Flexible Electronics & Circuit Market Worth $40B by 2023
February 20, 2018 | PRNewswireEstimated reading time: 2 minutes
According to the new market research report "Flexible Electronics & Circuit Market by Application (OLED & LCD display, printed sensor, battery, thin-film PV, OLED lighting), circuit structure (single-sided, multilayer, double-sided, rigid), vertical, and geography - global forecast to 2023", published by MarketsandMarkets, the market is expected to grow from $23.92 billion in 2018 to $40.37 billion by 2023, at the CAGR of 11.0% between 2018 and 2023. Flexible electronics are formed by mounting electronic devices on a flexible/plastic substrate, such as a polyimide or transparent conductive polyester film. The development of flexible electronics has spanned the past 40 years, ranging from the development of flexible solar cell arrays to flexible OLED electronics on plastic substrates. Flexible electronic devices are easier to integrate into the end product and also tend to be lighter in weight.
The increasing adoption of flexible displays in smartphones and wearables is strongly driving market growth. The emergence of flexible batteries suitable for IoT and wearable applications is a good opportunity for market growth at the global level. Samsung Group (South Korea), LG Group (South Korea), and Solar Frontier (Japan) are some of the prominent players in the flexible electronics market.
The Flexible displays held the largest market share in 2017
Displays LCD and OLED are expected to hold the largest share of flexible electronics market during 2018-2023. The market for displays is led by industry leaders such as Samsung and LG who produce flexible OLED display panels that are largely being deployed in smartphones, smart wearables, and televisions. Leading smartphone manufacturers, such as Samsung and Apple, have adopted flexible OLED displays in their flagship smartphones. Flexible displays are also increasingly being deployed for television and digital signage applications due to their aesthetic appeal. The demand for flexible displays is expected to increase for more applications across various verticals are adopting the technology.
The automotive vertical is expected to demonstrate the fastest growth in the flexible electronics market during the forecast period
The automotive vertical is increasingly adopting flexible electronic devices as they can be easily integrated with the vehicle design allowing compact assembly. Flexible displays, OLED lighting solutions, and printed sensors are actively adopted in the automotive vertical. Flexible OLED lighting solutions are expected to be rapidly adopted for automotive applications due to their enhanced luminescence, improved power efficiency, and attractive design.
APAC region held the largest share of the flexible electronics market in 2017
APAC dominated the flexible electronics market, accounting for the largest market share in 2017. In addition, the region is likely to be the fastest-growing market for flexible electronics during the forecast period. APAC is the hub for manufacturers and customers of flexible OLED panels. In the market, Samsung and LG have been the leading companies that deploy flexible displays in smartphones and televisions. In APAC, Flexible sensors are also increasingly being used for healthcare applications. APAC has witnessed an increase in the installation of thin-film PVs in the recent years, and their deployment is expected to increase steadily in China. With Japan and India being prominent countries in the adoption of thin-film PVs, other countries in the region are also shifting toward renewable energy resources.
About MarketsandMarkets
MarketsandMarkets provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 5000 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Suggested Items
TRI to Participate at the Nordic TestForum 2024
10/25/2024 | TRITest Research, Inc. (TRI) will take part in the 2024 Nordic Test Forum (NTF), held at the Clarion Hotel Helsinki, Finland from November 26 - 27, 2024.
Altium to Unveil Groundbreaking Industry Solution at Electronica 2024
10/25/2024 | AltiumAltium, a global leader in electronics design and lifecycle management, is set to introduce three transformative product offerings at the upcoming Electronica 2024 conference in Munich, Germany.
2024 IPC CEMAC China Electronics Manufacturing Annual Conference Focuses on the Electronics Industry’s Future
10/24/2024 | IPCThe 2024 IPC CEMAC China Electronics Manufacturing Annual Conference, co-organized by IPC and the Shanghai Pudong New Area Quality Technology Association, kicked off with a grand opening ceremony in Shanghai. Themed "Making Your Imagination Reality," the event has brought together leaders, technical experts, and corporate representatives from the global electronics manufacturing industry to explore future trends and opportunities.
Waldom Electronics Appoints Roger Raley as New Vice President and General Manager, Americas
10/24/2024 | BUSINESS WIREWaldom Electronics is pleased to announce the appointment of Roger Raley as Vice President and General Manager, Americas. Roger brings over 20 years of experience in the electronics distribution and advanced materials industries.
Test Research, Inc. (TRI) to Exhibit at SMTA Space Coast Expo & Tech Forum 2024
10/24/2024 | Test Research Inc.Test Research, Inc. (TRI), the leading provider of test and inspection systems for the electronics manufacturing industry, will participate in the SMTA Space Coast Expo & Tech Forum 2024.