Portland, OR, July 03, 2023 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “Thin Film Battery Market by Chargeability (Rechargeable, Disposable), by Voltage Range (Below 1.5V, 1.5V to 3V, Above 3V), by Application (Wearable Devices, Medical Devices, Consumer Electronics, Smart Cards, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032”. According to the report, the global thin film battery market was valued at $0.4 billion in 2022, and is projected to reach $2.5 billion by 2032, growing at a CAGR of 19.8% from 2023 to 2032.
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Prime determinants of growth
The global thin film battery market is experiencing growth due to several factors such as an increase in demand for thin film batteries in wearable devices and rise in the use of thin film batteries in energy harvesting. However, the limited energy density of thin film battery hinders the market growth to some extent. Moreover, the surge in demand for medical implants offers remunerative opportunities for the expansion of the thin film battery market.
Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Market Size in 2022 | $0.4 billion |
| Market Size in 2032 | $2.5 billion |
| CAGR | 19.8% |
| No. of Pages in Report | 300 |
| Segments covered | Chargeability, Voltage, Application, and Region |
| Drivers | Increase in demand for thin film batteries in wearable devices Rise in the use of thin film batteries in energy harvesting |
| Opportunities | The surge in demand for medical implants |
| Restraints | The limited energy density of thin film battery |
| Challenge | Environmental concerns with respect to thin film battery |
The disposable segment is expected to grow faster throughout the forecast period.
Based on chargeability, the rechargeable segment held the highest market share in 2022, accounting for more than three-fifths of the global thin film battery market revenue and is estimated to maintain its leadership status throughout the forecast period. This is due to thin film batteries are commonly used in small portable electronic devices such as smartwatches, fitness trackers, and wireless earphones. These devices require frequent charging, and the ability to recharge the battery multiple times is crucial for their usability. However, the disposable segment is projected to manifest the highest CAGR of 20.1% from 2023 to 2032, as it provides a compact and reliable power source for monitoring vital signs, drug administration, and other medical applications.
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The below 1.5V segment is expected to lead the trail by 2032
Based on the voltage, the below 1.5V segment held the highest market share in 2022, accounting for nearly half of the global thin film battery market revenue and is estimated to dominate during the forecast period. This can be attributed to the fact that thin film batteries with a voltage below 1.5V have been specifically engineered for use in compact devices such as wearable electronics, smart labels, and medical equipment. However, the above 3V segment is projected to manifest the highest CAGR of 20.3% from 2023 to 2032, as voltage exceeding 3V provides superior power, extended lifespan, and enhanced safety compared to alternative flexible batteries.
The others segment including autonomous sensors, smart packaging, and others is expected to grow faster throughout the forecast period.
Based on the application, the wearable devices segment held the highest market share in 2022, accounting for more than one-third of the global thin film battery market revenue and is likely to retain its dominance throughout the forecast period. This can be attributed to the fact that thin film batteries are incredibly flexible and can be fabricated into various shapes and sizes, making them ideal for integration into wearable devices. They can be seamlessly incorporated into smartwatches, fitness trackers, and other wearables without compromising comfort or aesthetics. However, the others segment including autonomous sensors, smart packaging, and others is projected to manifest the highest CAGR of 20.9% from 2023 to 2032. The growth is attributed to the fact that autonomous sensors are often deployed in large numbers to form wireless sensor networks (WSNs). Smart packaging with built-in temperature sensors may help monitor the temperature of perishable goods during storage and transportation.
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North America to maintain its dominance by 2032.
Based on region, North America held the highest market share in terms of revenue in 2022, accounting for nearly two-fifths of the global thin film battery market revenue and is expected to rule the roost in terms of revenue throughout the forecast timeframe. The segment is driven by factors such as thin film batteries are increasingly in demand in the U.S. for powering wearable devices such as smartwatches, fitness trackers, and medical monitoring devices. These devices are part of the thriving Internet of Things (IoT) market, which requires power solutions that are both efficient and compact. However, Asia-Pacific is expected to witness the fastest CAGR of 20.3% % from 2023 to 2032. The growth is attributed to the use of thin film batteries in the adoption in consumer electronics, healthcare, transportation, military, aerospace, energy harvesting, and environmental monitoring.
Leading Market Players: -
- ENFUCELL
- STMICROELECTRONICS N.V.
- IMPRINT ENERGY
- LG CHEM
- EXCELLATRON
- MOLEX
- ANGSTROM ENGINEERING INC
- FRONT EDGE TECHNOLOGY, INC.
- NEC CORPORATION
- SOLERES ADVANCED COATING
The report provides a detailed analysis of these key players in the global thin film battery market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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