The Market for Thin Film and Printed Battery is forecast to reach $1.2 billion by 2026, growing at a CAGR of 20.7% from 2021 to 2026. Thin film and printed batteries are advanced battery technologies that provide suitable batteries for the low-power disposable applications. These are used in biometric monitoring devices, sports tracking devices, perishable goods monitoring devices, smart labels and tags and many other devices. Major factor for the growth of the market is that it is more economical and safe to the environment compared to conventional batteries which drives the market. Growing demand for the IoT devices, medical tracking applications and wearable electronics in both developed and developing countries are expected to drive the growth of the market for thin film and printed battery market. The integration of the batteries with the smart clothing, increased demand for wearable devices with advancements in the fabrication is one factor that drives the market. The rising innovations and developments in energy harvesting is catering to the market growth. These factors are set to boosts the market growth for Thin Film and Printed Battery during the forecast period 2021-2026.
Thin Film and Printed Battery Market Segment Analysis – By Chargeability type
Thin Film and Printed Battery Market is segmented based on the offering into single use battery and rechargeable battery. The rechargeable battery is expected to grow at the fastest rate of 23.6% in the forecasted period due to its high performing capacity, cost efficiency, safer for the environment also lower packaging waste. The demand for more energy efficient rechargeable thin film and printed battery in the market has increased. The renewable energy storage devices, smart cards, RFID tags, neural simulators and wireless sensors are the major reasons for the growth of the thin film and printed battery market.
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Thin Film and Printed Battery Market Segment Analysis – By Application
Thin Film and Printed Battery Market is bifurcated based on application into Consumer electronic, wearable devices, smart packaging, smart cards, wireless communication, Healthcare devices, Wireless sensors, Drones, Energy harvesting, smart textiles and others. The wearable devices are expected to grow at fastest rate of 25.9% in the forecasted period. The higher flexibility, thinness, lightweight and low charging threshold are the reasons for the usage in the manufacturing of wearable devices.
Thin Film and Printed Battery Market Segment Analysis – By Geography
APAC region is expected to grow in the forecasted period at the fastest rate of 22.6%. As the population growth increases in the APAC region in turn it increases the consumption of consumer electronic which again increases the usage of thin film and printed battery. Increased disposable income is also one of the reasons for the market growth. Surging industries in the developing countries like China, India, South East Asia and other is further anticipating the growth market for Thin film and printed battery.
Thin Film and Printed Battery Market Drivers
Increased advancements in the consumer electronics sector
The major factor that drives the Thin Film and Printed Battery market are advancements in IoT, increasing adoption of miniaturization of the product for electronic devices. Rising adoption of rechargeable batteries is driving the market force due its benefits like non toxic, safer to environment, easy shipping, low cost and mass production. These batteries are light weight, and maintenance is easy. These are some drivers for the growth of the market.
Proliferation of IoT
The innovation of the Internet of Things (IoT) is working to connect almost each and every electrical device to the internet. All of these devices will be using numerous amounts of lithium-ion batteries as a power source. Additionally, Artificial Intelligence is anticipated to be the largest emerging technology for the decade. This universal adoption of AI is going to introduce a countless number of electrical devices which are expected to advocate the market growth in the thin film battery market.
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Thin Film and Printed Battery Market Challenges
The availability of the printed ink material for the production of battery is challenging, the standardization lacks in the development of the thin film and printed battery. The proprietary technologies used for manufacturing of printed battery differ from on manufacturer to another based on the specification. These batteries cannot be used for other application other than for the product which it is produced for. The handling and coating of the thinner components in the battery are difficult as they are very thin, sensitive and vulnerable. These are the major hindrance faced by the thin film and printed battery market.
Thin Film and Printed Battery Market Landscape
Product Launches, Partnerships & collaborations, Acquisitions are major key strategies to increase the market share and market growth. The major key players of Thin Film and Printed Battery market are Samsung SDI, Blue spark, Apple, LG chem., Fullriver Battery New Technology, Panasonic, Prelonic Technologies, STMicroelectronics, Flexel and others.
Acquisitions/Technology Launches/Partnerships
In February 2020, Toyota Motor Corporation and Panasonic set up a joint venture as Prime Planet Energy providing solution for the manufacturing of batteries which includes thin and light weight thin film batteries.
In May 2019, Ultralife Corporation acquired Southwest Electronic Energy, battery solution provider. This acquisition will enhance the portfolio of Ultralife Corporation and will expand its business.
Key Takeaways
The Thin Film and Printed Battery market is estimated to witness substantial growth over the forecast period primarily due to the growing adoption consumer electronics, healthcare devices and other wireless sensors.
Advancement in digital economy and flexible usage with IoT. There are lot more investments made for the IoT projects and electronics. This is safer than the lithium battery which is environmental friendly and also economical.
Thin Film and Printed Battery market will have the substantial growth in the APAC market. North America follows APAC with significant growth in the market of Thin film and printed battery.
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