Demand for Internet of Things (IoT) devices, wearable electronics, and medical tracking applications is predicted to rise in both emerging and developed countries throughout the forecast period
The global Thin Film Battery market size is projected to reach USD 953.7 Million by 2027. It was valued at USD 429.9 Million in 2020. The growth. as per Valuates Reports, represents a CAGR of 14.2 per cent during the forecast period 2021-2027.
Thin-film batteries are flat-shaped, making them ideal for use in smaller, thinner devices, further increasing their market demand. These batteries can readily be included in our day-to-day wearable electronic devices because they are reliable, affordable, and tiny in size. Thin-film batteries have excellent battery backup, making them ideal for low-power electronics. This feature is expected to further propel the thin film battery market.
Demand for Internet of Things (IoT) devices, wearable electronics, and medical tracking applications is predicted to rise in both emerging and developed countries throughout the forecast period. This in turn is expected to drive the growth of the thin film battery market.
The ongoing shrinking of products such as phones, watches, and medical equipment has resulted in an increase in demand for small electronic components. This in turn is expected to drive the growth of the thin film battery market. Around the world, several tiny electronic systems and devices are being created. Because traditional batteries make it difficult to reduce the size of electronic gadgets, there is a growing desire for printed flexible batteries that are small and light.
Furthermore, the smaller form factors of implantable wearable devices necessitate the use of small batteries. Only tiny batteries can power implantable and wearable medical devices, allowing them to progress from concept to market.
The thin-film batteries market is booming, thanks to the increased adoption of smartphones, tablets, and other electronic gadgets. The demand for such electronic products is increasing rapidly as customers become more tech-savvy. Thin-film batteries are becoming more suited as the use of gadgets such as smartwatches and fitness bands continue to rise.
These batteries also have a number of advantages, including smaller footprints, reduced costs, high energy density, and lightweight. Thin-film batteries’ flat design makes them more compatible with new technology. Thus the increasing adoption of various electronics devices and gadgets is expected to drive the growth of the thin film battery market.