The global thin film battery market is expected to reach USD 1.72 billion by 2025, according to a new report by Grand View Research, Inc. Rapid adoption of wearable technology in the society, along with technological advancement is further propelling the market growth.
Thin film battery has gained huge popularity due to its lightweight and small size characteristics and is expected to revolutionize the industry. Increasing demand for thin film battery to power compact devices coupled with improved safety is a major driving factor for the industry growth in the wearables and medical applications.
Below 1.5 V thin film batteries are generally used in low power applications such as smart cards, wireless micro-sensors, toys, RFID tags, and medical patches. Moreover, most of the manufacturers are integrating below 1.5 V thin film batteries for various applications. These properties are expected to have a positive impact on the industry.
The smart cards and medical segment are expected to collectively account for 28.7% of the global market share in 2025. Extensive R&D in the global battery industry on account of changing needs from various end-use industries has propelled the development of novel battery, which outperform conventional battery in terms of their performance and durability.
North America was the leading region due to rapid adoption of wearable technology by the people. The consumer is demanding electronics devices which are easy to carry around, which means it should be small in size and light in weight. The availability of a variety of thin film battery options and ability of customization is leading to the expansion of the overall market in this region.
Browse full research report on Thin Film Battery Market: www.grandviewresearch.com/industry-analysis/thin-film-battery-market
Further key findings from the study suggest:
- The market is expected to grow at a CAGR of 27.4% from 2017 to 2025 on account of increasing adoption of wearable technology around the world
- Wearable devices will witness fastest growth in terms of revenue at a CAGR of 29.2% from 2017 to 2025 owing to extensive introduction of innovative players
- Asia Pacific market is expected to witness significant development and was valued at USD 42.6 million in 2016 on account of growing electronics manufacturing industry
- Key participants include Blue Spark Tech, BrightVolt, Enfucell Oy, ST Microelectronics, Cymbet, Imprint Energy, Ilika PLC, LG Chem, Jenax Inc. and others. These companies are focused on increasing their market share by introducing innovative products.
Browse more reports of this category by Grand View Research: www.grandviewresearch.com/industry/renewable-energy Grand View Research has segmented the global thin film battery market on the basis of type, voltage, application and region:
Battery type Outlook (Revenue, USD Million, 2014 – 2025)
Voltage Outlook (Revenue, USD Million, 2014 – 2025)
- Below 1.5V
- 1.5V to 3V
- Above 3V
Application Outlook (Revenue, USD Million, 2014 – 2025)
- Wearable Devices
- Consumer Electronics
- Smart Cards
Regional Outlook (Revenue, USD Million, 2014 – 2025)
- North America
- Asia Pacific
- South Korea
- South & Central America
- Middle East and Africa
Access Press Release By Grand View Research: www.grandviewresearch.com/press-release/global-thin-film-battery-market
About Grand View Research:
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
For more information: www.grandviewresearch.com