According to the new market research report "Flexible Electronics & Circuit Market
by Application (OLED & LCD Display, Printed Sensor, Battery,
Thin-Film PV, OLED Lighting), Circuit Structure (Single-Sided,
Multilayer, Double-Sided, Rigid), Vertical, and Geography - Global
Forecast to 2023", The flexible electronics market is expected
to grow from USD 23.92 Billion in 2018 to USD 40.37 Billion by 2023, at
the CAGR of 11.0% between 2018 and 2023. Flexible electronics are
formed by mounting electronic devices on a flexible/plastic substrate,
such as a polyimide or transparent conductive polyester film. The
development of flexible electronics has spanned the past 40 years,
ranging from the development of flexible solar cell arrays to flexible
OLED electronics on plastic substrates. Flexible electronic devices are
easier to integrate into the end product and also tend to be lighter
in weight.
The increasing adoption of flexible displays in
smartphones and wearables is strongly driving market growth. The
emergence of flexible batteries suitable for IoT and wearable
applications is a good opportunity for market growth at the global
level. Samsung Group (South Korea), LG Group (South Korea), and Solar
Frontier (Japan) are some of the prominent players in the flexible
electronics market.
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The Flexible displays held the largest market share in 2017
Displays LCD and OLED are expected to hold the
largest share of flexible electronics market during 2018–2023. The
market for displays is led by industry leaders such as Samsung and LG
who produce flexible OLED display panels that are largely being deployed
in smartphones, smart wearables, and televisions. Leading smartphone
manufacturers, such as Samsung and Apple, have adopted flexible OLED
displays in their flagship smartphones. Flexible displays are also
increasingly being deployed for television and digital signage
applications due to their aesthetic appeal. The demand for flexible
displays is expected to increase for more applications across various
verticals are adopting the technology.
The automotive vertical is expected to
demonstrate the fastest growth in the flexible electronics market during
the forecast period
The automotive vertical is increasingly adopting
flexible electronic devices as they can be easily integrated with the
vehicle design allowing compact assembly. Flexible displays, OLED
lighting solutions, and printed sensors are actively adopted in the
automotive vertical. Flexible OLED lighting solutions are expected to be
rapidly adopted for automotive applications due to their enhanced
luminescence, improved power efficiency, and attractive design.
APAC region held the largest share of the flexible electronics market in 2017
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 being
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.
Some of the major companies operating in the flexible
electronics market 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).
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