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Flexible Electronics & Circuit Market estimated to be worth 40.37 Billion USD by 2023

(EMAILWIRE.COM, March 21, 2019 ) According to the new market research report "Flexible Electronics & Circuit Market by Application (OLED & LCD Display, Printed Sensor, Battery, Thin-Film PV, OLED Lighting), Circuit Structure (Single-Sided, Multilayer, Double-Sided, Rigid), Vertical, and Geography - Global Forecast to 2023", The flexible electronics market is expected to grow from USD 23.92 Billion in 2018 to USD 40.37 Billion by 2023, at the CAGR of 11.0% between 2018 and 2023. Flexible electronics are formed by mounting electronic devices on a flexible/plastic substrate, such as a polyimide or transparent conductive polyester film. The development of flexible electronics has spanned the past 40 years, ranging from the development of flexible solar cell arrays to flexible OLED electronics on plastic substrates. Flexible electronic devices are easier to integrate into the end product and also tend to be lighter in weight.

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The market is analyzed in terms of various application areas, and the demand for flexible electronics for various applications is mapped with the prominent verticals and geographic regions to obtain an overall picture of the flexible electronics market. The flexible electronics market in terms of applications is segmented into display, thin-film photovoltaics (PVs), battery, printed sensor, and OLED lighting. The market based on verticals has been segmented into consumer electronics; healthcare; energy & power; automotive; military, defense, and aerospace; industrial; and others that include building automation, smart packaging, environment monitoring, communication hospitality, sports, and research. The geographical distribution of the flexible electronics market is categorized into North America, Europe, Asia Pacific (APAC), and Rest of the World (RoW).

Displays LCD and OLED are expected to hold the largest share of the flexible electronics market during 2018–203. The market for displays is led by industry leaders such as Samsung and LG who produce flexible OLED display panels that are largely being deployed in smartphones, smart wearables, and televisions. Highest growth is expected from OLED lightings as they are expected to be increasingly deployed for automotive applications.

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The consumer electronics vertical is expected to hold the largest share of the market owing to the adoption of flexible displays in smartphones, wearables, and other devices. The automotive vertical is expected to demonstrate the highest growth during the forecast period due to the increased adoption of flexible displays, sensors, and OLED lighting panels.APAC dominated the flexible electronics market accounting for the largest share of the market in 2017. In addition, the region is likely to be the fastest-growing market for flexible electronics during the forecast period. APAC is the hub for manufacturers and customers of flexible OLED panels. In the market, Samsung and LG have been the leading companies that deploy flexible displays in smartphones and televisions. In APAC, flexible sensors are also increasingly being used for healthcare applications. APAC has witnessed an increase in the installation of thin-film PVs in the recent years, and their deployment is expected to increase steadily in China. With Japan and India being prominent countries in the adoption of thin-film PVs, other countries in the region are also shifting toward renewable energy resources.

The widespread use of rigid electronic products for various applications hinders the market growth. The superior performance and better pricing structures of rigid components in applications such as displays, solar panels, batteries, and lighting solutions also restrain the flexible electronics market growth.

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Major players in the market include Samsung Group (Samsung Electronics and Samsung SDI) (South Korea); LG Group (LG Display and LG Chem) (South Korea); Solar Frontier (Japan); First Solar (US); Panasonic (Japan); Konica Minolta (Japan); OLEDWorks (US); Blue Spark Technologies (US); BrightVolt (US); Heliatek (Germany); Cymbet (US); Palo Alto Research Center (US); Thin Film Electronics (Norway); Royole Corporation (US); FlexEnable (UK); and Enfucell (Finland).

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