- It said that the demand would grow steadily as manufacturing activities in application industries begin with optimum workforce during the post-lockdown period
- The emergence of the printed electronics and other technological advancements create new opportunities in the coming years
The global flexible electronics market garnered $23.64 billion in 2019, and is expected to reach $42.48 billion by 2027, witnessing a CAGR of 7.4 per cent from 2020 to 2027 as per a report by Allied Market Research. It said that the increase in implementation of Internet of Things (IoT), surge in concerns of governments, and rise in demand for portable and smart electronic products drive the global flexible electronics market. The cost constraint hinders the market growth. The emergence of the printed electronics and other technological advancements create new opportunities in the coming years.
The report added, “Manufacturing activities has been stopped due to sudden lockdown imposed by governments to curb the spread of coronavirus. Moreover, the supply chain has been disrupted and the shortage of raw materials has been created. The demand for flexible electronics components has been decreased significantly from sectors such automotive and aerospace and defense sector as manufacturing and R&D activities came to sudden halt.”
It said that the demand would grow steadily as manufacturing activities in application industries begin with optimum workforce during the post-lockdown period.
Flexible display segment to lead
Based on component, the flexible display segment contributed to the highest market share in 2019, holding more than half of the total market share. It is projected to maintain its leadership status during the forecast period. It said that this segment is expected to witness the highest CAGR of 9.1 per cent from 2020 to 2027
The report added, “Based on application, the consumer electronics segment held the highest share, contributing to nearly three-fifths of the total share of the global flexible electronics market in 2019, and is expected to maintain its dominant share by 2027. Moreover, this segment is projected to portray the highest CAGR of 9.1 per cent during the forecast period. The research also analyses segments such as automotive, medical & healthcare, energy & power, aerospace & defense, and others.”
Based on region, Asia-Pacific accounted for the highest share of the market in terms of revenue, holding nearly two-fifths of the total share in 2019. It will continue its lead position during the forecast period. Moreover, this region is expected to manifest the highest CAGR of 9.2 per cent from 2020 to 2027.
