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According to a report by Transparency Market Research (TMR), the global printed electronics market observes that the market registered revenue of $25.4 billion in 2015 and is expected to expand with a CAGR of 11.0% over the forecast period from 2016 and 2024 to attain the valuation of $65 billion by the end of 2024. Based on the application, retail and packaging segment accounted for the dominant share in 2015 followed by automotive and electronics segment. Based on the region, Asia Pacific is expected to dominate the global market in terms of revenue followed by North America. This growth is attributable to the rising demand for economical and advanced printing technology.
The global printed electronics market has a highly fragmented landscape, observes Transparency Market Research (TMR). Some of the key players operating in the printed electronics market are Samsung Electronics Co. Ltd., Intrinsiq Materials, Xerox Corporation, Thin Film Electronics ASA, and Optomec Inc. These companies are increasingly adopting the strategies of merger and acquisitions for product improving portfolio and business expansion to improve their geographical presence. Also, these players are increasingly investing in the research and development (R&D) activities for the development of advanced technologies.
Growing Demand for Smart Packaging to Emerge as Key Growth Driver
The printed electronics market is expected to gain traction by the commercialization of printed devices and high adoption from the numerous end-use industries such as healthcare, consumer electronics, automotive, and media. Rising adoption of smart displays and touch devices is propelling adoption of the printed electronics and which is likely to bolster the growth of the market. The medical sensors and diagnostic devices are the key applications which are demanding for the printing electronics techniques and uptake of the printed batteries.
Additionally, the demand for the printed wearable electronic materials for communication and health monitoring. Lightweight, ultra-thin, bendable, shatter-proof energy efficient and portability are some of the major attributes of the flexible displays. Growing usage of printed electronics in memory storage devices and mobile chips, printed circuit boards and in different sensors is driving growth of the market.
Conductivity of Many Substrates to Limit Adoption
The growing investment in research and development (R&D) activities by numerous players for development of novel, economical, and environmentally friendly printing techniques. This increased investment is supporting new product launches. The adoption of these techniques is expected to bolster the growth of the printed electronics market.
Despite these growth prospects, the complexities related to a conductivity of numerous substrates is hampering the growth of the printing electronics market. Nonetheless, applications in energy storage devices and photovoltaic cells are projected to create lucrative growth opportunities for key players in the next coming years.