, Osaka National Hospital, National Hospital Organization Nagasaki Medical Center, National Hospital Organization Kochi Medical Center, National Center for Mental Health (Nashilgil Hospital), Seoul St. Mary's Hospital, Samsung Medical Center, Yonsei University Health System, Asan Medical Center.
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