Press release
Thin Film Battery Market to reach $1.8bn by 2024
The technology research report “Thin Film Battery Market Size By Product (Chargeable, Disposable), By Application (Wearable Electronics, Medical Devices, Smart Cards, Consumer Products, Backup Power, RFID, Sensors), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, Russia, China, India, Japan, South Korea, Saudi Arabia, Brazil, Mexico), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2024”, by Global Market Insights, Inc. says Thin Film Battery Market size will exceed USD 1.8 billion by 2024; driven by growing demand for portable and flexible electronic devices.Increasing demand for light weight, compact, and portable products have spurred the growth for thin film battery market. Internet of things has contributed towards a great deal in regards with increasing application of thin film battery in phablets and smartphones coupled with its utilization in sensor networks. Rising standard of living with high disposable incomes will generate increased adoption for wearable devices including watches, smart fabrics, fitness trackers, and glasses and will in turn favor the thin film battery industry trends. The various benefits allied with the use of thin film battery in electronics include lower cost, less weight, higher energy density, and smaller footprint.
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The chargeable and disposable battery are the two-major product categories of the thin film battery industry. Chargeable batteries are suitable for wireless sensors networks and have accounted for over 40% of the overall industry revenue in 2015. The other type, i.e. disposable thin film battery acts as energy source for semi-battery-assisted passive RFID, greeting cards, toys, consumer music, semi-active tags with sensors, and one-time password display type smart cards. Disposable thin film battery market is estimated to register a CAGR of 20% over the period of 2016-2024.
The ability of thin film batteries to perform better makes its adoption more common in medical devices, wearable electronics, consumer products, smart cards, RFID, sensors, and backup power applications. Increasing number of mobile users along with rising adoption of smart cards, SIM cars, EMV cards will stimulate the thin film battery industry share. The smart card application is projected to surpass USD 130 million by 2024. These batteries also find important application in security systems, as RFID and sensors are used to monitor risks related to cyber security and financial crimes augmenting the thin film battery market outlook.
US thin film battery market worth USD 70 million in 2015, is anticipated to witness heavy gains due to increasing adoption of EVM chip card technology. By 2018, over 95% of credit cards would be enabled with EMV chip which will create huge opportunities for regional growth. Furthermore, Brazil thin film battery market will also witness promising growth, owing to increasing implementation of EVM chips to minimize payment scams.
Backup power is another lucrative area of application where thin film battery finds immense application, owing to increasing demand for uninterrupted power supply and rapid growth of wireless communication system. Thin film battery industry demand from backup power is anticipated to register a CAGR of 20% over the period of 2016-2024. Moreover, medical device applications will witness heavy gains, owing to increasing adoption of throw-away medical equipment.
Asia Pacific thin film battery industry is anticipated to witness significant growth due to heavy regional demand for wearable devices and increase in per-capita income in countries such as China, South Korea, and Japan. China thin film battery market size is estimated to surpass USD 100 million in coming seven years.
Few of the notable industry players are Excellatron Solid State LLC, STMicroelectronics, BrightVolt Inc, Imprint Energy Inc, Cymbet Corporation, Enfucell Oy, Blue Spark, and FlexEl.
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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Global Market Insights, Inc.
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