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The "Thin Film Battery Market Analysis By Battery type, And Segment Forecasts, 2014 - 2025" report has been added to Research and Markets' offering.
The market is expected to grow at a CAGR of 27.4% from 2017 to 2025 on account of increasing adoption of wearable technology around the world and is expected to reach USD 1.72 billion.
Rapid adoption of wearable technology in the society, along with technological advancement is further propelling the market growth.
Thin film battery has gained huge popularity due to its lightweight and small size characteristics and is expected to revolutionize the industry. Increasing demand for thin film battery to power compact devices coupled with improved safety is a major driving factor for the industry growth in the wearables and medical applications.
Below 1.5 V thin film batteries are generally used in low power applications such as smart cards, wireless micro-sensors, toys, RFID tags, and medical patches. Moreover, most of the manufacturers are integrating below 1.5 V thin film batteries for various applications. These properties are expected to have a positive impact on the industry.
The smart cards and medical segment are expected to collectively account for 28.7% of the global market share in 2025. Extensive R&D in the global battery industry on account of changing needs from various end-use industries has propelled the development of novel battery, which outperform conventional battery in terms of their performance and durability.
North America was the leading region due to rapid adoption of wearable technology by the people. The consumer is demanding electronics devices which are easy to carry around, which means it should be small in size and light in weight. The availability of a variety of thin film battery options and ability of customization is leading to the expansion of the overall market in this region.
Further key findings from the report suggest:
- Wearable devices will witness fastest growth in terms of revenue at a CAGR of 29.2% from 2017 to 2025 owing to extensive introduction of innovative players
- Asia Pacific market is expected to witness significant development and was valued at USD 42.6 million in 2016 on account of growing electronics manufacturing industry
- Key participants include Blue Spark Tech, BrightVolt, Enfucell Oy, ST Microelectronics, Cymbet, Imprint Energy, Ilika PLC, LG Chem, Jenax Inc. and others. These companies are focused on increasing their market share by introducing innovative products.