Flexible Electronics Market is Estimated to Witness High Growth Owing to Opportunity for Miniaturization of Devices

 

Flexible Electronics Market


Flexible electronics incorporate materials and devices that are thin, lightweight, durable, bendable and twistable. Flexible electronic products include wearable electronics, flexible displays, printed sensors, biosensors and thin-film photovoltaics. These products provide advantages like mechanical flexibility, durability and ease of processing over rigid electronics. The growing demand for miniaturization of electronic devices across consumer electronics and medical devices industries is driving the need for flexible electronics that can conform and bend easily.

The global flexible electronics market is estimated to be valued at US$ 30.71 billion in 2023 and is expected to exhibit a CAGR of 6.6% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity:

The opportunity for miniaturization of devices through adoption of flexible electronics presents significant growth potential for the market. Flexible electronics allow for thinner, lighter and more compact electronic products. This enables novel form factors and designs that were not possible with rigid printed circuit boards and silicon chips. Thedemand for wearable devices and implantable medical devices has increased significantly in recent years. Flexible electronics provide an ideal platform for developing miniaturized versions of these products that can conform to the body and expand functionality. The integration of flexible sensors, displays and batteries is enabling a new generation of miniature yet powerful electronic devices. This rapid miniaturization through flexible electronics is expected to drive robust growth of the market over the forecast period.

Porter’s Analysis
Threat of new entrants: The flexible electronics market has moderate threat from new entrants due to the high R&D costs involved in developing new flexible electronic materials. However, the growing demand creates opportunities for new companies.
Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of substitutes and differentiated products offered by different manufacturers.
Bargaining power of suppliers: The suppliers of raw materials have low to moderate bargaining power due to availability of substitute materials and the fragmented nature of suppliers.
Threat of new substitutes: Threat from substitutes is low as flexible electronics provides properties like flexibility, lightweight and durability that are not easily replicated.

Competitive rivalry: The market rivalry is high due to many tech companies focusing on innovations and differentiated product offerings.

SWOT Analysis
Strength: Flexible electronics provide properties like flexibility, portability and lightweight nature which enhance consumer experience. Continuous technological innovations.
Weakness: High costs of adoption and production. Dependence on few suppliers for raw materials.
Opportunity: Growing demand for wearables, foldable devices provides huge market potential. Usage in emerging applications like medical devices, smart fabrics.
Threats: Vulnerability to supply chain disruptions. Intense competition may reduce profit margins.

Key Takeaways

Global Flexible Electronics Market Demand is expected to witness high growth over the forecast period 2023-2030 supported by rising demand for wearable devices, smartphones and other consumer electronics.

Regional analysis: Asia Pacific dominates the global market currently due to presence of major manufacturers in countries like China, Taiwan and South Korea. The region is expected to grow at the fastest pace during the forecast period supported by rising electronics manufacturing and increasing disposable incomes.

Key players: Key players operating in the flexible electronics market are Samsung, LG, Solar Frontier, Blue Spark, ENfucell, Cymbet, Imprint Energy, Planar Energy Devices, ThinFilm Electronics. 

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