Market Trends of Printed Thin Film Battery Industry
This section covers the major market trends shaping the Printed Thin Film Battery Market according to our research experts:
Wearable Technology Application Segment to Drive the Market
- The application of wearable devices is growing from consumer electronics and healthcare sectors to wireless communication devices and is witnessing increasing product innovations with new product launches and developments. These devices require high flexibility and ultra-thin design, which can be achieved by implementing printed thin-film batteries.
- According to Fitbit, in 2019, the company's year-end revenue totaled 1.43 billion U.S. dollars and sold about 16 million units of its smart fitness devices. As of 2016, 44.5 million health and fitness trackers were sold worldwide, and the figure is expected to increase to 105 million in 2022. The overall wearables market is forecasted to generate more than 73 billion U.S. dollars in revenues in 2022 as per the same source.
- Printed batteries have a diversity of uses in the wearable devices industry. Sales of smartwatches are principally powering growth within the wearable devices market as, according to Cisco Systems, the shipments of smartwatches worldwide are forecasted to surpass 100 million in 2020, consequently encouraging the growth.
- Companies such as Flexel LLC (U.S.), Jenax (South Korea), and many more are working toward developing the printed thin-film batteries so that these can be integrated into the ever-increasing demand for wearable technology-based devices. Moreover, compact size and lightweight of wearable batteries are likely to maximize their penetration rate.
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APAC to Dominate the Market
- Major consumer electronics manufacturers in the Asia Pacific region are modernizing their product designs to function using thin power sources for compatibility with their products' flexible designs. As a result, the technological progressions in smart packaging and consumer electronics and the increasing popularity of wearable devices in this region are feeding the growth of the market. For instance, according to Cisco Systems, in 2020, Asia Pacific is forecasted to have a 32.4% share of wearable devices worldwide as against 29% in 2017.
- Moreover, the expanding electronic manufacturing industry due to a vast consumer base and increasing applications in countries like China, India, Japan, and South Korea are likely to support industry growth. The progress in technology with R&D of thin-film products and the field of compact size devices have led to the demand for flexible electronics products, resulting in the growth of the printed thin film battery market.
- Moreover, prominent consumer electronics companies in the APAC region miniaturize their product designs, which require thin power sources for adjustability with the thin film and printed designs of their products. Consequently, this advancement in technology in the flexible electronics industry fueled the growth of the printed thin film battery market in the APAC region.
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