Thin Film Battery Market to Flourish with an Impressive CAGR During 2024

In common parlance, thin film battery can be defined as any battery which is comparatively thinner as compared to other typical batteries. In thin film batteries, instead of liquid based Li-ion batteries, solid-state electrolyte is used. These electrolytes greatly improve the performance of a battery and its ability to function over a wide temperature range makes its appropriate for use for various applications. The various advantages associated with the use of thin film battery in electronics include lower cost potentially, smaller footprint, less weight and higher energy density. Moreover, thin film batteries have a flat shape and thus enabling the developers to have an option of fitting in a battery according to their plans.

Thin Film Battery Market is expected to grow as a result of various factors such as increasing application of thin film battery in smartphones and phablets coupled with its use in sensor networks. Internet of things in this regard has contributed a great deal for the growth of the market. The increasing demand for wearable devices like such as smart watches and health tracker among others has further propelled the demand for thin film batteries. These devices make use of small batteries as it enables the manufacturers to design them within a manageable size. This factor further enables the manufacturers to focus upon the product development. These kind of batteries can also fit in a vest or a shoe and thus enabling the functionality of wearable electronic. Moreover, the ability of thin film batteries to perform better as compared to other kind of batteries makes its adoption even more common.

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Furthermore, smart computing is another important factor contributing to the growth of the thin film battery as these devices require inexpensive, reliable and smaller batteries that also provide better battery backup. As a result of its reduced size, these batteries provide unique solutions a wide range of power source problems. Radio Frequency Identification (RFID) devices is another area of application where thin film batteries finds immense application as RFID technology is widely used across various businesses to keep a check on the tracking of shipments. Thin film batteries are also finding application in Transcutaneous Electrical Nerve Stimulation (TENS) devices and drug patches. In both the mentioned applications, the devices are required to have the power source built in order to it becoming bulkier. These factors in combination are expected to contribute to the growth of the thin film battery market positively during the forecast period from 2016 to 2024.

However, despite the end number of benefits associated with thin film batteries, there are restraints present. One of the noticeable challenges being faced by the thin film batteries includes the shorter operational life as compared to a typical battery. Balancing between the the current rate, the battery capacity and the battery volume is another challenge faced by this battery.

Based on technology, the thin film battery market can be segmented into four categories; Thin-film lithium, Thin-film lithium polymer, Zinc based thin-film, solid state, advanced lithium-ion, laminar fuel cells, stretchable, transparent and others.

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The application segments of the thin film battery market will include mart cards and RFID, WSNs, smart wearables, electronic textiles, Internet of Things, smart packaging interactive media, toys, medical applications, portable electronics among others.

Geographically, the thin film battery market has been categorized into five regions; North America, Europe, Asia Pacific, Middle East and Africa and Latin America.

Some of the key players operating in the thin film battery market are Solicore, Blue Spark Technologies, ITN Energy Systems, FlexeI, Samsung SDI, BrightVolt. Front Edge Technology, Imprint Energy, Rocket Electric, Prelonic, Jenax, Cymbet, STMicroelectronics and NEC among others.

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