The ‘Global Market for Flexible Electronics’ is anticipated to grow at a CAGR of 25.2% during the forecast period 2022-2030. Continuous evolving advancement in compact sized devices and thin film materials has fueled the developments of ‘Global Flexible Electronics Market’. All these advancement, along with newer integration process enabled the wafer scaled process to be combined with flexible substrates such as silicon and plastics. Which resulted in numerus products such as flexible displays, thin film batteries, photovoltaics plates for solar plants and various others.
In the medical industry, the demand for flexible electronics will remain robust as the electronic medical equipment is constantly acting as one of the propelling growth areas for the electronics industry. Longer life expectancy, aging population and demand for more affordable as well as less invasive healthcare are some of the key factors positively influencing growth in this market segment. The significant features of flexible electronics in terms of space & weight, reliability, feature density, bio-compatibility, cost and dynamic flexing have also attributed towards the growth of the flexible electronics usage in the medical sector. The growth in the medical industry have also attributed towards the growth of the flexible electronics.
OLED, an emerging display technology possess the ability to enable efficient displays and lighting panels. It has become the premium display technology for numerous consumer products like smartphones, TVs, tablets and wearable’s. The flexible electronics industry is now shifting towards plastic substrates from glass substrates following the trend towards the flexible displays. It offers numerous advantages in terms of color gamut, power consumption and contrast. OLEDs have also finds its major applications in automobile industry which is expected to attribute towards its growth in the upcoming scenario. One of the finest example of deployment of OLED technology is presented by AUDI as it is embracing active matrix OLEDs as well as the possibilities they enable coupled with sleek concepts permitting demonstrations of future application of OLED technologies. Wide deployment of OLEDs in wearable devices and mobile phones like Apple’s watch, Galaxy S7 Edge and the LG G Flex 2 are said to be the key driving force of this segment. Moreover, LG Display and Samsung are the key market players dealing in OLED segment. OLEDs segment is expected to grow at a CAGR of 28.1% during 2022-2030.
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Flexible display can be described as an advanced form of display technology. This advanced technology has finds its major applications in laptops, tablets, smartphones and consumer gadgets. in comparison to flat displays, flexible displays are quite popular in present times owing to its benefits. This market is expected to grow at an impressive CAGR of 27% during 2022-2030. Flexible displays offer numerous benefits such as light weight, non-brittle, rugged, very thin and portable. Increasing adoption of flexible display in numerous end-user segments like smartphone, television and laptop industry have positively influenced the growth of this market. Penetration of flexible displays in military & digital signage application areas holds lucrative growth opportunities in terms of widening market share of flexible electronics in military & defense industry. These growth factors have attributed extensively while estimating the market value of flexible display.
Asia Pacific is anticipated to witness the impressive growth rate of 25.9% during 2022-2030. The growth of the regional market is attributed by the presence of various large scale industrial groups coupled with extensive manufacturing capabilities in segments associated with the production of flexible electronics devices. Growing demand for consumer electronics within the regional countries like India and China have also attributed towards the market share of Asia Pacific in the global market. According to IBEF, India is projected to capture fifth rank in the global consumer durables market by 2025. Presence of significantly growing consumer electronics industry within the regional countries has widened the scope for the growth of the flexible electronics market in Asia Pacific. Along with it, high military expenditure in China and India is also expected to attribute towards the regional growth due to the significant applications of flexible electronics in the military & defense sector. In the aircraft applications, hybrid flexible system can be deployed to monitor strains and stresses and then report this information via miniature embedded antenna to pilot or ground crews. These factors are expected to drive the growth of the flexible electronics market in Asia Pacific.
The market is fragmented with significant number of market players, each of which is specialized into flexible electronics for specific industries such as consumer electronics, automobile, medical & healthcare etc. Some of the major companies involved in flexible electronics market are Samsung Electronics Co. Ltd., LG Electronics, E Ink Holdings Inc., First Solar and 3M. Amongst them, Samsung Electronics Co. Ltd. holds the largest market share with respect to others as it has wide presence across geographies and has the highest revenue of flexible electronics. Product Launch is the key strategy adopted by the market players with the aim to expand/strengthen their market share in global flexible electronics market. High number of product launches related to flexible electronic products is been witnessed in during 2020-2021.
KEY MARKET MOVEMENTS
- The ‘Global Market for Flexible Electronics’ is anticipated to grow at a CAGR of 25.2% during the forecast period 2022-2030.
- OLED, an emerging display technology possess the ability to enable efficient displays and lighting panels. OLEDs segment is expected to grow at a CAGR of 28.1% during 2022-2030.
- Flexible display market is expected to grow at an impressive CAGR of 27% during 2022-2030.
- Asia Pacific is anticipated to witness the impressive growth rate of 25.9% during 2022-2030.
- The market is fragmented with significant number of market players, each of which is specialized into flexible electronics for specific industries such as consumer electronics, automobile, medical & healthcare etc.
- Some of the major companies involved in flexible electronics market are Samsung Electronics Co. Ltd., LG Electronics, E Ink Holdings Inc., First Solar and 3M.
- High number of product launches related to flexible electronic products is been witnessed in during 2020-2021.
