According to the new market research report "Thin Film and Printed Battery Market with COVID-19 Impact, by Type (Thin-film, Printed), Voltage, Capacity, Rechargeability (Primary Batteries, Secondary Batteries), Application (Smart Packaging, Medical Devices), and Geography - Global Forecast to 2025", The global thin film and printed battery market size is projected to grow from USD 98 million in 2020 to USD 296 million by 2025; it is expected to grow at a CAGR of 24.7% from 2020 to 2025. The key factors fueling the growth of this market include growing demand for thin film and printed batteries for use in wearables, ongoing miniaturization of electronic devices, surging demand for printed flexible batteries in IoT applications, increasing use of printed flexible batteries in medical devices to treat COVID-19 patients.
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COVID-19 impact on the Thin film and printed battery market
Historically, the thin film and printed battery market was subject to significant growth owing to the increased adoption of thin film and printed batteries in consumer electronics and energy harvesting applications, which were driving the growth of the market. As a result of COVID-19, the expected growth of thin film and printed batteries across different applications is expected to decline as the pandemic is expected to restrict the supply chain and adoption of thin film and printed batteries owing to severe disruptions in businesses and the global economy. However, as medical devices and smart packaging are key applications of flexible batteries, the market for these batteries is expected to witness a recovery in 2021. Moreover, the high demand for medical devices such as temperature patches during the COVID-19 pandemic is also expected to fuel the growth of the market.
Market Dynamics
Driver: Ongoing miniaturization of electronic devices
The ongoing miniaturization of devices such as mobile phones, watches, and medical devices has led to a rise in demand for miniaturized components of electronic devices. Various compact electronic systems and devices are being developed across the world. As conventional batteries pose a challenge to reduction in the size of electronic devices, it has led to an increased demand for compact and lightweight, printed flexible batteries. Moreover, the shrinking form factors of implantable wearable devices lead to the requirement of small batteries. Implantable and wearable medical devices can move from the designing stage to the marketplace only if miniaturized batteries are used to power them. These batteries require to be both thin and lightweight to be integrated with wearable devices
Restraint: Lack of standardization for development of thin film and printed batteries
The proprietary technologies used for manufacturing printed flexible batteries differ from one manufacturer to another, based on the specifications of the manufacturers. These batteries are manufactured specifically for certain electronic devices, thereby resulting in compatibility issues if used with other devices. Thus, the absence of standards to be followed during the development of batteries acts as a restraint for the growth of the printed flexible battery market.
Smart packaging application is expected to hold the largest size of the thin film and printed battery market in 2020.
Smart packaging is expected hold the largest share in the thin film and printed battery market during the forecast period. Thin film and printed batteries are thin, flexible, and lightweight. They can be rolled without any loss of energy and are easy to dispose of. Thus, smart packaging manufacturers prefer thin film and printed batteries over conventional batteries, which are bulky and rigid. The increasing adoption of micro-batteries by smart packaging manufacturers is expected to fuel the growth of the smart packaging segment of the market during the forecast period. The outbreak of the COVID-19 pandemic has led to a decline in the growth rate of the thin film and printed battery market, owing to reduced manufacturing of products that use these batteries.
North America is projected to be the largest market for solid-state realy from 2020 to 2025.
North America accounted for the largest share of the thin film and printed battery market in 2019. Smart packaging, wearable devices, and smart cards are key application segments wherein thin film and printed batteries are used in North America These applications require thin and flexible power sources for their operations. Thin film and printed battery manufacturers such as Blue Spark Technologies (US), BrightVolt (US), and Ultralife Corporation (US) are also based in North America, thereby leading to the growth of the thin film and printed battery market in the region. The COVID-19 pandemic outbreak has affected the production and supply chain of thin film and printed batteries. It has adversely affected the investments undertaken to develop thin film and printed batteries by a number of manufacturers in the region. However, thin film and printed batteries are being increasingly used in medical applications to record the body temperature of the COVID-19 suspects, as well as of infected on a daily basis. This, in turn, has created a significant demand for thin film and printed batteries.
Samsung SDI Co., Ltd. (South Korea), Enfucell Oy Ltd. (Finland), Ultralife Corporation (US), Blue Spark Technologies (US), BrightVolt, Inc. (US), Apple Inc. (US), LG Chem Ltd. (South Korea), Fullriver Battery New Technology Co., Ltd. (China), and Panasonic Corporation (Japan). are some of the major players in thin film and printed battery market.
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