Thin Film Battery Market Size, Share & Industry Analysis, By Chargeability (Rechargeable and Disposable), By Application (Wearable Devices, Smart Card & RFID, Medical Devices, Portable Electronics, and Others), and Regional Forecast, 2024-2032

The global thin film battery market size was valued at USD 121.90 million in 2023. The market is projected to grow from USD 153.20 million in 2024 and reach USD 780.02 million by 2032, exhibiting a CAGR of 22.6% during the forecast period.

A thin film battery is a solid-state battery that uses both electrodes and electrolytes in solid form. These types offer various advantages over traditional batteries as they are smaller and can be used to create smaller electronic devices. In addition, these batteries also possess a more remarkable performance, higher energy density, higher flexibility, and lower chance of electrolyte leakage.

The outbreak of COVID-19 has hampered the growth of the market. Consumer electronics device production operations have decreased globally due to a shortage of chips in the market. During the pandemic, various manufacturing and production companies halted their operations due to the lockdown imposed by many countries to prevent the spread of the virus. Medical devices and intelligent packaging are critical applications for these batteries; the market is expected to recover in the coming years. In addition, the increasing demand for temperature patches during the pandemic is also likely to fuel the growth of the Thin Film battery market.

Thin Film Battery Market Trends

Growing Miniaturization of Electronics Components to Support Market Growth

The growing miniaturization of devices such as mobile phones, medical devices, and smartwatches has led to rising demand for the miniaturization of electronic components. Various compact electronic devices and systems are being developed across the world. The need for miniaturization is also growing as conventional batteries pose a challenge to reducing the size of electronic devices. In addition, the shrinking form factors of implantable, wearable devices have led to the requirement of small batteries.

Technological Advancements in Thin Film Batteries to Lead the Market

In recent years, advancements in Thin Film batteries related to their density, life span, and improved safety have increased. The growing demand for these batteries in electronic devices, medical devices, and smartwatches leads the critical players towards technological advancement, making the batteries thin or more flexible. For example, the Tokyo Tech Company, combined with Tohoku University, has developed batteries with less resistance to tackle the disadvantage of solid-state batteries.

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Thin Film Battery Market Growth Factors

Increasing Adoption of Wireless Sensors Worldwide is Dominating the Implementation of These Batteries

The adoption of wireless sensors worldwide is increasing owing to technological advancements in Internet of Things (IoT) devices and wireless sensor technologies. These technologies have emerged as viable power supply options for embedded systems, leading to wireless sensors in the application. The growing adoption of energy harvesting-based wireless sensors will provide a growth opportunity for batteries. In addition, using smart cards for the authentication process is also driving growth. Major key players are focusing on developing new applications for wireless sensors with increased investment. Thin film batteries are an important part of wireless sensors; thus, increasing the utilization of wireless sensors is driving the growth of the thin film battery market.

For instance, in 2023, Worldsensing, a global leader in IoT remote monitoring, launched its newest wireless sensor named "The Vibration-Meter". The device measures vibrations in the long term and is used in continuous vibration monitoring projects. It uses a tri-axial MEMS accelerometer with a longer battery life, wider communications range, and more competitive price point than existing vibration-related technologies while complying with key regulatory standards.

Growing Adoption of Smart Card Will Boost Thin Film Battery

The growing adoption of smart cards and e-cards across government and transportation sectors to improve security will propel the adoption of these batteries. Smart cards provide personal identification, authentication, data storage, and application processing, thereby boosting the usage of smart cards worldwide. In addition, the growing adoption of smart cards in Europay, Mastercard, and Visa is also driving the market for Thin Film battery technology.

For instance, in October 2023, Toppan, a global leader in communication, décor materials, security, packaging, and electronics solutions, collaborated with the National Institute of Information and Communications Technology (NICT) and developed PQC CARD. This card is the world's first smart card equipped with post-quantum cryptography. It also ensures a system for the secure long-term storage and exchange of healthcare data.

RESTRAINING FACTORS

High Cost of Raw Materials is Expected to Hinder the Market

The raw materials used to manufacture these batteries are more expensive than lithium-ion batteries. Furthermore, these raw materials have high material handling costs owing to their chemical characteristics and fluctuating prices. In addition, the lack of standardization in manufacturing Thin Film batteries differs from manufacturer to manufacturer, leading to compatibility issues if used for other devices.

Thin Film Battery Market Segmentation Analysis

By Chargeability Analysis

Rechargeable Thin Film Batteries Set to Lead Market

Based on chargeability, the market is distributed into disposable and chargeable batteries. The rechargeable Thin Film batteries segment dominated the market due to their growing consumer electronics adoption. Rechargeable batteries are widely adopted in wearable electronics, wireless sensors, medical devices, and IoT devices. The disposable Thin Film battery is also expected to grow significantly due to its application in low-power cases. Disposable Thin Film batteries are used in toys, smart cards, biosensors, greeting cards, and RFID tags.

By Application Analysis

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Demand for Wearable Devices is Leading the Market

The market is segmented by application into wearable devices, smart cards & RFID, medical devices, and portable electronics. Wearable devices are expected to dominate the application. The growing usage of smartwatches and fitness bands has increased the share of wearable devices. Thin Film batteries find application in wearables as they are compact and offer a better recharging rate. Smart card & RFID is expected to be the fastest-growing application and can be used for authentication purposes from various sectors. Medical devices are also expected to grow significantly due to wide applications in medical devices, including diagnostic devices, biosensors, patient monitoring devices, and drug patches. 

REGIONAL INSIGHTS

Geographically, this market is widespread across Europe, North America, Asia Pacific, the Middle East & Africa, and Latin America. Our findings show North America dominates the Thin Film battery market share during the forecast period owing to growing R&D and technological innovations. Many manufacturers, such as Blue Spark Technologies, Ultralife Corporation, and Brightvolts Inc., are also based in North America and are leading this market.

The Asia Pacific is the fastest-growing region in the global Thin Film battery market. The growth is expected due to increased adoption of IoT devices, rising product demand, and the region's rapidly developing and expanding electronics devices manufacturing industry. The growing demand for smartphones, laptops, and other electronic devices in countries such as China, India, Japan, and Singapore is expected to enhance the region's Thin Film batteries.

Europe registered for a reasonable share of the global market. The region's growth is due to technological development and strict safety standards for battery applications. Germany observes a significant share due to the increased adoption rate of medical devices and wearables. Latin America is also expected to drive the market due to rising investment in high-grade medical equipment, which is projected to grow.

The Middle East & Africa will likely perceive substantial growth due to increasing government investment in the healthcare sector and research & development activities. The key nations actively operating in the region are South Africa and Gulf Cooperation Council (GCC).

List of Key Companies in Thin Film Battery Market

Thin Film battery manufacturers have implemented various strategies, including product development, product launches, and acquisitions, to strengthen their offerings in the market. The key market players include Blue Spark Technologies, Brightvolts Inc., CYMBET Corporation, and LG Chem.

List of Key Companies Profiled:

• Blue Spark Technologies (US.)


• Brightvolt Inc (U.S.)


• CYMBET Corporation (US.)


• Guangzhou Feng Jiang Battery New Technology CO. Ltd (China)


• Jenax Inc (South Korea)


• Excellatron Inc (U.S.)


• Molex (US.)


• Soleras Advanced Coatings (Belgium)


• Front Edge Technology Inc (US.)


• Ultralife Corporation (US.)


• LG Chem (South Korea)


• Ilika Plc. (UK.)


• NGK Insulators, Ltd. (Japan)


• The Kurt J. Lesker Company (US.)

KEY INDUSTRY DEVELOPMENTS:

• September 2022- Molex expanded its manufacturing operations in Hanoi to add a new 16,000-square-meter facility. This expansion supports the growing demand for its products in different applications, including smartphones, TVs, home appliances, test equipment, and medical devices.


• January 2022- NGK signed a partnership with Exeter, a Swedish industrial company, to reach additional markets and expand new sectors by offering manufacturers low-power solutions and devices with prolonged or infinite battery life. As per the partnership, both companies would work closely to strengthen manufacturing capacity and enable each to bring products to market in areas such as the Internet of Things (IoT) and electronics (such as e-shelf labels, sensors, and remote controls).


• December 2021- Molex acquired technology and intellectual property from Keyssa Inc., a key player in high-speed contactless connectors. The acquisition includes 350 filed patent applications, diversifying Molex's micro connector portfolio with highly flexible, cable-free connectors for device-to-device applications.


• July 2021- LG Chem acquired the separator business of LG Electronics for USD 458.5 million to ace its fast-growing global electric vehicle battery materials market. Separators, along with anodes, cathodes, and electrolytes, are key components of lithium-ion batteries. The acquisition would help LG Chem to have a house supplier of separators, which it supplied from other companies.


• March 2021– LionVolt BV, a spin-off from the Netherlands Organization for Applied Scientific Research (TNO), promised to build a 3D solid-state Thin Film battery that is lighter, safer, and more efficient than the current lithium batteries.

REPORT COVERAGE

The report offers qualitative and quantitative insights on Thin Film batteries and a detailed analysis of market size & growth rate for all possible segments in the market. The report also elaborates on market dynamics, emerging trends, and competitive landscape. Key insights offered in the report are advancement in technology for Thin Film batteries by individual segments, recent global industry developments such as partnerships, mergers & acquisitions, consolidated SWOT analysis of key players, Porter's five forces analysis, business strategies of leading market players, macro and micro-economic indicators, and key industry trends.

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