Thin Film Battery Market size to grow at 40% CAGR to reach $1.5bn by 2024Thin Film Battery Market size is estimated to be valued at over USD 1.5 billion by 2024, growing at a CAGR of around 40% from 2016 to 2024.
The escalating demand for thin and flexible devices across various industries may fuel the thin film battery market growth. In addition, the surging requirement for small footprint thin filmed batteries with increased storage capacity may drive the industry growth from 2016 to 2024.
These batteries offer various features such as portability and smaller size. They use solid state electrolytes as an alternative to the liquid-based Li-ion batteries.
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The rising innovations in the Internet of Things (IoT) and environmental and wearable sensor technology may propel the industry growth over the forecast timeline. The innovative and enhanced features, as well as unique battery designs offered by this technology, are likely to open lucrative growth opportunities over the forecast period.
The inability to generate high current across solid-solid interfaces may restrain the thin film battery market size over the next eight years. These batteries have a shorter operational life when compared to conventional ones. Furthermore, the need for balancing between current rate, battery capacity, and the battery volume may inhibit the industry growth.
Based on the technology, the industry can be segmented into zinc-based thin-film, thin-film lithium polymer, thin-film lithium, advanced lithium-ion, solid state, laminar fuel cells, and stretchable and transparent. The target industry is diversified and every sector exhibits varied requirements, lifetime, power, thinness, charging cycles, cost, reliability, and flexibility. The escalating implementation in numerous industry sectors will positively impact the demand for thin film battery market size from 2016 to 2024.
Based on the chargeability, the thin film battery market can be fragmented into rechargeable and non-rechargeable batteries. The non-rechargeable or disposable batteries are predicted to drive the industry as the sales within this segment are associated primarily with batteries based on zinc–manganese dioxide chemistry.
Based on the applications, the industry can be segregated into WSNs, smart cards & RFIDs, smart wearables, Internet of Things (IoT), electronic textiles, smart packaging interactive media, healthcare, toys, and portable electronics.
The electronic textiles and smart wearables segments are likely to account for the key industry share. The growth can be attributed to high flexibility, thinness, and lightweight features offered by this product. In addition, the surging demand for energy storage solutions with novel form factors is predicted to offer potential growth opportunities for the thin film battery market share over the forecast timeline.
The healthcare sector is predicted to exhibit tremendous growth prospects due to the rising demand for disposable medical equipment requiring micro power batteries. The rising prominence of skin patches using printed batteries could result in positive impacts on industry growth. Furthermore, the medical diagnostic devices and sensors would offer a favorable growth platform, although the current thin film battery technology is not mature enough to be used directly.
Wireless Sensor Networks (WSNs) is an emerging sector in the thin film battery market due to the rising demand for combining energy harvesting features with these batteries along with superior form factors.
Smart cards are predicted to witness attractive growth prospects owing to the rising demand for several thin-film battery technologies that are optimized to fulfill the lamination requirements for the card manufacturers. However, the widespread penetration of smart cards may not be possible due to the high cost and the low lifetime factors associated with these products.
The U.S. thin film battery market is likely to account for the key industry share by 2024. The growth can be attributed to the high demand from the packaging industry and the growing smart card usage. The Asia Pacific thin film battery market share is anticipated to witness considerable growth rates owing to the rising usage of battery-operated vehicles across the region.
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Key players operating in the thin film battery market include Blue Spark Technologies, Solicore, FlexeI, ITN Energy Systems, and BrightVolt. Other prominent players include Samsung SDI, Front Edge Technology, Rocket Electric, Imprint Energy, Prelonic, Jenax, Cymbet, NEC, and STMicroelectronics.
The market participants are focusing on new product development to gain prominence in the industry. In 2015, Samsung SDI has developed stripe and band batteries that can bend and adapt easily as a fiber and is equipped with advanced energy density. It is a next-generation product that can be adapted in various forms such as a necklace, t-shirt, hairband, and accessories. It is forecast to create higher energy density in comparison to conventional batteries by diminishing the breadth of battery sealing. It is equipped with both design flexibility and high performance.
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