Flexible electronics market continues to grow
By Acumen Research and ConsultingElectronics Electronics Flexible
Sector will become the most vociferous proponent in the world of technology
The global flexible electronics market size is estimated to grow a CAGR above 10.3% over the forecast timeframe and reach a market value of around USD 63,128 million by 2030.
In the coming years, flexible electronics will become the most vociferous proponent in the world of technology. Flexible electronics have various advantages, and because they are compact and lightweight, they improve the features of equipment and products in a wide range of industries. The expanding consumer electronics industry is one of the key drivers fuelling the global flexible electronics market. Flexible electronics are a sort of electrical technology that can be put on flexible or conformable substrates. These are notable for their ability to be twisted, folded, stretched, or sculpted into unexpected shapes. These features will make these technologies increasingly prevalent in wearable electronics devices in the coming years.
The flexible electronics market is growing in popularity as a consequence of the multiple benefits it provides to consumers. Flex circuits will continue to be used for a variety of applications as more businesses realize the benefits of improved affordability, customizability, and portability. As flexible electronics are cost-effective, versatile, flexible, inventive, and lightweight, many industries and professionals are incorporating them into their gadgets and products.
Growth aspects to global flexible market
The flexible electronics market is predicted to develop throughout the forecast period due to increasing demand for Internet of Things (IoT) technologies and government or consumer awareness of flexible electronics. Furthermore, increased demand for compact and advanced electronics is likely to fuel market expansion. Furthermore, the proliferation of printed electronics promotes market expansion, generating compelling potential for a variety of applications.
Considering these factors, the flexible electronics market revenue is projected to grow rapidly in the near future. The flexible electronics market is predicted to benefit displays, grid connectivity, lighting technologies, health monitoring systems, power integration, and other industries. It is also necessary for the advancement of green and connected infrastructure. These applications will lead to the expansion of the flexible electronics market shares over the forecast period. Furthermore, advancements in flexible electronics technology are likely to generate revenue for the sector.
Flexible electronics are low-cost, durable and widely used
However, among other factors, the well-established industry for rigid electronic devices will continue to pose challenges to the flexible electronics industry during the projected period. Raw material price changes will also slow the market’s growth rate. Consequently, cost restraints are a substantial impediment to industrial expansion.
Besides that, the emergence and expansion of COVID-19 have had a substantial influence on the company in the flexible electronics and electronics value chain. The market for flexible electronics, on the other hand, has decreased significantly as a result of global shutdowns that have led to the entire closure of all public places, industrial facilities, and offices. Furthermore, these limits have had a global impact on the GDP and per capita income of countries. Low discretionary income has diminished the public’s purchasing power, resulting in a steady decline in total market growth. However, As the consumer electronics and automotive sectors recover, inventory levels are projected to normalize, and usage of flexible electronics devices will increase in the second half of 2020.
Rising demand for consumer devices
Flexible electronics are low-cost, durable, and widely used in cellphones, tablets, PCs, wearables, televisions, and other consumer devices. Flexible displays are used in such devices to save space while also reducing thickness and weight. The two primary types of displays used are flexible organic light-emitting diodes and flexible organic liquid crystal displays. Furthermore, the need for flexible electronics is growing in step with the demand for consumer electronics. Despite a drop in smartphone shipments due to the COVID-19 epidemic, the smartphone and wearable devices market is expected to recover quickly with such technology.
Some key flexible electronics companies covered global in the flexible electronics industry are Blue Spark Technologies, Samsung Electronics, OLEDWorks, FlexEnable, E Ink Holdings Inc., Konica Minolta, First Solar, Solar frontier, Front Edge Technologies, LG Electronics, and Multi-Fineline Electronix Inc.