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The global Thin Film battery market size was USD 64.9 million in 2020. The market is projected to grow from was USD 79.3 million in 2021 to USD 409.2 million by 2028, growing at a CAGR of 26.4% during the forecast period from 2021–2028. The global impact of COVID-19 has been unprecedented and staggering, with witnessing a positive demand across all the regions. Based on our analysis, the market exhibited a growth of about 26.9% in 2020 as compared to the average year-on-year growth during 2017-2019. The sudden fall in CAGR is attributable to this market’s demand and growth, returning to pre-pandemic levels once the pandemic is over.
Thin Film battery is a type of solid-state battery that uses both electrode and electrolyte is in solid form. These types of batteries offer various advantages over traditional batteries as they are smaller in size and can be used to create smaller electronic devices. In addition, these batteries also possess a more remarkable performance, higher energy density, higher flexibility, and lower chance of electrolyte leakage.
Impact of COVID-19 to Hamper Thin Film Battery Demand
The outbreak of COVID-19 has hampered the growth of the market. The consumer electronics devices production operations decreased globally due to shortage of chips in the market. During the pandemic, various manufacturing and production companies halted their operations due to the lockdown imposed by many countries to prevent the spread of the virus. Medical devices and intelligent packaging are critical applications for these batteries; the market is expected to recover in the coming years. In addition, the increasing demand for temperature patches during the pandemic is also likely to fuel the Thin Film battery market growth.
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Growing Miniaturization of Electronics Components to Support the Market Growth
The growing miniaturization of devices such as mobile phones, medical devices, and smartwatches has led to rising demand for the miniaturization of electronics components. Various compact electronic devices and systems are being developed across the world. The need for miniaturization is also growing as conventional batteries possess a challenge to reduce the size of electronics devices. In addition, the shrinking form factors of implantable, wearable devices have led to the requirement of small batteries.
Technological Advancements in Thin Film Batteries to Lead the Market
In recent years, advancements in Thin Film batteries related to their density, life span, and improved safety has increased. The growing demand for these batteries in electronic devices, medical devices, and smartwatches leads the critical players towards technological advancement, letting the batteries thin or more flexible. For example, the Tokyo Tech Company, combined with Tohoku University, has developed batteries with less resistance to tackle the disadvantage of solid-state batteries.
Increasing Adoption of Wireless Sensors Worldwide is Dominating the Implementation of These Batteries
The adoption of wireless sensors worldwide is increasing owing to technological advancements in Internet of things (IoT) devices and wireless sensor technologies. These technologies have been emerging as viable power supply options for embedded systems, leading to wireless sensors in the application. The growing adoption of energy harvesting-based wireless sensors will provide a growth opportunity for batteries. In addition, the usage of smart cards for the authentication process is also driving growth.
Growing Adoption of Smart Card Will Boost Thin Film Battery
The growing adoption of smart cards and e-cards across government and transportation sectors to improve security will propel the adoption of these batteries. Smart cards provide personal identification, authentication, data storage, and application processing, thereby boosting the usage of smart cards worldwide. In addition, the growing adoption of smart cards in Europay, Mastercard, and Visa is also driving the market for Thin Film battery technology.
High Cost of Raw Materials is Expected to Hinder the Market
The raw materials used in manufacturing of these batteries are more expensive when compared with lithium-ion batteries. furthermore, these raw materials have high material handling costs owing to their chemical characteristics and fluctuating prices. In addition, lack of standardization in the manufacturing of Thin Film batteries differs from manufacture to manufacture, leading to compatibility issues if used for other devices.
Rechargeable Thin Film Batteries Set to Lead Market
Based on chargeability, the market is distributed into disposable and chargeable batteries. The rechargeable Thin Film batteries segment dominated the market owing to their growing adoption in consumer electronics. Rechargeable batteries are widely adopted in wearable electronics, wireless sensors, medical devices, and IoT devices. The disposable Thin Film battery is also expected to grow significantly due to its application in low power use-cases. Disposable Thin Film batteries find use in toys, smart cards, biosensors, greeting cards, and RFID tags.
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Demand for Wearable Devices is Leading the Market
By application, the market is segmented into wearable devices, smart cards & RFID, medical devices, portable electronics, and others. Wearable devices are expected to be the dominating application. The growing usage of smartwatches and fitness bands has increased the share of wearable devices. Thin Film batteries find application in wearables as they are compact and offer better recharging rate. Smart card & RFID is expected to be the fastest-growing application and can be used for authentication purposes from various sectors. Medical devices are also expected to grow significantly due to wide applications in medical devices including diagnostic devices, biosensors, patient monitoring devices, and drug patches.
Asia Pacific Thin Film Battery Market Size, 2020 (USD Million)
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Geographically, this market is widespread across Europe, North America, Asia Pacific, the Middle East & Africa, and Latin America. As per our findings, North America dominates the Thin Film battery market share during the forecast period owing to growing R&D and technological innovations. Many manufacturers such as Blue Spark Technologies, Ultralife Corporation, Brightvolts Inc are also based in North America, leading the this market.
The Asia Pacific registers as the fastest-growing region in the global Thin Film battery market. The growth is expected due to increased adoption of IoT devices, rising product demand, and rapidly developing expanding electronics devices manufacturing industry in the region. The growing demand for smartphones, laptops and other electronic devices in various countries such as China, India, Japan, and Singapore is expected to enhance the region's Thin Film batteries.
Europe registered for a reasonable share in global market. The region's growth is due to technological development and strict safety standards pertaining to battery applications. Germany observes a significant share due to the increased adoption rate of medical devices and wearables. Latin America is also expected to drive the market due to rising investment towards high-grade medical equipment projected to grow.
The Middle East & Africa is likely to perceive substantial growth due to increasing government investment in the healthcare sector and research & development activities. The key nations actively operating in the region are South Africa and Gulf Cooperation Council (GCC).
Thin Film battery manufacturers have implemented various types of strategies which include product development, product launches, and acquisitions to strengthen their offerings in the market. The key market players include Blue Spark Technologies, Brightvolts Inc, CYMBET Corporation, and LG Chem.
An Infographic Representation of Thin Film Battery Market
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The report offers qualitative and quantitative insights on Thin Film battery and a detailed analysis of market size & growth rate for all possible segments in the market. Along with this, the report provides an elaborative analysis of market dynamics, emerging trends, and competitive landscape. Key insights offered in the report are advancement in technology for Thin Film batteries by individual segments, recent global industry developments such as partnerships, mergers & acquisitions, consolidated SWOT analysis of key players, Porter’s five forces analysis, business strategies of leading market players, macro and micro-economic indicators, and key industry trends.
Value (USD Million)
By Chargeability, By Application, and By Region
As per Fortune Business Insights, the global thin film battery market was valued at USD 64.9 million in 2020.
The global thin film battery market is projected to grow at a CAGR of 26.4% during the forecast period.
The market size of Asia Pacific was valued at USD 16.6 million in 2020.
Various industries such as wearable devices, smart cards & RFID, medical devices, portable electronics, and others use Thin Film batteries
The global thin film battery market is anticipated to reach USD 409.2 million by 2028.
Based on chargeability, the rechargeable segment holds the highest share in the market across the globe.
The top players in the industry are Bluespark Technologies, Brightvolts Inc, Cymbet Corporation, Jenax Inc, and Molex.
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