Thin-film Batteries Market to increase by USD 2.58 billion between 2022 to 2027; The proliferation of IoT devices has driven the demand for thin-film batteries- Technavio
NEW YORK, Jan. 15, 2024 /PRNewswire/ -- The thin-film batteries market size is expected to grow by USD 2.58 billion from 2022 to 2027, according to Technavio. In addition, the growth momentum of the market will progress at a CAGR of 26% during the forecast period. North America will account for 40% of the market growth. The smart wearables segment will be significant during the forecast period. To find a preview of the market overviews, market drivers, opportunities, and potentials request a free sample report
Thin-film Batteries Market 2023-2027: Company Analysis
The thin-film batteries market is fragmented due to the presence of many global and regional players. The market comprises category-focused, industry-focused, and diversified vendors. The global off-grid thin-film batteries market is expected to grow rapidly during the forecast period due to the Increasing occurrences of hearing loss. Hence, the competition among companies is expected to intensify during the forecast. The report analyzes the market's competitive landscape and offers information on several market companies. Angstrom Engineering Inc., Avery Dennison Corp., Coreshell Technologies, Cymbet Corp., EIT InnoEnergy SE, Enfucell, Fujitsu Ltd., Imprint Energy, Jenax Inc., Koch Industries Inc., Kurt J Lesker Co., LG Corp., RRC power solutions GmbH, Samsung Electronics Co. Ltd., Shenzhen Grepow Battery Co. Ltd., Soleras Advanced Coatings BV, STMicroelectronics NV, The Swatch Group Ltd., and Ultralife Corp.
Market Dynamics
Key Driver - The proliferation of IoT devices has driven the demand for thin-film batteries, steering the global market's expansion. Companies like Enfucell, Cymbet Corporation, Blue Spark Technologies, STMicroelectronics, and others have contributed significantly to this growth. These advanced batteries, offered by industry leaders such as Infinite Power Solutions, Front Edge Technology, Ilika Technologies, Excellatron Solid State, BrightVolt, and Solid Power, cater to the IoT sector's specific power needs, spurring the market's upward trajectory.
Leading trend - The rise in cardiovascular ailments significantly influences the trajectory of the global thin-film battery market. This trend aligns with innovations in battery technology, especially in ultrathin batteries and long-lasting energy cells, crucial for portable devices and IoT power solutions. As demand rises for thin-film power generation and storage, companies investing in advanced battery materials and future battery technologies, such as electronic device power, are shaping the market's evolution.
Significant Challenge - The substantial challenge hindering the global thin-film batteries market lies in its high manufacturing cost. This challenge affects the broader spectrum of the microbattery market, flexible battery solutions, and energy storage innovations. While developments in printed electronics and solid-state battery technology continue, the thin-film energy devices sector faces constraints due to the elevated costs. This predicament impacts miniature power sources, wearable electronics power, and the overall thin-film battery industry's growth prospects.
Major Companies and Key Offerings:
Angstrom Engineering Inc.: The company offers thin film battery solutions such as Physical Vapor Deposition systems and Chemical Vapor Deposition systems. Also, the company under this product line offers PVD platforms, systems for specialized processes, space and environmental simulation chambers, glove boxes, and accessories.
Thin-film Batteries Market 2023-2027: Segmentation Analysis
By End-user
- The smart wearables segment will be significant during the forecast period. The smart wearable devices market is thriving, yet battery technology lags. Rapidly evolving wearables demand frequent updates, but battery innovation hasn't kept pace. Dependent on wearable unit shipments, this segment spans diverse industries like sports, healthcare, and fashion, driving demand for thin-film batteries and propelling the market's growth.
- Battery type (rechargeable and disposable).
By Geography
- North America will contribute 40% to the growth of the global market during the forecast period. Increasing urbanization and the surge in educational institutions and workplaces in North America are driving the smart card market. Post-pandemic, the demand for smart card holders has risen, boosting the need for thin-film batteries, projected to fuel the thin-film batteries market within the smart cards segment.
- APAC, Europe, South America, and Middle East and Africa.
To know additional highlights and key points on various market segments and their impact in coming years, Get a FREE Sample Report.
Imperative Insights on the following aspects:
- What was the size of the global thin-film batteries market by value?
- What will be the size of the global thin-film batteries market in 2027?
- How has industry perform over last 5 years?
- What factors are affecting the strength of competition in the global thin-film batteries market?
- What main segments make up the global thin-film batteries market?
Related Reports:
The light vehicle batteries market size is expected to increase by USD 34.06 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 12.72%.
The Marine Powerboats Batteries Market size is estimated to grow at a CAGR of 8.6% between 2023 and 2027. The market size is forecast to increase by USD 1,826.66 million.
ToC:
Executive Summary
Market Landscape
Market Sizing
Historic Market Sizes
Five Forces Analysis
Market Segmentation by End-user
Market Segmentation by Battery Type
Market Segmentation by Geography
Customer Landscape
Geographic Landscape
Drivers, Challenges, & Trends
Company Landscape
Company Analysis
Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com
SOURCE Technavio
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