Flexible Electronics Market Expected to Reach $42.48 Billion, Globally, By 2027 at 7.4% CAGR: Allied Market Research
Growth in sales of Internet of Things (IoT) devices, rise in concern of government for flexible electronics, and increase in demand for portable and smart electronics products drive the growth of global flexible electronics market
PORTLAND, Ore., Nov. 24, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Flexible Electronics Market By Component (Flexible Display [OLED, E-paper, and LCD], Flexible Battery, Flexible Sensor [Bio Sensors, CMOS Hybrid Sensors, Photo Detectors, Piezo Resistive, and Others], Flexible Memory, and Flexible Photovoltaics) and Application (Consumer Electronics, Automotive, Medical & Healthcare, Energy & Power, Aerospace & Defense, and Others): Global Opportunity Analysis and Industry Forecast, 2020-2027". According to the report, the global flexible electronics industry generated $23.64 billion in 2019, and is projected to reach $42.48 billion by 2027, witnessing a CAGR of 7.4% from 2020 to 2027.
Drivers, Restraints and Opportunities
Growth in sales of Internet of Things (IoT) devices, rise in concern of government for flexible electronics, and increase in demand for portable and smart electronics products drive the market growth of the global flexible electronics market. In addition, growth in printed electronics further fuels the market growth. On the other hand, the high cost restrains the growth to certain extent. Moreover, the technological advancements in flexible electronics are anticipated to create a number of opportunities in the near future.
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Covid-19 Scenario
- Manufacturing activities have been halted during the lockdown. In addition, the disruption in supply chain has resulted into shortage of raw materials.
- The declined demand and shut down of end using industries have further declined the growth.
- However, the government bodies in various regions have lifted off the regulation in order to maintain economic benefits. This has allowed the industries to resume their processes.
The Flexible Display Segment to Dominate in Terms of Revenue during the Forecast Period
Based on component, the flexible display segment accounted for the largest market share, accounting for more than half of the global flexible electronics market in 2019, and will continue its dominant share in terms of revenue during the forecast period. In addition, the segment is also expected to manifest the highest CAGR of 9.1% from 2020 to 2027, owing to wide range applications of OLEDs, e-paper, and LCD.
The Consumer Electronics Segment to Maintain Its Highest Contribution during the Forecast Period
Based on application, the consumer electronics segment contributed to the largest share in 2019, accounting for nearly three-fifths of the global flexible electronics market, and is estimated to maintain its highest contribution during the forecast period. Furthermore, the segment is estimated to manifest the highest CAGR of 9.1% from 2020 to 2027. Consumer electronics is a prominent application of flexible electronics which makes it the largest segment.
Asia-Pacific, Followed By North America, to Maintain Its Lead Position By 2027
Based on region, Asia-Pacific, followed by North America, held the highest market share in 2019, contributing to nearly two-fifths of the total share of the global flexible electronics market, and will maintain its lead position by 2027. In addition, the region is projected to grow at the fastest CAGR of 9.2% during the forecast period. The flexible electronics market finds huge opportunities in the emerging economies of Asia-Pacific, especially in India and other South Asian countries, owing to a large consumer base and extreme emphasis on the growth of manufacturing.
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Leading Market Players
- Cymbet Corporation
- Blue Spark Technologies
- Enfucell
- Imprint Energy
- E Ink Holdings
- AU Optronics
- Samsung Electronics Co. Ltd.
- Solar Frontier
- Palo Alto Research Center Incorporated
- LG Corporation
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