According to the report "Printed Electronics Market with COVID-19 Impact Analysis by Printing Technology (Screen, Inkjet, Gravure), Application (Displays, Sensors, Batteries), Material (Inks, Substrates), End-Use Industry, and Geography - Global Forecast to 2025," the printed electronics market is projected to grow from $7.8 billion in 2020 to $20.7 billion by 2025; it is expected to grow at a CAGR of 21.5% during the forecast period.
The growth of the market is mainly driven by the increased use of printed electronics for the development of smart and connected devices, rise in the global demand for energy-efficient, thin, and flexible consumer electronics, high demand for new generation flexible printed electronics, and significant cost advantages offered by printed electronics.
Printed displays are mainly used in consumer electronics such as wearables and mobile devices. Increased demand for energy-efficient, thin, and flexible consumer electronic products is fueling the demand for printed displays globally.
Leading manufacturers have introduced thin, flexible, and energy-efficient displays developed using the organic light-emitting diodes (OLED) technology in the market.
OLED technology is one of the major applications of printed electronics and is being used in high-end smartphones. Thin and rollable printed displays are used in a variety of applications such as e-paper displays, digital signage boards, smartphones, TV sets, and other consumer electronics.
Significant developments have been undertaken in the field of flexible electronics and printed displays. These displays are expected to become the future mainstream displays for a number of consumer electronics.
The aerospace & defense segment of the printed electronics market is projected to grow at the highest CAGR during the forecast period owing to the increasing use of printing electronics-based lighting in automobiles and home appliances.
Printed electronics are largely being adopted in the aerospace & defense industry owing to their lightweight, less complexity, and high reliability, which ultimately results in their low maintenance requirements. Printed sensors and batteries are used to monitor environments and remote assets of military establishments.
They can be used in devices that are employed for the surveillance of inaccessible environments. Printed display panels are also deployed in rugged systems, which are used in defense applications. They are also used in cockpits and navigational systems of aircraft.
Countries such as China, Japan, South Korea, and Australia are major contributors to the growth of the printed electronics market in APAC. Factors such as the acceptance of innovative technologies and the increased popularity of advanced consumer electronics are driving the growth of the printed electronics market in APAC.
The region is a manufacturing hub for electronic devices and components. The growth of the printed electronics market in APAC can be attributed to the large-scale production of electronic components and increased investments in R&D activities related to printed electronics in the region.