According to the latest report by IMARC Group, titled “Thin-Film Battery Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global thin-film battery market size reached US$ 372 Million in 2018. Thin-film batteries are solid-state batteries that utilize solid electrodes and electrolyte. Their development was motivated by the prospect of amalgamating the advantages of solid-state batteries with those of the thin-film manufacturing process. The internal structure of these batteries resembles other rechargeable batteries wherein the ion migration mechanisms are essentially the same. The cathode in thin-film batteries is usually made from a lithium-oxide complex including LiCoO2, LiMn2O4 and LiFePO4. On the other hand, the anode material is primarily made using carbon-based materials like graphite.
The demand for consumer electronics, smart connected devices and wearables has significantly increased in recent years on account of the strong penetration of the Internet and emerging trend of the Internet of Things (IoT) around the world. Consequently, the sales of thin-film battery are being catalyzed as they are ideal for use in these devices due to their low-cost, ultra-small size and low-power wireless connectivity. They also enable manufacturers to design the devices within a manageable size and focus on product innovation. Apart from this, these batteries offer a long battery backup and are appropriate for low-power applications such as smartwatches, fitness bands and implanted medical devices. Looking forward, the market is projected to reach a value of US$ 1,304 Million by 2024, expanding at a CAGR of 23.3% during 2019-2024.
- Based on the technology, the market has been classified into thin-film lithium, thin-film lithium polymer, zinc-based thin film and others. At present, thin-film lithium batteries dominate the market, holding the largest share.
- On the basis of the battery type, the market has been bifurcated into rechargeable and disposable. Currently, rechargeable thin-film batteries represent the most popular segment worldwide.
- The market has been divided on the basis of the voltage type which includes below 1.5V, 1.5V to 3V and above 3V. Amongst these, batteries with a voltage below 1.5V account for the majority of the total market share.
- Based on the application, smart cards and RFID represent the leading segment. Other applications include medical applications, smart wearables, wireless sensor network (WSNS) and portable electronics.
- Region-wise, the market has been segmented into North America, Asia Pacific, Europe, Middle East and Africa, and Latin America. Presently, North America exhibits a dominance in the global market share.
- The competitive landscape of the market has also been examined with some of the key players being Blue Spark Technologies, BrightVolt, Enfucell Oy, STMicroelectronics N.V., Cymbet Corporation, Imprint Energy, Ilika PLC, LG Chem, Ltd., Paper Battery Company and Jenax Inc.
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