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The thin-film batteries market size is forecast to increase by USD 2.58 billion at a CAGR of 26% between 2022 and 2027. Market growth in the hearing aid sector is driven by several key factors. Firstly, the prevalence of hearing loss is on the rise, attributed to various factors such as aging populations and increased exposure to loud noises. This trend fuels the demand for hearing aids as individuals seek solutions to address their hearing impairments. Secondly, the growth in consumer spending, particularly in healthcare and wellness-related products, contributes to increased adoption of hearing aids among those in need. Lastly, the emergence of thin-film batteries specifically designed for IoT devices presents new opportunities in the hearing aid market. These batteries offer compact and lightweight power solutions, enhancing the performance and usability of hearing aids, particularly in wireless and IoT-enabled devices. Collectively, these factors drive the growth of the hearing aid market, with innovations in technology and consumer behavior shaping its trajectory.
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In the market, advancements like thin film and printed technology aim to improve recharge cycles compared to traditional batteries. These innovations support diverse applications, including prosthetic hands and plastic batteries, enhancing voltages of flexible batteries in response to growing mobile and internet penetration. To sustain this growth, investments in a skilled workforce and infrastructural activities are crucial, ensuring efficient production and distribution of these cutting-edge energy solutions.
This market forecasting report extensively covers market segmentation by end-user (smart wearables, smart cards, medical devices, and others), battery type (rechargeable and disposable), and geography (North America, APAC, Europe, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
The market share growth by the smart wearables segment will be significant during the forecast period. The wearable devices segment is evolving, with existing products being updated in about 12 to 24 months due to technological advances and rising living standards. However, battery technology has not kept up the pace with the rapid growth of the smart wearable devices market.
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The smart wearables segment was valued at USD 180.14 million in 2017. This market segment is expected to experience significant growth during the forecast period. The market is dependent on the unit shipment of smart wearable devices due to the increasing demand for wearable electronics from diverse industries like sports and fitness, military and protection, transportation, fashion, architecture, entertainment, and medicine. The increasing use of nanotechnology and miniaturization of electronic components drive the demand for smart wearable technologies across all application segments, thereby propelling the thin-film batteries market in the smart wearables segment.
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North America is estimated to contribute 40% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. Growing urbanization in North America and the rising number of schools, colleges, and offices are fueling the smart cards market in the region as after the pandemic, the demand for smart cards holders increased, which further increased the demand for thin-film batteries, which, in turn, is expected to drive the thin-film batteries market in the smart cards segment during the forecast period.
The market is thriving with the rise of foldable electronics and consumer preferences for sleeker, more portable devices like smartphones and tablets. With a focus on sustainable energy solutions and environmentally friendly products, manufacturers are exploring recyclable energy sources to address concerns over battery energy density and device lifespans. Innovations in IoT capabilities enable integration into various applications, including glucose-sensing armbands and heart-monitoring patches. Moreover, advancements in manufacturing printed batteries, such as flexible alkaline batteries and zinc-based flexible batteries, aim to reduce raw material costs while maintaining high voltages for portable consumer electronics. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Increasing adoption for IoT devices is the key factor driving the growth of the market. Both the wearable device market and the IoT movement are expected to grow rapidly over the next decade. The market is expected to grow exponentially with the increasing presence of IoT. Flexible printed electronics and wearable devices are among the fastest-developing application segments, and IoT supports these end-user segments, thus boosting the growth of the thin-film battery market. As the number of devices connected to the Internet of Things increases, so does the demand for thin-film batteries to power devices for extended periods of time. These devices require ultra-low power, low-cost wireless connectivity, and, in most cases, ultra-compact size as well. Thin-film batteries meet the above requirements very efficiently.
In addition, the use of thin-film batteries in IoT devices is in wearable devices, such as smartwatches and fitness trackers. These devices require a small and lightweight power source that can provide power for extended periods without requiring frequent recharging. They are an ideal solution for these devices due to their high energy density and long cycle life. The use in IoT devices is becoming increasingly important as the demand for small, lightweight, and portable devices continues to grow, and this is expected to drive the global thin-film batteries market during the forecast period.
An increase in cardiovascular diseases is the primary trend shaping market growth. Cardiovascular disease is a combination of various diseases or disorders of the blood vessels and heart, such as coronary artery disease, cerebrovascular disease, peripheral artery disease, rheumatic heart disease, congenital heart disease, deep vein thrombosis, and pulmonary embolism. A heart attack or stroke is usually a serious heart condition and is primarily caused by a blockage of blood flow to the brain or heart. The most common reason for this is the buildup of fat on the inside walls of the blood vessels that supply the heart and brain.
Additionally, the occurrence of cardiovascular diseases is increasing owing to various reasons, such as unhealthy food habits, smoking, and other lifestyle disorders. Cardiovascular disease occurs mostly in low and middle-income countries as they do not have the advantage of primary health care programs for early detection and treatment. This enhanced risk of cardiovascular diseases leads to an increase in the use of pacemakers, which, in turn, drives the demand during the forecast period.
High manufacturing cost is a major challenge impeding the growth of the market. Thin-film batteries are manufactured using complex manufacturing processes that require specialized equipment and materials and can be expensive. The high manufacturing cost of thin-film batteries can hinder their competitiveness compared to other battery types and limit their acceptance in various applications. The high manufacturing cost is due to the use of expensive materials such as lithium, cobalt, and other rare-earth elements. These materials are essential to the production of thin-film batteries, but their high cost can increase the cost of the final product.
In addition, the manufacturing process is complex and involves several steps, including deposition, patterning, and packaging. Each step requires specialized equipment and skilled personnel, which can increase the cost of production. Furthermore, the high manufacturing cost may lead customers to shift to other alternatives, such as lithium-ion batteries and solid-state batteries. Therefore, the high manufacturing cost of thin-film batteries is a challenge, and it is expected to negatively impact the growth of the market during the forecast period.
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Angstrom Engineering Inc.: The company offers thin film battery solutions such as Physical Vapor Deposition systems and Chemical Vapor Deposition systems. Also, the company under this product line offers PVD platforms, systems for specialized processes, space and environmental simulation chambers, glove boxes, and accessories.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
The market is experiencing significant growth, propelled by the increasing demand for connected devices and the expansion of manufacturing capabilities in emerging economies like Rzeszów, where Polish scientists are pioneering advancements. With the rising population and per capita income in these regions, there's a growing emphasis on energy solutions, driving the adoption of solid-state battery technology known for its flexibility and chargeability. Thin-film batteries find applications in various sectors, including intelligent packaging, temperature patches, mobile phones, implantable devices, and wireless sensors, offering standardization and outperforming traditional disposable batteries with their rechargeable batteries.
Additionallythe market future promises innovations in electronics components and expanded pilot factory to meet evolving consumer needs. Further, in the market, advancements like thin film and printed technology aim to improve recharge cycles compared to traditional batteries. These innovations support diverse applications, including prosthetic hands and plastic batteries, enhancing voltages for flexible batteries in response to growing mobile and internet penetration. To sustain this growth, investments in a skilled workforce and infrastructural activities are crucial, ensuring efficient production and distribution of these cutting-edge energy solutions.
Market Scope |
|
Report Coverage |
Details |
Page number |
171 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 26% |
Market growth 2023-2027 |
USD 2.58 billion |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
24.95 |
Regional analysis |
North America, APAC, Europe, South America, and Middle East and Africa |
Performing market contribution |
North America at 40% |
Key countries |
US, China, Japan, Germany, and France |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
Angstrom Engineering Inc., Avery Dennison Corp., Coreshell Technologies, Cymbet Corp., EIT InnoEnergy SE, Enfucell, Fujitsu Ltd., Imprint Energy, Jenax Inc., Koch Industries Inc., Kurt J Lesker Co., LG Corp., RRC power solutions GmbH, Samsung Electronics Co. Ltd., Shenzhen Grepow Battery Co. Ltd., Soleras Advanced Coatings BV, STMicroelectronics NV, The Swatch Group Ltd., and Ultralife Corp. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Battery Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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