Thin Film Battery Market Poised for Robust Value CAGR of Over 35.5% Through 2027: Grand View Research Inc.
Thin Film Battery Market Growth & Trends
The global thin film battery market size is projected to reach USD 5.2 billion by 2027, expanding at a CAGR of 35.52%, according to a new report by Grand View Research, Inc. Growing demand from applications, such as medical tracking and smartwatches, is likely to boost the market growth. Thin-film battery has high demand owing to its small size and low weight. Moreover, it does not contain harmful chemicals and is resistant to explosion and fire. Furthermore, growing product demand to provide power for small form-factor devices is a major driving factor for the market growth in the medical and wearables applications.
Therefore, key players in the market are focusing on technological advancements and to increase service quality and efficiency. With customers being more tech-savvy, the demand for such electronic devices is expected to increase over the forecast years. Increasing usage of devices, such as fitness bands and smartwatches, is making the demand and supply for thin-film batteries even more proper. These factors are expected to boost the growth of the market in the forecast period.
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Thin Film Battery Market Report Highlights
- Rechargeable batteries is estimated to emerge as the fastest-growing segment over the forecast period owing to the use of these products in wearable devices like smartwatches
- Below 1.5V voltage, the segment accounted for the largest revenue share in 2019 owing to high usage of 1.5V batteries in low-power applications like medical patches, micro-sensors, and toys
- Wearables was the largest application segment in 2019 owing to increased demand for these devices in developed as well as in developing countries
- North America led the global market in 2019 accounting for the highest revenue share. This growth was attributed to increased demand for smart cards from various end-use segments coupled with increased adoption of thin-film batteries for medical application
- Asia Pacific is expected to be the fastest-growing regional market over the forecast period owing to a large consumer base in countries, such as India, China, Japan, and Australia, coupled with a rise in demand for wearable devices in the region
Thin Film Battery Market Segmentation
Grand View Research has segmented the global thin film battery market on the basis of battery type, voltage, application, and region:
Thin Film Battery Type Outlook (Revenue, USD Million, 2016 - 2027)
Thin Film Battery Voltage Outlook (Revenue, USD Million, 2016 - 2027)
- Below 1.5V
- 5V to 3V
- Above 3V
Thin Film Battery Application Outlook (Revenue, USD Million, 2016 - 2027)
- Wearable Devices
- Consumer Electronics
- Smart Cards
Thin Film Battery Regional Outlook (Revenue, USD Billion, 2016 - 2027)
- North America
- The U.S.
- The U.K.
- Asia Pacific
- South Korea
- Central & South America
- The Middle East & Africa
List of Key Players of Thin Film Battery Market
- Blue Spark Technologies
- LG Chem
- SAMSUNG SDI Co. Ltd.
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.