The flexible electronics market is expected to grow from USD 23.92 billion in 2018 to reach USD 40.37 billion by 2023, at a CAGR of 11.0% between 2018 and 2023
NEW YORK, Feb. 26, 2018 /PRNewswire/ -- Flexible electronics market projected to grow at a CAGR of 11.0% during the forecast period
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The flexible electronics market is expected to grow from USD 23.92 billion in 2018 to reach USD 40.37 billion by 2023, at a CAGR of 11.0% between 2018 and 2023. Flexible electronic devices are easy to assemble being light in weight and portable.
This has resulted in the growing adoption of flexible electronic devices for solar power harnessing, healthcare, and consumer electronics application, which collectively drive market growth. The widespread use of rigid electronic devices is hindering the growth of the flexible electronics market to a large extent. Samsung Group (South Korea), LG Group (South Korea), and Solar Frontier (Japan) are some of the prominent players in the flexible electronics market
OLED lighting and flexible batteries are expected to demonstrate rapid growth in the flexible electronics market during the forecast period
Flexible OLED lighting solutions are expected to be increasingly adopted for automotive applications as they are easy to integrate, provide improved luminosity, and offer optimization in saving space and cost.
The growing interest in flexible OLED lighting from major automobile manufacturers is also expected to boost this high rate of adoption. Flexible batteries are also expected to be rapidly adopted for consumer, healthcare, and industrial applications. Improvements such as rechargeability will aid longer operational times in various applications
The consumer electronics vertical to hold the largest share of the market during the forecast period
Flexible displays, printed sensors, and flexible batteries are being widely used in consumer devices.
Flexible displays account for a major share of the flexible electronics market for consumer electronics. Flexible displays are prominently being adopted for smartphone, smart wearable, and television applications. Leading smartphone brands such as Apple and Samsung are playing a vital role in the growth of the flexible electronics market for flexible displays
APAC is expected to dominate the flexible electronics market during the forecast period
APAC dominated the flexible electronics market accounting for the largest market share in 2017.
In addition, the region is likely to be the fastest-growing market for flexible electronics during the forecast period. APAC is the hub for manufacturers and customers of flexible OLED panels. In the market, Samsung and LG have been the leading companies that deploy flexible displays in smartphones and televisions.
In APAC, flexible sensors are also increasingly used for healthcare applications. APAC has witnessed an increase in the installation of thin-film PVs in the recent years, and their deployment is expected to increase steadily in China. With Japan and India being prominent countries in the adoption of thin-film PVs, other countries in the region are also shifting toward renewable energy resources.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews have been conducted with key industry experts. The break-up of the profile of primary participants is given below:
• By Company Type: Tier 1 – 40%, Tier 2 – 15%, and Tier 3 – 45%
• By Designation: C-Level Executives – 25%, Directors – 55%, and Others – 20%
• By Region: APAC – 67%, North America – 20%, and Europe – 13%
Major players profiled in the report are Samsung Group (Samsung Electronics and Samsung SDI) (South Korea); LG Group (LG Display and LG Chem) (South Korea); Solar Frontier (Japan); First Solar. (US); Panasonic (Japan); Konica Minolta (Japan); OLEDWorks (US); Blue Spark Technologies (US); BrightVolt (US); Heliatek (Germany); Cymbet (US); Palo Alto Research Center (US); Thin Film Electronics (Norway); Royole Corporation (US); FlexEnable (UK); and Enfucell (Finland).
Research Coverage
The market is analyzed in terms of various application areas, and the demand for flexible electronics for various applications is mapped with the prominent verticals and geographic regions to obtain an overall picture of the flexible electronics market. The flexible electronics market in terms of applications is segmented into display, thin-film photovoltaics (PVs), battery, printed sensor, and OLED lighting.
The market based on verticals has been segmented into consumer electronics; healthcare; energy & power; automotive; military, defense, and aerospace; industrial; and others that include building automation, smart packaging, environment monitoring, communication hospitality, sports, and research. The geographical distribution of the flexible electronics market is categorized into North America, Europe, Asia Pacific (APAC), and Rest of the World (RoW).
Key Benefits of Buying the Report
The report will help the market leaders/new entrants in this market in the following ways:
1. This report segments the flexible electronics market comprehensively and provides the closest market sizes and that of the subsegments across the different applications, verticals, and region.
2. The report helps stakeholders to understand the pulse of the market and provides the information on key market drivers, restraints, challenges, and opportunities.
3. This report would help stakeholders to better understand their competitors and gain more insights to enhance their position in the business. The competitive landscape section includes competitor ecosystem, and major developments such as product launches and developments, mergers and acquisitions, partnerships, agreements, collaborations, expansions, and recent developments in the flexible electronics market.
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