The report "Flexible Electronics & Circuit Market with COVID-19 Impact Analysis by Structure Type (Single Sided Flex Circuit, Multilayer Flex Circuit), Application (Displays, Printed Sensors), Vertical (Consumer Electronics), and Geography - Global Forecast to 2026", size is projected to reach USD 48.5 billion by 2026 from an estimated USD 31.9 billion in 2021, at a CAGR of 8.8% from 2021 to 2026. The rising demand for consumer electronic devices is among the factors driving the growth of the flexible electronics & circuit market.
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Opportunity: Continuous technological development to create lucrative opportunities
Major companies in the industry are investing heavily in R&D to continuously develop their products. For instance, Samsung achieved 305Gbps on its 5G SA core, in collaboration with Intel. The company expects to launch 5G services more swiftly and cost-effectively through its highly flexible and scalable design. In 2020, Apple Inc. was granted a patent for a foldable device with a hinge mechanism that utilizes movable flaps to help prevent the display from being creased or damaged when folded.
Through these developments major companies are encouraging and challenging each other to exploit the benefits of flexible technology. The continuous technological development in the flexible electronics industry is expected to create lucrative opportunities for players in the flexible electronics & circuit market.
Challenge: Difficult repair and rework
Repairing and reworking flexible electronics is a very challenging process. The types of damage to flexible electronics can include ripped or cut flex material, heat damaged/lifted pads and damaged conductors. Highly skilled persons are required to repair such damage. In some instances, the whole circuit can be damaged in the repair process. Rework on the same flex circuit is a challenging job as the circuits are very thin and complex and require high precision machinery. A flexible circuit first needs to be cleaned of all the components present and all the conductor material to prevent any short-circuiting situations.
By region, APAC Flexible electronics & circuit market estimated to grow at highest CAGR throughout the forecast period
APAC held the largest share of the overall flexible electronics market, based on region, in 2020. The growth of the market can be attributed to the presence of leading players from the flexible electronics ecosystem such as Samsung Group, LG Corp., Panasonic Corporation, and Konica Minolta Inc. These players have captured a major share of the flexible electronics market, thereby contributing significantly to the growth of the market in APAC. The flexible electronics market in North America is projected to record the highest CAGR from 2021 to 2026, largely due to the increasing establishment of high-technology industries of flexible electronics for military use. A number of US states that are at the forefront of innovation have established research centers for flexible and printed electronics.
Samsung Group (South Korea), LG Corp. (South Korea), Panasonic Corporation (Japan), The 3M Company (US), Konica Minolta Inc. (Japan), First Solar, Inc. (US), E Ink Holdings (Taiwan), PragmatIC Printing Ltd. (UK), Blue Spark Technologies, Inc. (US), and BrightVolt Technologies (US), are some of the key players in the flexible electronics & circuit market.
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