Flexible Electronics Market Growth Accelerated by Emerging Technological Innovations
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Flexible Electronics Market |
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.
Get More Insights Here
https://www.newsstatix.com/flexible-electronics-market-size-share-growth-outlook-2023/
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