Flexible Electronics Market Key Driver: The Rising Demand For Consumer Electronic Devices
Flexible Electronics Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033
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What Is the Anticipated Growth Rate And Market Size of the Global Flexible Electronics Market?
The flexible electronics market size has shown rapid development in recent years. It is projected to grow from $31.91 billion in 2023 to $36.79 billion in 2024, marking a compound annual growth rate CAGR of 15.3%. The growth during the historical period can be attributed to factors such as miniaturization of consumer electronics, medical and healthcare applications, advancements in printed electronics, defense and aerospace applications, and innovation in displays.
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What Is The Growth Forecast For The Flexible Electronics Market?
The global market for flexible electronics is predicted to witness a rapid expansion in the coming years. The market size is estimated to reach $62.97 billion by 2028, with a CAGR of 14.4%. The growth during the forecast period can be ascribed to factors such as the advent of foldable and rollable devices, renewable energy, sustainable and eco-friendly electronics, applications in automotive exterior, energy storage and flexible batteries. Major trends in the forecast period encompass wearable health and fitness technology, integration of internet of things IoT, medical wearables and implants, flexible sensors and robotics, 5G connectivity and flexible antennas.
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What Are The Key Growth Drivers Of The Flexible Electronics Market?
The rising demand for consumer electronic devices is acting as a catalyst to the growth of the flexible electronics market. Consumer electronics, any electronic equipment intended for regular use by consumers for non-commercial or professional purposes, extensively incorporate flexible electronics in most electronic devices. As such, a surge in demand for consumer electronics boosts the flexible electronics market demand. For instance, in March 2021, according to the Retailers Association of India RAI, sales of consumer electronics and appliances in India escaladed by 23.5 percent in the third quarter of 2021, which fuels the growth of the flexible electronics market.
Which Key Players Are Steering The Growth Of The Flexible Electronics Market?
Major companies steering the flexible electronics market include Blue Spark Technologies Inc., OLEDWorks LLC, AU Optronics Corp., Cymbet Corporation, E Ink Holdings Inc., Enfucell Oy, Flex Ltd., FlexEnable Ltd., Flexpoint Sensor Systems Inc., Imprint Energy Inc., LG Electronics Inc., Palo Alto Research Center Incorporated, Royole Corporation, Samsung Electronics Co. Ltd., Solar Frontier K.K., LG Corporation, Enfucell Flexible Electronics Co. Ltd., Imprint Energy, E Ink Holdings, Jabil Inc., Bebop Sensors Inc., Sensing Tex SL, Coatema Coating Machinery GmbH, Agfa-Gevaert NV, GSI Technologies, Ynvisible Interactive Inc., Isorg SA, PragmatIC Semiconductor, Thales Digital Factory, StoreDot Ltd.
Key trends impacting the size of the Flexible Electronics market include technology innovation and the increasing adoption of mobile gaming technology. For instance, in 2022, NextFlex, America’s Flexible Hybrid Electronics FHE Manufacturing Institute, released Project Call 7.0, a proposal request oriented towards funding projects promoting the development and deployment of FHE, solving significant issues in advanced manufacturing and supporting DOD priorities. In 2021, Royole Corporation, a leader in flexible electronics, announced Royole RoKit, the global first open platform flexible electronics development kit. RoKit, a developer-friendly kit, integrates Royole's flexible display and sensor technologies with programmable hardware, encouraging product designers and application developers to leverage the potential of flexible technologies.
How Is The Global Flexible Electronics Market Segmented?
The flexible electronics market is segmented into:
1 By Component: Flexible Display, Flexible Battery, Flexible Sensors, Flexible Memory, Flexible Photovoltaics
2 By Circuit Structure: Single-Sided, Double-Sided, Other Circuit Structures
3 By Application: Displays, Thin-Film Photovoltaics, Printed Sensors, Batteries, Organic Light Emitting Diodes OLED Lighting, Other Applications
4 By Vertical: Consumer Electronics, Energy And Power, Healthcare, Automotive, Military And Defense, Aerospace, Other Verticals
What Does The Regional Analysis Of The Global Flexible Electronics Market Show?
Asia-Pacific was the largest region in the flexible electronics market in 2023. Europe is predicted to be the fastest-growing region in the forecast period. The covered regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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