LOS ANGELES, Jan. 14, 2020 (GLOBE NEWSWIRE) -- The global flexible electronics market value is predicted to reach around US$ 67.06 billion by 2026 and is projected to grow at a CAGR of around 11% in terms of revenue during the forecast period from 2019 to 2026.
Robustness, portability, lightweight and low manufacturing cost compared to rigid substrates are the major contributing factors to flexible electronics market growth. Their ability to curve, roll, flex, adhere and fold enables an intuitive user interface that gives these devices tremendous potential for influence on their acceptance in gaming industry.
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Wearable technology combined with flexible electronics is a critical technological advancement in this sector. Organic electronics also provide sensors with possibilities in a non-display environment, including gesture identification, contactless control and biometric sensor arrays. However, market development is anticipated to be hindered by competition from commercialized techniques like LCD, LED, etc.
Several governing bodies and institutions have put forth stringent regulatory measures in the market. For instance, under the Design Rights Regulations of 1989, firms are needed to patent their design and manufacture under the Copyright, Design, and Patent Act Regulations. Moreover, increased awareness of health and increased demand for technologically sophisticated wearable equipment is expected to boost the use in healthcare industry.
Major Drivers and Challenges
As consumer devices become more compact, their intelligent and integrated functioning will continue to increase demand for flexibility circuits. Flex circuits are printed on ultra-thin substrates like plastic, which supports folding, rolling and bending features without hampering their function.
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In order to facilitate the portability of lightweight appliances, consumers progressively prefer them to standard ones. This is another important feature which drives the market demand for flexible electronics. Flexible electronics-based equipment use less energy than standard electronic devices and produce less heat. This property is important in market popularization of flexible electronics.
Consumers use equipment like smartphones, intelligent lenses, intelligent watches, which boost the demand for flexible electronics. However, it is expected that the complexity of the circuit assembly and increased expenses are the major obstacles to mass flexible circuit implementation.
Conversely, known replacement inflexible goods are likely to act as a key factor limiting the global market for flexible electronics. However, the rising need for technological improvements for wider adoption is expected to grow at a significant rate in the near future. Nevertheless, growing government funding for renewable energy projects and lighting innovations is expected to provide market players with promising opportunities.
Regional Stance
The North America emerged as the dominant market due to large contribution from United States. Steady growth in Canada and Mexico will further drive the North America market. Moreover, with the existence of several major players of the market, the increasing focus on innovation is projected to increase demand for flexible electronics in the future.
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Asia Pacific, on the other hand, is likely to give promising possibilities to boost the growth of the flexible electronics industry. Continuous investment in research and development in manufacturing techniques are some of the main elements expected to accelerate the growth of the Asia Pacific market over the forecast period.
The market in Latin America is also projected to provide lucrative opportunities in near future, owing to falling inflation and the drop in interest rates creating opportunities for the growth of flexible electronics market. The increased demand for electronic devices has significantly driven the growth of the regional market.
Key Players and Strategies
Prominent industry players are trying to innovate methods that enable new apps, for example wireless sensors for zero power, smart building power management, agriculture field monitoring/ reporting devices and information logger delivery in an effort to obtain competitive advantage. Some of them involved in flexible electronics market are Blue Spark Technologies, E Ink Holdings Inc., OLEDWorks, Samsung Electronics, FlexEnable, First Solar, Front Edge Technologies, Solar frontier, Konica Minolta, LG Electronics, Multi-Fineline Electronix, Inc., and other.
In order to reinforce their market positions, companies are increasingly investing in R&D, and market study in ARC predicts that the competitive landscape will witness an influx of lucrative opportunities possibilities as technology progresses.
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