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Stretchable Electronics Market to Reach $911M by 2023
June 17, 2015 | MarketsandMarketsEstimated reading time: 1 minute
The total stretchable electronics market is expected to reach $911.37 million by 2023, at a CAGR of 96.6%, according to a new report by analyst firm MarketsandMarkets.
Stretchable electronics are being preferred by companies due to their various applications in robotic sensory skins along with wearable communication and bio-integrated devices. In the past few years, extensive research activities have been undertaken to improve the stretchability of circuits on elastomeric substrates. This has led to significant progress; however, the designing of PCB assemblies on elastomers remains a real challenge for manufacturers.
Stretchable electronics is a technology which combines electronic devices and circuits with stretchable substrates. These are also deposited on stretchable materials like silicon or polyurethanes, which are also used in a rigid printed board circuit manufacturing process. Stretchable electronics try to mimic the human skin and flesh in terms of its stretchability and mechanical performance.
The technology uses standard printed circuit board manufacturing steps and liquid injection moulding techniques to achieve a robust and reliable product. Stretchable electronics is the advanced form of electronics that has just started penetrating into the consumer products market in the form of wearable devices and smartphones along with, medical and health-monitoring applications. Additionally, it is also being deployed in defense and industrial applications.
Although the growth of the consumer electronics industry and increased utilization of organic solar cells is driving the growth of the said market, the lack of innovative and new devices and superior substitute technologies in the market is restraining the growth of the stretchable electronics market. North America is the largest market, and is expected to retain its position until 2023, with the U.S. occupying the major market share. Europe and APAC are also considered to be promising markets, with the said market inGermany and the U.K. in Europe, and China and Japan in APAC witnessing rapid growth.
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