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The thin-film batteries market size is forecast to increase by USD 4.78 billion and is estimated to grow at a CAGR of 33.39% between 2023 and 2028. The report includes historic market data from 2018 to 2022. The market is experiencing increased demand for environmentally friendly cells, a rise in cardiovascular diseases, and growing interest in smart wearables. These factors are driving the market's growth, reflecting a shift towards sustainable technology and health-focused innovations. The increasing awareness of environmental impact and the rising prevalence of health issues are pushing consumers towards eco-friendly and health-monitoring products. Additionally, advancements in smart wearable technology are attracting more users, further boosting market expansion.
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Growing demand for environmentally friendly batteries is a primary trend in the market. Thin-film batteries are gaining significant traction in the global market due to their role as sustainable energy solutions for foldable electronics, wearables, consumer electronics, portable devices, smartphones, tablets, and other portable consumer electronics. These cells, which are made from non-toxic materials, offer increased battery energy density and longer recharge cycles, aligning with consumer preferences for extended device lifespans.
Moreover, the market's growth is driven by various factors, including increasing environmental concerns, government regulations, and the emergence of IoT capabilities in smart wearables and connected devices. Polish scientists have made strides in developing flexible alkaline cells and plastic cells, while zinc-based flexible batteries are also gaining popularity due to their lower raw material costs and manufacturing capabilities. Hence, such factors are driving the market during the forecast period.
The smart wearables segment is estimated to witness significant growth during the forecast period. The Market holds immense potential in the realm of foldable electronics and smart wearables, as these technologies require high energy density, long recharge cycles, and sustainability. Consumer preferences for portable devices, such as smartphones, tablets, and wearables, continue to drive market growth. Polish scientists are making strides in developing advanced thin-film cells, including flexible alkaline cells and zinc-based flexible cells, to cater to this demand.
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These batteries offer significant advantages over traditional lithium-ion cells, such as lighter weight, increased flexibility, and eco-friendliness. Manufacturing capabilities for these cells are expanding, with the establishment of pilot factories and the skilled workforce required to produce them. IoT capabilities and the integration of these cells into smart wearables and connected devices are also contributing to market growth. Emerging economies, with their rising populations and per capita income, present a significant opportunity for the Market. Hence, such factors are fuelling the growth of this segment which in turn drives the market during the forecast period.
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North America is estimated to contribute 39% 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. The Market is witnessing significant growth due to the increasing demand for miniaturized power sources in various applications. Temperature patches, wireless sensors, and implantable devices are some of the key areas where thin-film cells are gaining popularity. These batteries offer several advantages such as chargeability, compact size, and long shelf life, making them ideal for use in mobile phones, smartwatches, and other electronic components. The market for thin-film cells is expected to expand at a rapid pace due to the ongoing trend of miniaturization in wearable devices and implantable medical devices. The need for standardization in the industry is also driving market growth, as it ensures interoperability and compatibility among various devices. Disposable cells and rechargeable batteries are the two main types of thin-film batteries. Hence, such factors are driving the market in North America during the forecast period.
The market encompasses innovative solutions in the realm of foldable electronics and wearable consumer devices. These batteries, with their high energy density and extended recharge cycles, cater to the evolving consumer preferences for portable devices such as smartphones, tablets, and smart wearables. Thin-film cells are a sustainable energy alternative, with IoT capabilities, and are environmentally friendly. They are manufactured using advanced techniques like printed electronics, which reduce raw material costs and the need for a skilled workforce. Various types of Thin-Film cells are available, including flexible alkaline batteries, plastic batteries, and zinc-based flexible batteries. Infrastructural activities are essential for the growth of this market, as they facilitate the production and integration of these batteries into various consumer electronics and wearable devices. Consumer electronics, such as glucose-sensing armbands, heart-monitoring patches, and even prosthetic hands, can benefit significantly from the adoption of Thin-Film Batteries. Our researchers analyzed the market research and growth data with 2023 as the base year, along with the key market growth analysis, trends, and challenges. A holistic analysis of drivers, trends, and challenges will help companies refine their marketing strategies to gain a competitive advantage.
Increasing occurrences of hearing loss drive the market. The market is experiencing significant growth due to the increasing demand for foldable electronics, wearables, and consumer electronics. These devices, including smartphones, tablets, and portable devices, require high battery energy density and long recharge cycles to meet consumer preferences for extended device lifespans.
Moreover, sustainable energy solutions and environmentally friendly, recyclable energy sources are also driving market growth, as IoT capabilities expand the reach of smart wearables and connected devices. Polish scientists have made strides in developing thin-film cells such as flexible alkaline batteries and zinc-based flexible batteries, which offer advantages over traditional lithium-ion batteries in terms of raw material costs, manufacturing capabilities, and the production of innovative devices. These advancements include glucose-sensing armbands, heart-monitoring patches, prosthetic hands, and other medical applications. Hence, such factors are driving the market during the forecast period.
High manufacturing cost is a major challenge hindering market growth. Thin-film batteries have gained significant attention in the market due to their potential applications in foldable electronics, wearables, and consumer electronics. These batteries offer high energy density and recharge cycles, making them suitable for portable devices such as smartphones, tablets, and smart wearables.
However, their high manufacturing costs, primarily due to the use of expensive materials like lithium, cobalt, and other rare-earth elements, limit their adoption. Polish scientists are making strides in developing sustainable energy solutions by exploring alternatives to traditional batteries. They are manufacturing printed batteries using glucose, a renewable and biodegradable resource, for applications in medical devices like heart-monitoring patches and prosthetic hands. Hence, such factors are hindering the market during the forecast period.
The market research 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.
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 research report also includes detailed analyses of the competitive landscape of the market and information about 19 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 research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
Thin-film batteries have gained significant attention in the energy storage industry due to their lightweight and flexible nature. These batteries utilize thin layers of active materials, typically less than 1 micron thick, which enables them to be manufactured in large areas at low cost. Thin-film batteries find extensive applications in portable electronics, wearable devices, and renewable energy systems. The market landscape depends on factors such as the rising population, rising economy, mobile and internet penetration, solid-state battery, and intelligent packaging. The market for thin-film batteries is expected to grow substantially due to the increasing demand for lightweight and flexible energy storage solutions. Key players in the market are focusing on developing high-performance thin-film batteries with improved energy density and longer cycle life. The use of advanced materials such as perovskites, organic semiconductors, and metal-organic frameworks (MOFs) is also driving the growth of the market. The market for thin-film batteries is expected to witness significant growth in the coming years, driven by the increasing demand for energy storage solutions in various applications.
Market Scope |
|
Report Coverage |
Details |
Page number |
171 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 33.39% |
Market Growth 2024-2028 |
USD 4.78 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
27.13 |
Regional analysis |
North America, APAC, Europe, South America, and Middle East and Africa |
Performing market contribution |
North America at 39% |
Key countries |
US, China, Germany, France, and Japan |
Competitive landscape |
Leading Companies, Market Positioning of Companies, 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 International N.V., The Swatch Group Ltd., and Ultralife Corp. |
Market dynamics |
Parent market analysis, market growth and forecasting, Market forecasting, 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. |
We can help! Our analysts can customize this market research report to meet your requirements.
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 Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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