Flexible Electronics Market Expected to Reach $42.48 Billion, Globally, By 2027 at 7.4% CAGR Allied Market Research
Growth in sales of Internet of Things (IoT) devices, rise in concern of government for flexible electronics, and increase in demand for portable and smart electronics products drive the growth of global flexible electronics market
PORTLAND, Ore., Nov. 24, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Flexible Electronics Market By Component (Flexible Display [OLED, E-paper, and LCD], Flexible Battery, Flexible Sensor [Bio Sensors, CMOS Hybrid Sensors, Photo Detectors, Piezo Resistive, and Others], Flexible Memory, and Flexible Photovoltaics) and Application (Consumer Electronics, Automotive, Medical & Healthcare, Energy & Power, Aerospace & Defense, and Others): Global Opportunity Analysis and Industry Forecast, 2020-2027". According to the report, the global flexible electronics industry generated $23.64 billion in 2019, and is projected to reach $42.48 billion by 2027, witnessing a CAGR of 7.4% from 2020 to 2027.
Drivers, Restraints and Opportunities
Growth in sales of Internet of Things (IoT) devices, rise in concern of government for flexible electronics, and increase in demand for portable and smart electronics products drive the market growth of the global flexible electronics market. In addition, growth in printed electronics further fuels the market growth. On the other hand, the high cost restrains the growth to certain extent. Moreover, the technological advancements in flexible electronics are anticipated to create a number of opportunities in the near future.
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- Manufacturing activities have been halted during the lockdown. In addition, the disruption in supply chain has resulted into shortage of raw materials.
- The declined demand and shut down of end using industries have further declined the growth.
- However, the government bodies in various regions have lifted off the regulation in order to maintain economic benefits. This has allowed the industries to resume their processes.
The Flexible Display Segment to Dominate in Terms of Revenue during the Forecast Period