Selbyville, Delaware, April 05, 2023 (GLOBE NEWSWIRE) --
Thin Film Battery Market is expected to cross a valuation of USD 6.5 billion by 2032, according to the recent research report by Global Market Insights Inc.
The longer lifecycle of thin film batteries is working as a key driver behind industry growth. The long lifespan of these batteries makes them ideal for devices that have extensive operating times, including wireless sensors, RFID tags, medical devices, smart cards, consumer electronics, and other applications.
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Surging adoption of portable electronics to impel demand for rechargeable batteries
The rechargeable thin film battery market accounted for 35% share in 2022. These batteries are used extensively in portable and flexible electronics owing to their excellent battery performance, low self-discharge rate and a thin profile. Growing requirement of portable electronic devices such as laptops, notebook computers, smartwatches and smartphones among others, is fostering the demand for these batteries.
Rising usage of medical devices to augment application segment expansion
The medical thin film battery industry size is slated to witness a growth rate of more than 40% by 2032. The market revenues are fueled by the rising use of medical devices such as biosensors, transcutaneous electrical nerve stimulation (TENS), drug patches, patient monitoring devices, diagnostic devices and other wearable medical devices globally. Several world governments are making heavy investments towards their healthcare infrastructure, creating novel demand for advanced medical devices, supplementing further business expansion. According to India’s National Investment and Facilitation Agency, the country’s medical device market will amass USD 50 billion by 2030.
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Increasing espousal of medical devices to strengthen North America industry
The North America thin film battery market captured 30% of the overall business share in 2022. Rising necessity of medical devices and portable electronics, fueled by growing interest remote working and increasing disposable income, has escalated the demand for thin film batteries. Countries across the region are also making strong investments towards their healthcare infrastructure to make it pandemic proof in the future. This is creating a re-invigorated demand for advanced medical devices and thin film batteries by extension.
As per the US International Trade Administration, Canada’s medical devices sector was valued at more than USD 6.5 billion in 2022 with projections expecting it to report CAGR over 2% by 2026.
Investment rounds to define the industry’s competitive landscape
Some of the top thin film battery manufacturers are BrightVolt Solid State Batteries, Prieto Battery Inc, ITEN, Ion Storage Systems, Imprint Energy, Jenax Inc., Johnson Energy Storage, Inc., Ilika Ltd., STMicroelectronics, and Enfucell Flexible Electronics LTD, among others. Many of these players are increasingly turning to raising investments to scale their R&D initiatives and bring forth new product innovations.
Partial Table of Contents (ToC) of the report:
Chapter 2 Executive Summary
2.1 Thin film battery industry 3600 synopsis, 2019 - 2032
2.1.1 Business trends
2.1.2 Product trends
2.1.3 Application trends
2.1.4 Regional trends
Chapter 3 Thin Film Battery Industry Insights
3.1 Industry ecosystem analysis
3.2 Regulatory landscape
3.3 Industry impact forces
3.3.1 Growth drivers
3.3.1.1 Increased spending on Consumer Products
3.3.1.2 Longer cycle life
3.3.1.3 Low self-discharge rate
3.3.2 Industry pitfalls & challenges
3.3.2.1 High initial cost
3.4 Growth potential analysis
3.5 Porter's Analysis
3.6 PESTEL Analysis
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
