Thin Film Battery Market Size By Product (Chargeable, Disposable), By Application (Wearable Electronics, Medical Devices, Smart Cards, Consumer Products, Backup Power, RFID, Sensors), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2024
Published Date: Jan 2017 | Report ID: GMI843 | Authors: Ankit Gupta, Aditya Singh Bais
Thin Film Battery Market size estimated at USD 200 million in 2015 and is set to grow at over 25% CAGR from 2016 to 2024.
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Increasing demand for light weight, compact, flexible, and durable devices across a host of industries will drive the global thin film battery market. Increasing adoption of wearable electronic devices including watches, e-textiles, smart fabrics, and glasses due to the shift in consumer lifestyle will drive thin film and printed battery industry share from 2016 to 2024. Growing demand for compact size battery with increased energy storage will further complement global industry growth. Increasing demand for security system including RFID and sensors from railway station and financial institutions to minimize the risk related to financial crime and cyber security will stimulate the market share.
|Market Size in 2015:||200 Million (USD)|
|Forecast Period:||2016 to 2024|
|Forecast Period 2016 to 2024 CAGR:||25%|
|2024 Value Projection:||1.8 Billion (USD)|
|Historical Data for:||2013 to 2015|
|No. of Pages:||117|
|Tables, Charts & Figures:||168|
|Segments covered:||Product, Application and Region|
|Pitfalls & Challenges:|
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Rising adoption of smart cards, including EMV and SIMs cards used for banking applications, and e-IDs used in government and transportation sectors to improve security will propel the market revenue during the forecast period. Increasing number of mobile subscribers will also augment growth.
Market by Product
Chargeable thin film battery market accounted for over 40% of the global revenue share in 2015 and is expected to witness moderate growth during the forecast timeline subject due to its overheating property. It is suitable for ultralow power energy harvesting systems for wireless sensor networks.
Disposable thin film batteries are predicted to witness growth of over 20% from 2016 to 2024. It acts as a power source for one-time password display-type smart cards, semi-active tags with sensors, consumer music, toys, greeting cards and semi-battery-assisted passive RFID.
Market by Application
The global industry revenue generated by wearable electronics was over USD 80 million in 2015 and is expected to witness considerable growth on account of the increasing demand for small energy storage sources. Its light weight and compact size features make its adoption more favorable.
Medical device applications are expected to witness substantial growth during the forecast timeframe due to the growing adoption of disposable medical equipment. Smart card application segment is set to exceed USD 130 million by 2024. It is a feasible solution for processing and transferring data efficiently and securely. It finds application in information security, banking and credit cards, healthcare, transportation area. Consumer products are expected to contribute over 4% of the global revenue share by 2024.
The backup power segment is expected to grow at over 20% CAGR from 2016 to 2024 owing to rapid expansion of wireless communication system coupled with increasing demand for uninterrupted power supply. RFID is forecast to witness significant growth due to its ability to enhance transparency across supply chain. Increasing security and consumer data privacy concerns will further boost the business growth.
Market by Region
U.S. thin film battery market valued at over USD 70 million in 2015 and is expected to grow significantly to 2024 driven by increasing adoption of EMV chip card technology. It has been analyzed that over 95% of credit cards would be EMV chip enabled by 2018.
Germany thin film battery industry contributed over 30% to the regional revenue in 2015. Rising investment towards high quality medical equipment including dental products, optical technologies and diagnostic imaging will positively influence the business growth. Brazil is expected to witness growth in the coming years owing to increasing adoption of EMV/chips to reduce payment fraud.
Asia Pacific is expected to witness growth owing to rising demand for wearable electronics including smart watches coupled with rising living standards mainly in countries including China, Japan, and South Korea. Increasing adoption of battery-operated vehicle will further complement regional industry demand.
Competitive Market Share
Key players in the market are Blue Spark Technologies, Excellatron, Imprint Energy, NEC Corporation, Prelonic, ST Microelectronics, Cymbet Corporation, Enfucell, Flexel, Jenax Inc, PowerId, BrightVolt, Thinfilm.
Growing continuous power supply demand from industrial and commercial sector will propel the demand of uninterruptable power supply system, which in turn will boost the industry growth. Lack of technology awareness and high initial costs may hamper consumption. Inability to generate high current across solid- solid interface are also among major restraints.
These products are manufactured by depositing the components of the batteries as thin films on a substrate. Its width is less than 5μm. It offers higher average output voltage, lighter weight and longer life over other battery. Discharge capacity of battery depend upon the anode and electrode choice. Increasing demand for wearable products including watches, fitness band and google glass will positively influence the industry value.
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