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Thin Film Battery Market Trends

Report ID: GMI843
Published Date: Mar 2023
Report Format: PDF

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Thin Film Battery Market Trends

Despite an expanding scope for product adoption, the industry faces a major challenge in the form of the steep initial investments associated with the production and distribution of thin film batteries. The production of thin film batteries relies upon rare earth elements such as lithium, making it highly cost intensive. High cost of lithium also further adds to the overall price of a thin film battery, which takes it out of reach for many small to medium scale consumer electronics manufacturers. These costs redirect revenues towards the more easily available low-cost alternatives, hampering growth further.

Authors: Ankit Gupta, Vinayak Shukla

Frequently Asked Questions (FAQ) :

The market size of thin film battery crossed USD 303.1 million in 2023 and is slated to grow at over 41.3% CAGR from 2024 to 2032, driven by surging spending on consumer electronics.

Based on application, thin film battery industry share from wearable devices segment was valued at more than USD 73.5 million in 2022, going ahead, rising proliferation of wearables, such as smart watches and fitness bands, in daily lives is poised to foster segment revenues.

The Asia Pacific market held a valuation of over USD 89 million in 2022, driven by rising disposable incomes and a booming e-commerce sector, the region is set to accumulate lucrative gains through 2032.

Some of the industry players include names such as ITEN, Enfucell Flexible Electronics LTD Jenax Inc., STMicroelectronics, Ion Storage Systems, and, Imprint Energy, among others.