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New study: Thin film battery market to grow at 25% CAGR during 2016 to 2024

New study: Thin film battery market to grow at 25% CAGR during 2016 to 2024

Growing adoption of wearable devices including fitness trackers, watches, and smart glasses will propel the thin film battery market share. Rising standard of living with high disposable income will favor business growth.

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Emerging demand for small, low-weight and flexible devices with large energy storage capacity and higher lifetime will stimulate the thin film battery market demand. Increasing adoption for sensors, smart cards, novelty consumer and medical applications will further complement growth.

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Thin Film Battery Market size will exceed USD 1.8 billion by 2024, according to a new research report.

Notable industry participants include Excellatron, NEC Corporation, ST Microelectronics, Enfucell, Jenax Inc, BrightVolt, Blue Spark, Imprint Energy, Prelonic, Cymbet Corporation, Flexel, PowerId and Thin film.

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RFID thin film battery market share for 2015 accounted for 7% of global revenue share. Material management, logistics, inventory tracking, access control are notable application areas.

Medical device applications are predicted to exhibit strong growth due to rising disposable medical equipment demand. Rising prominence of skin patches using printed batteries will positively drive the business growth.

Strong IoT innovation trends and wearable sensor technology may positively influence the industry landscape. Innovative features coupled with customized design are likely to open lucrative business avenues.

High initial cost may hamper industry growth.

For Europe, UK thin film battery market for 2015 was valued over USD 12 million. Increasing adoption of smart cards with automation in disposable healthcare devices will favor the industry growth.

U.S. thin film battery market share contributed over 80% of the regional revenue share in 2015. Growing demand for portable electronic devices with advancement of security systems will complement the business growth.

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China thin film battery market size is predicted to exceed 100 million by 2024. Increasing adoption of internet of things coupled with growing of portable electronics devices demand may positively impact the growth.

Saudi Arabia is set to grow over 26% by 2024. Changing consumer preference towards mobility and multifunctional device are some of the parameters which may influence the regional growth.

Brazil thin film battery market size accounted for over 35% of regional revenue share in 2015 and should see significant growth from 2016 to 2024; with large government spending on innovation and high quality equipment. Brazil invest 9.7% of its GDP on health out of which public health system accounted for 46% i.e. USD 82.8 billion and private health system accounted for 54%.

Thin film battery market from smart cards for 2015 was valued over USD 10 million and will witness substantiate growth subject to its enhancement of transaction security. It finds its wide applications in Subscriber Identity Modules (SIMs) required for all mobile phones under the Global System for Mobile Communication standard.

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