How will Europe thin film battery market perform through 2024?

Massively driven by the burgeoning demand for light weight, compact, and portable products, the growth graph of global thin film battery market is anticipated to display a marked ascent during 2016-2024. The emergence IoT has also contributed to the rising application of thin film battery in tablets and smartphones. The rising standard of living on the grounds of high economic affluence has led to the increased adoption of wearable devices such as watches, smart glasses, and fitness trackers. These changing trends are likely to favor the rising demand for thin film batteries over the forecast period.

In this regard, it is vital to know that China will account for approximately 100 million of the overall market share by 2024. Increasing adoption of IoT in tandem with portable electronics devices have acted in the favor of the industry growth.

As per the estimates by Global Market Insights, Inc., the worldwide thin film battery industry size is envisaged to account for USD 1.8 billion by the end of 2024, in terms of revenue.

In addition to these, the deployment of these batteries across myriad applications including sensors, smart cards, medical, and novelty consumers would complement the industry outlook by 2024.

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What are the factors propelling thin film battery market trends from RFID applications?

The global thin film battery industry is predominantly defined by a vast application gamut enabling it to gain widespread popularity on account of the same. It is imperative to note that amongst the many applications, the RFID segment held nearly 7 per cent of thin film battery industry share in 2015 and is poised to grow at a prodigious pace in the upcoming years.

Apart from the RFID segment, the medical device applications are foreseen to record a notable rise over the projected timeline as well. This growth can be attributed to the increasing disposable medical equipment demand globally.

How will the deployment of thin film battery in the smart cards impact the growth trajectory of thin film battery market by 2024?

The proliferation of smart cards has served as an added advantage in the growth of thin film battery market. For the record, the smart cards segment accounted for nearly USD 10 million of the global thin battery market share in 2015.

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The smart cards find extensive use in the Subscriber Identity Modules for all kinds of smart phones under the Global System for Mobile Communication standard.

How would Europe and Brazil perform in the global thin film battery market landscape?

Speaking in terms of the geographical aspects, Brazil stands tall in the regional hierarchy of the thin film battery realm. It is prudent to know that the region procured over 35 per cent of the global business share in 2015. Further, Brazil is likely to depict appreciable growth in the span of seven years chiefly due to the humongous government spending on innovation and high quality equipment.  

Europe, on the other hand, is also likely to emerge out as a lucrative ground for thin film battery market. Estimates claim that the region, aided by UK, recorded a revenue share of USD 12 million in 2015. The fundamental reason sufficing this growth is widespread adoption of smart cards. In addition to this, the deployment of automation in disposable healthcare devices would also impel the market statistics over 2016-2024. 

Meanwhile, an upsurge in the demand for portable electronic devices coupled with robust advancements of security systems has prompted the US thin film battery market to observe phenomenal gains over the stipulated time frame. The regional thin film battery market acquired an 80 per cent share of the overall industry in 2015.

The thin film battery industry is highly consolidated. The robust presence of prominent players such as NEC Corporation, Imprint Energy, Blue Spark, Excellatron, and multiple others is likely to help increase the revenue of this industry in the forthcoming years.

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