- The aerospace and defence segment of the printed electronics market is projected to grow at the highest CAGR during the forecast period
- Countries like China, Japan, South Korea and Australia are major contributors to the growth of the printed electronics market in Asia Pacific region
The printed electronics market is projected to grow to $19.8 billion by 2024 from $9.8 billion in 2019 according to a report a market research report. This report titled “Printed Electronics Market by Printing Technology, Application, End-Use Industry, and Geography -Global Forecast to 2024” said that this market is expected to grow at a compound annual growth rate (CAGR)of 15.1 per cent during the forecast period.
As per the report, the growth of the market will be driven by the increased use of printed electronics for the development of smart and connected devices. The growth will also be due to rise in the global demand for energy-efficient, thin and flexible consumer electronics. Another key factor for the growth in this sector will be significant cost advantages offered by printed electronics.
Aerospace and defence segment highest growth
The aerospace and defence segment of the printed electronics market is projected to grow at the highest CAGR during the forecast period. This is due to increasing use of printing electronics-based lighting in automobiles and home appliances. Printed electronics are being adopted in the aerospace and defence industry. The reason for such adoption is that they are lightweight, less complex and provide high reliability. These qualities result in low maintenance requirements.
Printed displays, OLED technology
Printed displays are mainly used in consumer electronics such as wearables and mobile devices. Manufacturers have introduced thin, flexible, and energy-efficient displays in the amrket. These are developed using the organic light-emitting diodes (OLED) technology. OLED technology is one of the major applications of printed electronics. It is being used in high-end smartphones.
China, Japan, South Korea and Australia leading
Countries like China, Japan, South Korea and Australia are major contributors to the growth of the printed electronics market in Asia Pacific region. This is due to acceptance of innovative technologies and the growing popularity of advanced consumer electronics. This region is also the a manufacturing hub for electronic devices and components.