Redding, California - July 23, 2024
Flexible Electronics Market to be Worth $66.9 Billion by 2031
Flexible Electronics Market Size, Share, Forecast, & Trends Analysis by Type (Single-sided, Double-sided), Component (Surface Mount Devices, PCB), Technology (Printing Technology, PVD, CVD), Application (Consumer Electronics, Healthcare), Geography - Global Forecast to 2031
Meticulous Research®—leading global market research company, published a research report titled, ‘Flexible Electronics Market by Type (Single-sided, Double-sided), Component (Surface Mount Devices, PCB), Technology (Printing Technology, PVD, CVD), Application (Consumer Electronics, Healthcare), and Geography - Global Forecast to 2031.
According to this latest publication from Meticulous Research®, the global flexible electronics market is projected to reach $66.9 billion by 2031, at a CAGR of 9.2% from 2024–2031.The market for flexible electronics is expanding due to the rising use of flexible OLED (organic light-emitting diode) displays in consumer electronics, as well as the growing use of flexible electronics to reduce weight and improve vehicle design. However, reliability difficulties regarding component life hinder market growth. Furthermore, the increasing adoption of flexible devices in the healthcare industry is likely to create new opportunities for the players operating in this market. However, the complexity and cost of manufacturing flexible electronic components provide a significant impediment to market expansion. Furthermore, the most recent market development is the increased usage of flexible memory chips and storage components in smart cards, RFID tags, and wearable gadgets.
The global flexible electronics market is segmented by type (single-sided flexible electronics, double-sided flexible electronics, multi-layer flexible electronics, and rigid-flex flexible electronics), component (surface mount devices, flexible integrated circuits, flexible displays, flexible sensors, flexible batteries, microcontrollers and microprocessors, and other components), technology (printing technology [inkjet printing, screen printing, and flexographic printing], physical vapor deposition, chemical vapor deposition, atomic layer deposition, and other technologies), application (consumer electronics [television, wearable devices, smartphone, and other consumer electronics], automotive, healthcare, aerospace & defense, energy & power, robotics, and other applications), and geography. This study also evaluates industry competitors and analyzes the market at the country and regional levels.
Based on type, the global flexible electronics market is segmented into single-sided flexible electronics, double-sided flexible electronics, multi-layer flexible electronics, and rigid-flex flexible electronics. In 2024, the single-sided flexible electronics segment is expected to account for the largest share of 38% of the global flexible electronics market. This segment's large market share is attributed to the growing adoption of single-sided flexible electronics due to lower production cost and simpler manufacturing process; the rising use of single-sided flexible electronics for a more robust operating temperature range; the single-sided flexible electronics has better environmental durability in terms of cracking and corrosion. Additionally, the increasing use of single-sided flexible electronics due to its versatility and high-performance in applications such as consumer electronics and medical equipment.
However, the double-sided flexible electronics segment is expected to register the highest CAGR during the forecast period. This segment’s growth is attributed to the growing adoption of double-sided flexible electronics to increase flexibility for arranging components and routing traces and the growing need to achieve complex circuit designs with two layers in electronic devices.
Based on component, the global flexible electronics market is segmented into surface mount devices, flexible integrated circuits, flexible displays, flexible sensors, flexible batteries, microcontrollers and microprocessors, and other components. In 2024, the surface mount devices segment is expected to account for the largest share of 43% of the global flexible electronics market. This segment's large market share is attributed to the increasing adoption of surface mount devices for more compact and lightweight flexible electronic devices with increased functionality and the increasing use of surface mounting devices for more flexible and creative PCB layout designs on flexible substrates. Additionally, the SMDs are soldered directly onto the flexible substrate, which provides mechanical strength and durability.
However, the flexible displays segment is expected to register the highest CAGR during the forecast period. This segment's growth is attributed to the growing adoption of flexible displays, which can bend, roll, or fold without losing functionality; flexible displays are lighter and thinner than conventional displays, reducing device weight and enabling slim designs; and the increasing use of flexible displays for high resolution and superior color reproduction of image quality.
Based on technology, the global flexible electronics market is segmented into printing technology, physical vapor deposition, chemical vapor deposition, atomic layer deposition, and other technologies. In 2024, the printing technology segment is expected to account for the largest share of 34% of the global flexible electronics market. The segment's large market share is attributed to the growing adoption of printing technology due to its cost-effectiveness and scalable to manufactured electronics devices and the increasing use of printing technology for easily depositing conductive traces and components onto flexible substrates. In addition, the rising use of printing techniques to integrate multiple components such as conductive traces, semiconductors, and sensors, in a single manufacturing step.
Furthermore, this segment is also expected to register the highest CAGR during the forecast period.
Based on application, the global flexible electronics market is segmented into consumer electronics, automotive, healthcare, aerospace & defense, energy & power, robotics, and other applications. In 2024, the consumer electronics segment is expected to account for the largest share of 67% of the global flexible electronics market. This segment's large market share is attributed to the growing adoption of flexible electronics due to their durability and resistance to reduce damage from drops or bending, the increasing use of flexible OLED displays in smartphones and laptops, and the increasing adoption of flexible e-paper displays in e-readers and digital signage due to their low power consumption.
However, the automotive segment is expected to register the highest CAGR during the forecast period. This segment’s growth is due to the growing adoption of flexible OLED and AMOLED displays into the dashboard to provide clear and customizable information to the driver and the increasing use of flexible sensors to integrate into seats, steering wheels, and dashboard surfaces to monitor driver biometrics and to improve safety by detecting driver tiredness or distraction. Moreover, the automotive has been benefiting from flexible electronics by increasing the available styles for dash panels, infotainment, and other automotive electronics.
Based on geography, the global flexible electronics market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2024, North America is expected to account for the largest share of above 39.0% of the global flexible electronics market. North America’s significant market share can be attributed to the presence of a prominent marketspace for smartphones and smart wearable technology, the growing research and development activities in the region for innovation in flexible electronics, the increasing demand for flexible electronics devices in the healthcare sector; and the growing use of flexible electronics to reduce weight and improve the design of vehicles in the region.
However, the Asia-Pacific market is expected to register the highest CAGR of above 10.5% during the forecast period. This region’s growth is attributed to the growing adoption of flexible electronics in the automotive sector, the increasing innovation in the printing technology for manufacturing flexible electronics in the region, and the rising manufacturing of flexible memory chips and storage components in smart cards, RFID tags, and wearable devices.
Key Players
The key players operating in the flexible electronics market are Samsung Electronics Co., Ltd. (South Korea), LG Electronics, Inc. (A Subsidiary of LG Corporation) (South Korea), Panasonic Corporation of North America (A Division of Panasonic Holdings Corporation) (U.S.), 3M Company (U.S.), Konica Minolta, Inc. (Japan), CCL Industries Inc. (Canada), AUO Corporation (Taiwan), Flexpoint Sensor Systems, Inc. (U.S.), Truly International Holdings Limited (Hong Kong), Multi-Fineline Electronix, Inc. (U.S.), FlexEnable Technology Limited (U.K.), E Ink Holdings Inc. (Taiwan), Pragmatic Semiconductor Limited (U.K.), Enfucell (Finland), and Kateeva, Inc. (U.S.).
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Key Questions Answered in the Report:
- Which are the high-growth market segments in terms of type, component, technology, and application?
- What is the historical market size for global flexible electronics?
- What are the market forecasts and estimates for 2024–2031?
- What are the major drivers, restraints, opportunities, challenges, and trends in the global flexible electronics market?
- Who are the major players in the global flexible electronics market, and what are their market shares?
- What is the competitive landscape like?
- What are the recent developments in the global flexible electronics market?
- What do major market players adopt the different strategies?
- What are the trends and high-growth countries?
- Who are the local emerging players in the global flexible electronics market, and how do they compete with other players?
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