Published: December 2019 | Report Code: SE11802 | Available Format: PDF | Pages: 216
The printed electronics market revenue is projected to grow from $35.7 billion in 2019 to $363.1 billion by 2030, witnessing a CAGR of 22.4% during 2020–2030.
Globally, the Asia-Pacific (APAC) region will register the fastest growth in the foreseeable future due to the mushrooming demand for flexible electronic products, including gaming consoles, smartphones, tablets, and laptops, in China, South Korea, and Japan.
The spurring demand for flexible electronics is a major growth driver for the market. In such products, the integrated circuits (ICs) are deployed on a flexible substrate, such as plastic or metal, which can be folded, rolled, twisted, or wrapped, without impacting the function. Owing to the increasing demand for these products, market players are collaborating with technology providers. For example, in June 2019, E Ink Holdings Inc. and Plastic Logic HK entered into a collaboration to use the organic field-effect transistor (OTFT) technology for manufacturing flexible electronic paper displays for wearables.
Flexible electronic devices have made considerable penetration in the healthcare, power & energy, and automotive industries. For instance, flexible ICs assembled on plastic substrates are being installed in organic light-emitting diode (OLED) electronics and solar cell arrays. OLEDs are carbon-based organic materials that are majorly used for creating white-light panels. The mounting demand for OLEDs is, therefore, driving the printed electronics market growth.
The display category, under the application segment, will hold the largest market share in 2019 due to the spurring demand for consumer electronics with flexible and lightweight displays. Printed displays are mostly used in consumer electronics, such as wearables and mobile phones. The value of the consumer electronics industry is set to increase from $335.7 billion in 2019 to $798.8 billion by 2030, at a CAGR of 8.2% during 2020–2030. This can be ascribed to the burgeoning demand for connected and internet of things (IoT) devices.
The aerospace & defense category, within the end user segment of the printed electronics industry, will record the fastest growth in the coming years. This can be ascribed to the rising application of printed electronics in the aerospace & defense industry of Europe and North America. The AeroSpace and Defence Industries Association of Europe states that the European aerospace & defense industry reached $273.1 billion (EUR 246 billion) in 2018, registering an annual growth rate of 7.8% during 2017–2018. Of this, civil aeronautics product sales account for a revenue share of 51.5%.
The printed electronics market is observing an increasing demand for aerospace and military electronics that use additive manufacturing methods to integrate the printed electronic circuitry into the physical packaging. In addition, the printing of electronic circuits on 3D surfaces is allowing market players to develop advanced materials for missiles, aircraft wings, rockets, and other defense equipment.
The APAC market for printed electronics is expected to generate the highest revenue in 2019, and it is also projected to display the fastest growth between 2020 and 2030. This can be credited to the spurring demand for flexible and robust substrates for printed electronic circuits and increasing penetration of the IoT technology. Moreover, the low manufacturing cost and constant evolution in the digital printing technology are contributing to the market growth in the region.
Among APAC nations, China is expected to lead the market in 2019 owing to the soaring popularity of printed electronics in its retail, transportation, hospitality, and healthcare industries. As per its ministry of transport, the nation invested $72.7 billion (RMB 488.9 billion) in transportation infrastructure projects in the first quarter of 2019, displaying a spike of 4.8% from 2018. Such hefty investments have resulted in the rising application of printed electronics in the transportation sector, in ticket machines, control panels, and passenger information displays.
The global printed electronics market is highly competitive in nature, characterized by the presence of key companies namely E Ink Holdings Inc. and Ynvisible Interactive Inc. Some of the other prominent players operating in the printed electronics market are Thin Film Electronics ASA, Nissha Co. Ltd., Xerox Corporation, Agfa-Gevaert N.V., DuPont de Nemours Inc., Molex LLC, NovaCentrix Corp., and BASF SE.
Major players in the printed electronics market have been involved in strategic activities, such as partnerships and product launches, to gain a competitive edge. For instance, in November 2019, Ynvisible Interactive Inc. collaborated with Epishine AB, a manufacturer of organic photovoltaic solar energy harvesting devices, to combine its printed electronic display technology with Epishine’s solar cell technology for the development of economical and sustainable IoT devices and smart objects. In the collaboration, Epishine AB purchased the roll-to-roll manufacturing services from Ynvisible Production (formerly Consensum Production AB) in Linkoping, Sweden.
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