According to the new market research report "Thin Film and Printed Battery Market with COVID-19 Impact, by Type (Thin-film, Printed), Voltage, Capacity, Rechargeability (Primary Batteries, Secondary Batteries), Application (Smart Packaging, Medical Devices), and Geography - Global Forecast to 2025," the global thin film and printed battery market size is projected to grow from $98 million in 2020 to $296 million by 2025; it is expected to grow at a CAGR of 24.7% from 2020 to 2025.
The key factors fueling the growth of this market include growing demand for thin-film and printed batteries for use in wearables, ongoing miniaturization of electronic devices, surging demand for printed flexible batteries in IoT applications, increasing use of printed flexible batteries in medical devices to treat COVID-19 patients.
The secondary batteries segment accounted for the largest market in 2020. Applications such as consumer electronics, wearable devices, medical devices, and wireless sensor systems require secondary batteries with a long life span.
Thin film and printed batteries such as thin-film batteries and curved batteries are mostly secondary batteries, which can be used in mobile devices and wearable devices.
With the advancements in technologies used in wearable devices and medical devices, manufacturers are continuously making efforts to come up with innovative designs suitable for their devices.
This, in turn, is increasing the requirement for thin, lightweight, bendable, flexible, and high-capacity rechargeable batteries that can last long.
Smart packaging is expected to hold the largest share in the thin film and printed battery market during the forecast period.
Thin film and printed batteries are thin, flexible, and lightweight.
They can be rolled without any loss of energy and are easy to dispose of. Thus, smart packaging manufacturers prefer thin film and printed batteries over conventional batteries, which are bulky and rigid.
The increasing adoption of micro-batteries by smart packaging manufacturers is expected to fuel the growth of the smart packaging segment of the market during the forecast period.
The outbreak of the COVID-19 pandemic has led to a decline in the growth rate of the thin film and printed battery market, owing to reduced manufacturing of products that use these batteries.
North America accounted for the largest share of the thin film and printed battery market in 2019.
Smart packaging, wearable devices, and smart cards are key application segments wherein thin film and printed batteries are used in North America.
These applications require thin and flexible power sources for their operations.
The COVID-19 pandemic outbreak has affected the production and supply chain of thin-film and printed batteries. It has adversely affected the investments undertaken to develop thin film and printed batteries by a number of manufacturers in the region.
However, thin-film and printed batteries are being increasingly used in medical applications to record the body temperature of the COVID-19 suspects, as well as of infected on a daily basis. This, in turn, has created a significant demand for thin-film and printed batteries.
