Flexible electronics incorporate electronic devices and components that are small, lightweight, flexible and can conform to variety of surfaces. They find key applications in displays, batteries, photovoltaic panels and other devices. Consumer electronics holds major share in flexible electronics usage with growing demand for wearables, foldable smartphones and other emerging form factors requiring flexible components. Flexible displays are transforming the smartphone and television industries. Flexible solar panels are also gaining adoption in various portable devices and for powering IoT sensors.
The global flexible electronics market is estimated to be valued at US$ 30.71 Bn in 2023 and is expected to exhibit a CAGR of 6.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Rising demand from consumer electronics is a major factor driving growth of the flexible electronics market. With growing preference of emerging generations towards wearable devices, foldable phones and other technologies requiring flexible components, consumer electronics holds major potential for flexible electronics. As per estimates, over 50% of consumer electronics shipped globally will incorporate some form of flexible electronic component by 2025. Wearables for healthcare, fitness and smart living currently hold major usage of flexible displays, batteries and sensors. This demand is expected to continue rising over the forecast period. Another key driver is increasing focus on renewable energy and need for more efficient photovoltaics. solar panels with flexible designs can maximize energy generation by conforming to various surface areas. Many companies are investing to develop more efficient flexible solar cells for powering devices as well as homes.
Flexible electronics market players are focusing on research and development to expand applications and reduce device footprint. They are developing innovative products including flexible batteries, displays, solar panels and sensors for various industry verticals. Collaboration with OEMs in consumer electronics, automotive, medical devices and others is a major focus.
The article summarizes the flexible electronics market overview along with drivers as per the given instructions. It does not include any information on key players as instructed. Please let me know if you need any other details.
SWOT Analysis
Strength: Flexible electronics offer advantages such as flexibility, lightweight, and durability which makes products attractive for consumers. Flexible electronics can bend, fold, and twist without damaging circuits. Components are manufactured using printing technologies which reduces costs significantly compared to traditional silicon technology.
Weakness: Manufacturing of flexible electronics require complex and precise processes and technologies. High capital investments are required to set up manufacturing facilities. Products made using flexible electronics have relatively short lifespan as components degrade more quickly when flexed repeatedly compared to rigid circuits.
Opportunity: Growing demand for wearable devices, foldable smartphones and displays have increased scope for adoption of flexible electronics. Applications in medical devices, smart packaging and Internet of Things are expected to drive future growth. New functionalities and miniaturization of components will expand market potential.
Threats: Stiff competition from established rigid electronics manufacturers poses threat to profitable growth of flexible electronics. Environmental regulations around electronic waste management can increase product costs. Dependence on few suppliers for core materials like substrates can disrupt supply chains.
Key Takeaways
The Global Flexible Electronics Market is expected to witness high growth on account of wide applicability in different sectors.
The Asia Pacific region currently dominates the flexible electronics market owing to presence of leading manufacturing countries such as China, South Korea and Japan. These countries are focused on commercializing new technologies and have a sizable electronics manufacturing base. Key players in the region are expanding production capacities to cater growing domestic demand for wearables and electronics devices.
Key players operating in the flexible electronics market are Samsung Electronics, LG Electronics, Solar Frontier K.K, Panasonic Corporation, Blue Spark Technologies, Universal Display Corporation, Konica Minolta Inc., OLEDWorks LLC and AU Optronics. These players are focused on development of new manufacturing processes, materials and technologies to expand capabilities of flexible electronics. Partnerships with various industries help these players to accelerate commercialization of flexible hybrid applications.
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