Thin Film Battery Market
Growth Factors of Thin Film Battery Market
The thin film battery market size was valued at USD 121.90 billion in 2023, and the market is now projected to grow from USD 153.20 billion in 2024 to USD 780.02 billion by 2032, exhibiting a CAGR of 22.6% during the forecast period of 2024-2032.
The occurrence of COVID-19 has hindered the improvement of the market. Consumer electronics device manufacturing processes have reduced worldwide due to a deficiency of chips in the market. During the pandemic, numerous manufacturing and production companies stopped their operations due to the lockdown enforced by many nations to inhibit the spread of the virus.
The rising implementation of smart cards and e-cards through government and transportation segments to progress security will boost the implementation of these batteries. Smart cards deliver personal identification, verification, data storage, and application processing, thus enhancing the practise of smart cards worldwide. Furthermore, the rising adoption of smart cards is also motivating the thin film battery market growth.
The rising miniaturization of devices such as mobile phones, remedial devices, and smart watches has managed to growing demand for the miniaturization of electronic constituents. Numerous compact electronic devices and systems are being developed through the world. The necessity for miniaturization is also rising as conventional batteries pose a challenge to decreasing the size of electronic devices.
Comprehensive Analysis of Thin Film Battery Market
The market can be segmented in various ways, depending on the focus of analysis such as by chargeability, and by application. Based on chargeability, the market is distributed into disposable and chargeable batteries. Based on application, the market is segmented into wearable devices, smart cards & RFID, medical devices, and portable electronics.
Asia Pacific region is dominating the thin film battery market share due to amplified implementation of IoT devices, increasing product demand, and the region's promptly developing and intensifying electronics devices manufacturing industry.
The key players are enthusiastically contributing in planned events that are targeted at maintaining durable market position and growing market share by merger, partnerships and others. These players include Blue Spark Technologies (US.), Brightvolt Inc (U.S.), CYMBET Corporation (US.), Guangzhou Feng Jiang Battery New Technology CO. Ltd (China), Jenax Inc (South Korea), Excellatron Inc (U.S.), Molex (US.), Soleras Advanced Coatings (Belgium), Front Edge Technology Inc (US.), Ultralife Corporation (US.), LG Chem (South Korea), Ilika Plc. (UK.), NGK Insulators, Ltd. (Japan), The Kurt J. Lesker Company (US.) these market players spending severely on research and development in order to arise with more new technology so that they can maintain and improve their existing market.
In September 2022, Molex expanded its manufacturing procedures in Hanoi to add a new 16,000-square-meter capacity. This extension supports the rising demand for its products in different applications, comprising smartphones, TVs, home appliances, test equipment, and medical devices.
Segmentation Table
ATTRIBUTE DETAILS
Study Period 2019-2032
Base Year 2023
Estimated Year 2024
Forecast Period 2024-2032
Historical Period 2019-2022
Growth Rate CAGR of 22.6% from 2024 to 2032
Unit Value (USD Million)
Segmentation By Chargeability
By Application
- Wearable Devices
- Smart Card & RFID
- Medical Devices
- Portable Electronics
- Others
By Geography
- North America (By Chargeability, By Application, By Country)
- US (By Application)
- Canada (By Application)
- Europe (By Chargeability, By Application, By Country)
- UK (By Application)
- Germany (By Application)
- France (By Application)
- Italy (By Application)
- Spain (By Application)
- Russia (By Application)
- Rest of Europe (By Application)
- Asia Pacific (By Chargeability, By Application, By Country)
- China (By Application)
- India (By Application)
- Japan (By Application)
- Australia (By Application)
- Southeast Asia (By Application)
- Rest of Asia Pacific (By Application)
- Latin America (By Chargeability, By Application, By Country)
- Brazil (By Application)
- Mexico (By Application)
- Rest of Latin America (By Application)
- Middle East & Africa (By Chargeability, By Application, By Country)
- GCC (By Application)
- South Africa (By Application)
- Rest of Middle East & Africa (By Application)
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