The global flexible electronics market is projected to grow at remarkable CAGR of around 11% throughout the forecast period 2019 to 2026 and reach around US$ 67.06 billion by 2026.
Flexible electronics is the technology for assembling electronic circuits by mounting the electronic devices on a platform of flexible substrates such as PEEK (Polyether Ether Ketone), polyimide or transparent conductive polyester film. Flexible electronics is more flexible and unbreakable so it is preferred for the small electronics devices which makes it easy to mount a circuit in the small devices. Integrating a rigid active plastic display can be achieved in flexible electronics. Flexible electronics have witnessed considerable growth in the last few years, ranging from the extensive applications in flexible OLED electronics and flexible solar cell arrays which are made-up on a plastic substrate. Flexible circuits are simpler to assimilate into the end product and also tend to be lesser in weight. Their demand is stimulated by constant technological development in the field of electronics.
The report provides analysis of global flexible electronics market for the period 2015-2026, wherein 2019 to 2026 is the forecast period and 2018 is considered as the base year.
The growing awareness regarding the benefits of using flexible electronics in diverse applications is one of the key factors predicted to promote the growth of global market in near future. The rising use of thin-film solar modules and growing acceptance of wearable devices and smartphones are anticipated to drive the global market. Conversely, the existence of recognized substitutes like inflexible products is likely to act as a factor restraining the global flexible electronics market. Additionally, the flexible printed circuits are designed and made for particular application, the price of circuit design, photographic plate, and wiring is high. Moreover, flexible electronics is the latest technology so it has a quite difficult manufacturing process which is time consuming and expensive. On the other hand, the increasing need for improvements in terms of technology for a wider end use adoption such as defense and healthcare sector is projected to offer lucrative opportunities in near future. The increasing government support for renewable energy projects and lighting technologies are expected to tender promising opportunities for the market players.
In 2018, the flexible display sector generated the largest sales revenue, accounting for about 29% of the market. A strong penetration of smartphones, tablets, notebooks, desktops and e-readers will fuel demand in the next 8 years. It is expected that growth in this segment will benefit from features like electricity efficiency and rapid micro-second pixel switching speeds.
In 2018, the consumer electronics market accounted for more than 28% of the total share; a trend expected to continue over the next few years. It is primarily due in smart watches, laptops, e-papers, e-books, etc. to the widespread application of this technology. In 2018, the automotive industry accounted for more than 16% of total sales and is projected to see steady growth over the next eight years. It is expected that the technology will revolutionize car designs, from the dashboard to the center console.
In 2018, North America led the global market for flexible electronics and is expected to grow significantly in the forecast period. The region is characterized by the presence of numerous research universities involved with technology-related topics in research projects. In addition, several key players with process technologies, competencies, equipment and intellectual property related to flexible electronics are expected to fuel regional market growth over the forecast period.
Increasing consumer spending, positive economic outlook, and rising demand for consumer electronics are the key drivers for the flexible electronic market in this region. However, the presence of Asian companies in the region would be a challenge for regional manufacturers.
It is estimated that Asia-Pacific will witness a more than 11% CAGR from 2019 to 2026. It can be due to the presence of segments that are reliably important to the development of flexible electronic devices of several large industrial groups with specific manufacturing capabilities.
Innovative methods that enable new applications, for example wireless sensors for zero power and smart building power management, agriculture field monitoring/reporting devices and information logger delivery in an effort to obtain competitive advantage are included in prominent industry members.
The key players involved in flexible electronics market are Blue Spark Technologies, OLEDWorks, Samsung Electronics, FlexEnable, E Ink Holdings Inc., First Solar, Solar frontier, Konica Minolta, LG Electronics, Front Edge Technologies, Multi-Fineline Electronix, Inc., and other.
Electronics businesses are affected by regulations. Companies must factor such costs into expenditures and pay major penalties for non-compliance. The sector is also regulated by other nations at different rates. Some nations have little or no regulations for the electronics sector and others are regulating emissions and the effect on the environment.
By Geographic Regions
Flexible electronics is the technology for assembling electronic circuits by mounting the electronic devices on a platform of flexible substrates such as PEEK (Polyether Ether Ketone), polyimide or transparent conductive polyester film.
The growing awareness regarding the benefits of using flexible electronics in diverse applications is main driver of the flexible electronics market.
According to Acumen Research and Consulting, the flexible electronics market value is anticipated to be worth around US$ 67.06 billion in 2026.
The flexible electronics market is anticipated to grow over 11% CAGR during the forecast period 2019 to 2026.
North America held maximum share in 2018 for flexible electronics market.
Asia Pacific is projected to grow at a fast pace during forecast period in the flexible electronics market.
Blue Spark Technologies, OLEDWorks, Samsung Electronics, FlexEnable, E Ink Holdings Inc., First Solar, Solar frontier, Konica Minolta, and LG Electronics are the top players operating in the flexible electronics market.