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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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.
Opportunity: Rise in adoption of wireless sensors equipped with thin film and printed batteries
Wireless sensors are being adopted rapidly across the world owing to advancements in IoT and wireless sensor technologies. Energy harvesting technologies such as thin film and printed flexible batteries are rapidly emerging as a viable power supply option for embedded systems, thereby leading to the use of wireless sensors in applications wherein they were not used previously. Micro batteries enable energy harvesting owing to their superior form factors, ultra-thin profile, and low leakage characteristics. The increasing adoption of energy harvesting-based autonomous wireless sensors is expected to act as a growth opportunity for the thin film and printed battery market
Challenge: Fabrication complexity of thin film lithium-ion batteries
Thin film batteries have several distinctive features such as high flexibility, light weight, easy portability, high power, and excellent energy density. The market for thin film lithium-ion batteries is growing at a significant pace. However, the fabrication of thin film lithium-ion batteries is more challenging than that of the conventional rechargeable lithium-ion batteries. During the fabrication of lithium-ion batteries, it is essential to achieve an optimal match between core components such as nanostructured electrode materials and shape-conformable solid electrolytes and soft current collectors. This enables batteries to maintain stable electrochemical performance even if they are deformed to fit powered devices. However, the fabrication process of such lithium-ion batteries is costly. Moreover, it requires a complex screening of solid-state electrolytes, soft current collectors, electrode materials, and full lithium-ion battery cell assemblies. Studies are being undertaken to focus on the fundamental understanding and simulation of fully thin film and printed flexible lithium-ion batteries. Additionally, research is also being carried out to test the reliability and the performance of these batteries that are not easily explored using the present state-of-the-art technologies. Thus, the fabrication complexity ofthin film lithium-ion batteries acts as a key challenge for the growth of the market.
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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