FLEXIBLE ELECTRONICS MARKET ANALYSIS

The global flexible Electronics market size was valued at US$ 27.42 billion in 2022 and is anticipated to witness a compound annual growth rate (CAGR) of 12% from 2023 to 2030. The global flexible electronics market is expected to grow significantly during the forecast period due to technological advancements and rising consumer demand for compact electronic devices. Additionally, the use of flexible display technologies in wearable’s is propelling the growth of this market. In addition, the development of stretchable and foldable electronic components offers significant opportunities for manufacturers to develop innovative products in the market.

Global Flexible Electronics Market: Regional Insights

North America is anticipated to gain major growth in the global flexible electronics market over the forecast period. The growth of this region is attributed to presence of major operators in flexible electronics in the region, further providing various opportunities for the flexible electronic products including printed batteries, thin film, flexible displays, and flexible memory. Along with this, increasing technological developments driving the adoption of novel technologies in the region is also driving growth of the global flexible electronics market over the forecast period.

Europe is projected to show strong growth in the global flexible electronics market over the forecast period, this is owing to rise in advancements in microelectronics setting the trend of miniaturization of smart devices. Moreover, increasing efforts for promoting technological change in electronics products, IoT, and telecommunication is also supporting growth of the market in the region.

Figure 1: Global Flexible Electronics Market Share (%), in terms of Value, By Region, 2022

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Global Flexible Electronics Market Drivers:

Increasing use of Internet of Things (IoT) to boost the market growth

Due to the increase in adoption of IoT, factors such as technical, economic, and social stature of all the things as well as application dynamics are majorly being influenced in current times. There are various components of IoT, including implementation of technologies, use of sensors, and compatible power sources to run the new applications. With the rise in need for sensors for operating IoT-connected devices and the source to provide power supply, the demand for flexible electronics is increasing. Thus, this factor is expected to aid in growth of the global flexible electronics market over the forecast period.

Government initiatives toward flexible electronics to support the market growth

Several governments around the world are focused on investments and initiatives in flexible electronics for establishing a connected world for harnessing the complete potential of applications such as safety & security, mobile health, wearable technology, and transportation among others. For instance, the U.S. Department of Defense (DoD) in 2017 made an investment of US$75 million in a public-private partnership for development of flexible electronics. Such initiatives from governments around the world are anticipated to boost growth of the global flexible electronics market over the forecast period.

Global Flexible Electronics Market Opportunities:

Increasing growth of printed electronics to generate lucrative opportunities in the global flexible electronics market over the forecast period. The printing technology can be utilized for separately producing components of printed electronics; however, to harness the full potential of these printed electronic components they have to be integrated with other printed devices. For instance the production of printed flexible batteries in different applications including RFID. The applications associated with flexible electronics are significantly increasing, and this in turn is expected to create growth opportunities in the market.

Constant technological advancements to bring growth opportunities to the global flexible electronics market over the forecast period. Several companies are making heavy investments in research and development activities for the development of their products. For instance, in 2020, Apple Inc. received a patent for a foldable device with a hinge mechanism, which uses movable flaps that can help in preventing the display from being damaged or creased when folded. Moreover, Samsung and Intel in collaboration, recently achieved 305Gbps on its 5G SA core. Such technological developments is leading to rise in demand for flexible electronics, which will bring multiple opportunities in the market.

Global Flexible Electronics Market Trends:

Use of 3D technology in Healthcare is a recent trend

The advancements in 3D printing are increasing, and it is now offering various applications, which includes use of flexible electronic devices that are 3D printed in the Healthcare industry. Biomedical devices can be printed directly onto the human skin with the use of 3D printers. It can also help in building flexible electronic sensors to measure body pressure. With the use of these printers, sensations in surgical robotic arms and prosthetic hands can be improved. Thus, this trend is likely to grow in the global flexible electronics market in the coming future.

Demand for wearable devices is a growing trend in the market

The use of printed displays is increasing rapidly in the consumer electronics industry for various devices including wearable devices, mobile devices, monitoring devices, and display screens. The need for highly flexible and thin displays for such applications is leading to manufacturers developing printed displays that are further produced primarily using organic light-emitting diodes technology. With changing lifestyles and growing disposables incomes, the demand for wearable devices is increasing all over the world. This trend is expected to support growth of the global flexible electronics market over the forecast period.

Global Flexible Electronics Market Restraints:

High cost of investment in flexible electronics to hinder the market pace

The cost of devices equipped with flexible electronics can be higher compared to devices that use conventional electronic components. For instance, the cost of active RFID tags using internal powering is higher than the ones that do not need power. Thus, the cost of flexible batteries is expensive. Similarly, several other flexible electronics are of high cost, and this factor in turn is expected to impede adoption of these electronics. As a result, the growth of global flexible electronics market is likely to be hindered by high cost in the coming future.

Complexity of flexible electronics to limit the market growth

Flexible electronics are difficult to repair and rework. Factors such as cut flex material, damaged conductors, and heat damaged/lifted pads can cause damage to flexible electronics. In order to repair such damages, it requires highly skilled professionals. In some cases, the entire circuit can be damaged in the process of repairing. Reworking the same flex circuit is also a difficult job as they are complex and thing requiring high precision machines. Thus, this factor is expected to obstruct growth of the global flexible electronics market over the forecast period.

Figure 2: Global Flexible Electronics Market Share (%), in terms of Value, By Component, 2022

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Global Flexible Electronics Market Segmentation:

The global flexible Electronics market report is segmented into Component and Application.

Based on Component, the market is segmented into Flexible Display, (OLED, E-paper, LCD), Flexible Battery, Flexible Sensor, (Biosensors, CMOS Hybrid Sensors, Photo Detectors, Piezo Resistive, Others), Flexible Memory, and Flexible Photovoltaics. Out of which, Flexible Display is expected to dominate the global market over the forecast period and this is attributed to the various advantages of these displays driving their demand. Flexible displays enable the design of lightweight and small sized devices, due to which they become easily portable. Along with the durability, flexible displays are also of high importance in designing the devices as they are capable of absorbing more impact compared solid glass structures.

OLED segment is also expected to witness significant growth in the near future and this is owing to the increasing popularity of OLED displays. These type of displays comprise of luminescent organic components made with hydrogen and carbon, where the light comes from the glass substrate. The demand for these OLED displays is increasing in various electronic devices, including smartphones, tablets, and laptops, which is expected to support growth of this segment.

Based on Application, the market is segmented into Consumer Electronics, Automotive, Medical & Healthcare, Energy & Power, Aerospace & Defense, and Others. Out of which, Consumer Electronics is expected to dominate the global market over the forecast period and this is attributed to the rise in adoption of smart electronics and wearable devices. These devices are largely used all over the world. With increasing demand, market players are making heavy investments in development of flexible displays for these devices. This in turn is expected to support growth of this segment.

Automotive segment is also expected to witness significant growth in the near future and this is owing to the increasing integration of flexible electronics in the vehicle interiors. Various display technologies such as OLED and OLCD are becoming popular due to their flexibility in designing the infotainment systems. With increasing demand and integration of these electronics in vehicles, the automotive segment is expected to gain traction in the global flexible electronics market.

Global Flexible Electronics Market: Key Developments

In October 2020, Notion Systems GmbH, entered into a non-exclusive agreement with PV Nano Cell Ltd., for collaboratively providing complete solutions including printers, printing process, and inks to be used in digital additive manufacturing of printed electronics.

In January 2021, Samsung Group introduced Samsung Bespoke 4-Door Flex refrigerator in the U.S. market for catering various household refrigeration needs.

In January 2021, LG announced acquisition of the controlling share in ALPHONSO’s TV data and measurement firm. This acquisition is likely to allow the company to offer highly customized services and content for consumers.

In June 2021, Samsung developed a fully flexible OLED display capable of adhering to and conforming to the surface of the skin. The company created an individual rigid OLED pixels, which can adhere to a flexible elastomer surface in order to develop a flexible display.

Global Flexible Electronics Market: Key Companies Insights

The global flexible electronics market is highly competitive. This is attributed to continuous launch of new technologies due to ongoing R &D and efforts by value chain participants. Moreover, key players are adopting various business growth strategies in order to expand their presence on regional as well as global basis.

Some of the key players in the global flexible Electronics market are Au Optronics Corp., Blue Spark Technologies, Cymbet Corporation, E Ink Holdings Inc., Enfucell Softbattery, Imprint Energy Inc., LG Electronics, and Palo Alto Research Center Incorporated

*Definition:  Flexible electronics are designed to bend or conform to a variety of non-traditional substrates. These include plastics, paper, metal foil and flex glass. This means they can fit into places that traditional circuit boards simply cannot. These devices can be made much thinner, lighter and more durable. Many of them also offer new ways to interact with the products we use.