The growing requirement for batteries depicting excellent energy storage and quick charging capabilities will lead to thin film battery market expansion. Manufacturers today, are coming up with unique product development strategies and are striving to develop batteries with superior properties and longer shelf life. The exponential rise in the demand for compact, thin film batteries to be deployed in smartphones, wearable electronics, and smart cards will augment global Thin film battery market, slated to exceed USD 1.8 billion by 2024, with a CAGR projection of more than 25% over 2016-2024.
Smart cards are being used across the government, banking, healthcare, and transportation sectors for information security, data transfer, and authentication. The increasing deployment of disposable batteries in these cards will propel thin film battery industry from smart cards, slated to surpass USD 130 million by 2024. The growing usage of these batteries for consumer music, sensor-based tags, greeting cards, and OTP-display smart cards will propel disposable thin film battery market, expected to register a CAGR of 20% over 2016-2024.
UK Thin Film Battery Market size, by application 2013-2024 (USD Million)
Chargeable batteries work out brilliantly for applications that require low power requirement, say for instance, energy harvesting systems. Chargeable thin film battery industry accounted for more than 40% of the overall revenue in 2015 and is slated to exhibit a modest growth, driven by its property of overheating.
The rising adoption of EMV chip enabled credit cards integrated with thin film batteries will drive U.S. thin film battery market, which contributed to more than 80% of the overall revenue in 2015, with a valuation of more than USD 70 million. Experts state that more than 90% of the credit cards in the United States may be enabled with EMV chip technology by 2018. Rising implementation of these cards across the region is likely to spur U.S. thin film battery industry.
Smart technologies have penetrated across various geographies ever since their inception, and the Asia Pacific region is no exception. The high demand for smart appliances and wearable electronic devices across emerging economies such as China, India, and Japan will fuel Asia Pacific thin film battery market over the coming seven years. India and China are expected to be the chief revenue contributors.
The rise in per capita income and the increasing requirements for appliances such as smart watches will propel India thin film battery market, which was worth USD 2 million in 2015. The Internet of Things is being incorporated widely across consumer electronics, which has increased the demand for portable electronic appliances. This has subsequently stimulated China thin film battery industry, which is predicted to cross USD 100 million by 2024. In addition, the rising demand for battery-operated electric vehicles in the region will also propel the industry growth.
The governments of various nations are focusing on increasing the investments in high quality electronic and medical equipment, both of which will require large-scale deployment of thin film batteries. The Brazilian government also seems to be thinking along similar lines, as there have been reports of the nation spending heavily on high tech equipment and technological innovations. Brazil accounted for more than 35% of the regional thin film battery market in 2015, and is slated to exhibit remarkable growth prospects over 2016-2024, driven by the high adoption of EMV chip enabled cards for authentication purposes in the BFSI sector.
MEA is another region that is expected to observe high growth. Powered by the changing customer inclination toward portable consumer electronic devices, Saudi Arabia thin film battery market will grow at a CAGR of more than 26% over 2016-2024.
Thin film battery industry from smart card applications was worth more than USD 10 million in 2015. These cards are being adopted extensively across the European industrial and commercial sectors, owing to which Europe thin film battery market is expected to grow remarkably over the next few years, with UK and Germany being the chief contributors. In 2015, UK thin film battery industry was worth more than USD 12 million. High deployment of automated technology in medical devices is likely to propel the regional growth.
On the other hand, Germany is observed to be making enormous investments in high quality healthcare equipment such as optical products, medical imaging, and dental accessories, which is anticipated to spur Germany thin film battery market. Germany’s contribution toward the regional revenue was more than 30% in 2015, and this industry is expected to record significant gains over the coming years of 2016-2024.
The leading giants of thin film battery market will concentrate on developing high tech batteries equipped with superior features such as faster cycle times, high energy storage capacity, and high energy density, to sustain their position. Major players in the industry include ST Microelectronics, Imprint Energy, Blue Spark Technologies, BrightVolt, Cymbet Corporation, Excellatron, Thinfilm, Enfucell, NEC Corporation, Prelonic, PowerId, Jenax Inc., and Flexel.
Thin film batteries are deployed across smart cards, wearable electronics, RFID, consumer products, backup, sensors, and medical devices. High adoption of fitness trackers, smart watches, and smart glasses across the globe pertaining to their light weight and compact size will stimulate thin film battery market from wearable electronics, which was valued at USD 80 million in 2015.
The ever-growing demand for uninterrupted power supply and the tremendous implementation of wireless communication technology will lead thin film battery industry from backup power applications to grow at a rate of more than 20% over the years of 2016-2024.
The rapid expansion of the healthcare sector and the changing preferences of medical experts have prompted manufacturers to develop disposable healthcare devices. These devices are being increasingly adopted by the medical fraternity, which will spur thin film battery market from medical devices over 2016-2024.
Heavy demand for advanced portable electronic appliances will impel consumer product applications to account for an appreciable share in the overall thin film battery industry. In addition, the rising applications of thin film batteries in printed & chipless RFID industry will further propel the global demand.
The ever-rising demand for technological innovative batteries from the industrial sector will stimulate thin film battery market growth. While the high capital expenditure may prove to be a restraint, market players are working toward combating the same by developing cost-effective batteries with a wide spectrum of applications.