BANGALORE, India, Nov. 19, 2021 /PRNewswire/ -- The Thin Film Battery Market is Segmented by Type (Integrated Battery Type, Stand Alone Battery Type), End User (Power Bridging, Permanent Power, Wireless Sensors, Others). The report covers global opportunity analysis and industry forecasts from 2021 to 2027. It is published in Valuates Reports under Computers & Electronics Category.
The global Thin Film Battery market size is projected to reach USD 953.7 Million by 2027, from USD 429.9 Million in 2020, at a CAGR of 14.2% during the forecast period 2021-2027.
The Major Factor Driving The Growth Of The Thin Film Battery Market Are:
Demand for Internet of Things (IoT) devices, wearable electronics, and medical tracking applications is predicted to rise in both emerging and developed countries throughout the forecast period. This in turn is expected to drive the growth of the thin film battery market.
Thin-film batteries are flat-shaped, making them ideal for use in smaller, thinner devices, further increasing their market demand. These batteries can readily be included in our day-to-day wearable electronic devices because they are reliable, affordable, and tiny in size. Thin-film batteries have excellent battery backup, making them ideal for low-power electronics. This feature is expected to further propel the thin film battery market.
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Trends Influencing The Growth Of The Thin Film Battery Market:
Because the electrode material utilized in these batteries is layered, there is no need to add layers throughout the battery's manufacture. The electrodes boost the battery's overall performance as well as its ability to function over a wide range of temperatures, making thin-film batteries very adaptable to a variety of applications. These batteries also have a number of advantages, including smaller footprints, reduced costs, high energy density, and lightweight. Thin-film batteries' flat design makes them more compatible with new technology. Thus the increasing adoption of various electronics devices and gadgets is expected to drive the growth of the thin film battery market
The ongoing shrinking of products such as phones, watches, and medical equipment has resulted in an increase in demand for small electronic components. This in turn is expected to drive the growth of the thin film battery market. Around the world, several tiny electronic systems and devices are being created. Because traditional batteries make it difficult to reduce the size of electronic gadgets, there is a growing desire for printed flexible batteries that are small and light. Furthermore, the smaller form factors of implantable wearable devices necessitate the use of small batteries. Only tiny batteries can power implantable and wearable medical devices, allowing them to progress from concept to market.
The thin-film batteries market is booming, thanks to the increased adoption of smartphones, tablets, and other electronic gadgets. The demand for such electronic products is increasing rapidly as customers become more tech-savvy. Thin-film batteries are becoming more suited as the use of gadgets such as smartwatches and fitness bands continue to rise.
Ongoing research and development operations in the worldwide battery manufacturing business have led to the creation of products that outperform conventional batteries in terms of endurance and performance due to diverse needs from various end-user industries.
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Thin-Film Battery Market Share Analysis
North America is expected to be the most lucrative region during the forecast period. Growing R&D activities and technical advances, led by the United States, are expected to be the primary driving factors for the regional market. The United States has a significant market share in the global market. The country's market has been driven by the availability of R&D money supplied by the US Department of Energy for greater technological development. Furthermore, in the predicted future, an increase in demand for wearable gadgets is expected to drive regional growth.
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Leading Players in the Thin Film Battery Market
- Cymbet
- Excellatron
- Infinite Power Solutions
- NEC Corporation
- Applied Materials
- Oakridge Global Energy Solutions
- BrightVolt
- STMicroelectronics
- Blue Spark Technologies
- FlexEl
- Others
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