Flexible Electronics Market Size, Share, Industry, Forecast and outlook (2023-2030)

Report Overview

Global Flexible Electronics Market reached US$ 23.5 billion in 2022 and is expected to reach US$ 74.4 billion by 2030, growing with a CAGR of 15.5% during the forecast period 2023-2030.

The current ongoing shift in industrial automation towards the adoption of internet of things (IoT) based sensors will drive the growth of the global flexible electronics market. Flexible electronics such as sensors and optics will be utilized in new automation technologies to enhance industrial production efficiency and reduce downtime.  

During the forecast period, new innovations by electronic manufacturers are likely to augment market growth. For instance, in June 2023, Samsung Electronics, a South Korea-based multinational electronics company, showcased its new flexible displays based on a new flexible display sensor technology at the Display Week 2023 expo in Los Angeles, U.S.

Market Scope

Market Dynamics

Increasing Demand for Wearable Devices

The demand for wearable electronics has been increasing in recent years as new technological advances and diminishing form factors has made modern consumer electronics extremely portable. The growing popularity of health and fitness tracking along with the integration of new features such as steps and heartrate monitoring has increased the demand for wearable devices. 

Flexible electronic components used in wearables include flexible displays, sensors, batteries and circuits. Flexible displays, such as OLED and AMOLED screens, enable manufacturers to create curved, bendable and even rollable screens for smartwatches and fitness bands. These displays provide high-quality visuals and enable a sleek design aesthetic for wearable devices.

Sensors integrated into wearable devices allow for various health and activity tracking capabilities, including heart rate monitoring, sleep tracking, step counting and GPS positioning. The sensors, made possible through flexible electronics, provide accurate and real-time data to enhance fitness and wellness tracking. Increasing sales of smartwatches and smart bands will augment demand for flexible electronic components in the coming years. 

Increasing Adoption of Data-Driven Warfare 

Modern military fighting tactics are undergoing a profound change in the face of rapid technology advances, mainly in the information technology (IT) sector. Information derived from sensors installed on various platforms such as drones, fighter jets, warships and infantry vehicles are transmitted seamlessly through encrypted data links to increase coordination and situational awareness of the battlespace.  

Critical information such as targeting data, navigation maps, surveillance and reconaissance data and tactical information can be relayed between various branches of the armed forces. Flexible electronics facilitate the creation of sensor networks and communication systems for military applications. It enables the integration of sensors into different platforms to ensure smooth functioning of data-driven warfare. 

Limited Choice of Materials

The range of materials suitable for flexible electronics is still limited. This lack of diversity restricts the design possibilities and functionality of flexible devices. For instance, materials that offer both high conductivity and flexibility are in high demand but are not readily available in a wide variety at economical costs for mass production. The absence of diverse material options limits innovation and hampers the development of new applications.

The limited material choices pose challenges to research and development efforts in the flexible electronics industry. Researchers may face difficulties in finding suitable materials for their prototypes and experimental devices. The limitation can slow down the pace of innovation and impede the introduction of new products to the market. Since the global flexible electronics market growth depends on value generation, limited material choices hampers innovation and impeded market growth.

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Segment Analysis

The global flexible electronics market is segmented based on application, end-user and region.

Consumer Electronics Generate the Most Demand for Flexible Electronics

Consumer electronics account for roughly half of the global flexible electronics market. Consumer electronics generate the highest demand for flexible electronics as they are the most widely manufactured electronics. Global smartwatch shipments totalled nearly 110 million units in 2022. Furthermore, global smartphone shipments average nearly 1.2 billion units in 2022. 

Consumer electronic companies are undertaking various measures to boost sales, including the incorporation of new and advanced features, reducing form factors and new product launches at more affordable price points. The growth in sales of new consumer electronics will invariably generate more demand for flexible electronics.  

Source: DataM Intelligence Analysis (2023)

Geographical Share

Strong Government Incentives Will Propel Market Growth in Asia-Pacific

Asia-Pacific is expected to account for nearly half of the global flexible electronics market. The region is an epicenter of global electroincs manufacturing with countries such as China, Taiwan, South Korea and Japan being among the leading manufacturers. However, many countries such as Vietnam and India are undertaking various policies to attract new electronic manufacturing in their countries. 

For instance, the Indian government has unveiled a production linked incentives (PLI) scheme to attract large-scale IT hardware and electronics manufacturing in the country. The Indian government has allocated Rs. 17,000 crore (US$ 2.0 billion) for the scheme. New government policies are expected to attract significant investment in electronics manufacturing in emerging countries such as India. It is expected to propel the regional demand for flexible electronics in the medium and long-term. 

Source: DataM Intelligence Analysis (2023)

Market Keyplayers

The major global players include LG Corporation, Samsung Electronics Co. Ltd, Blue Spark Technologies, E Ink Holdings Inc., OLEDWorks, Royole Corporation, FlexEnable, Imprint Energy, Dai Nippon Printing Co., Ltd. and AUO Corporation.

COVID-19 Impact Analysis

The COVID-19 pandemic created opportunities and challenges for the global flexible electronics market. The disruptions in global industries such as consumer electronics and automotive manufacturing reduced demand for flexible electronics. Furthermore, lockdowns and other pandemic restrictions also led to a disruption in the supply of flexible electronics.  

The healthcare sector witnessed a surge in demand for flexible electronic devices. Remote patient monitoring, telemedicine and wearable health trackers became essential tools for managing the pandemic. It drove the demand for flexible sensors, flexible displays and other healthcare-related flexible electronic products. The post-pandemic period is likely to witness significant growth of the global flexible electronics market.

AI Impact

Artificial intelligence (AI) algorithms can play a crucial role in improving the performance and functionality of flexible electronic devices. Machine learning techniques can enable devices to adapt, learn and make intelligent decisions based on data inputs, enhancing their efficiency and leading to substantial improvement in user experience.

AI has revolutionized human-machine interaction in flexible electronics. Natural language processing (NLP) and computer vision techniques enable voice commands, gesture recognition and facial recognition interfaces. The advancements provide intuitive and seamless interactions, making flexible electronics more user-friendly and accessible.   

Russia-Ukraine War Impact 

Stringent economic sanctions were imposed on Russia due to the ongoing war in Ukraine. The sanctions have cut off access to critical western technologies such as flexible electronics for various Russian industries. The country has turned to Asia-Pacific and the international grey market to fulfill its demand.   

Russia is also taking steps to increase domestic production of flexible electronic components, mainly for defence and military applications. With rising intensity of the Ukraine-Russia conflict, the demand for flexible electronics from Russia’s military industrial complex is likely to increase significantly in the short and medium term.

By Application

• Display
• Sensors
• Optics
• Others

By End-User

• Consumer Electronics
• Healthcare
• Automotive
• Industrial
• Others

By Region

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Rest of Europe
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Asia-Pacific
  • China
  • India
  • Japan
  • Australia
  • Rest of Asia-Pacific
• Middle East and Africa

Key Developments

• In May 2023, scientists from the University of New South Wales in Sydney, Australia, announced the development of a novel method to create flexible electronic systems on ultra-thin skin-like materials. The new method involves using lithography to fabricate semiconductor materials on a nanomembrane skin supported on a polymer substrate.
• In April 2023, researchers from the University of Chicago in U.S. announced that they had developed a new thin stretchable OLED material that could be used to power flexible-form electronic devices in the future. 
• In May 2023, scientists from the University of Espirito Santo in Brazil, announced the development of a new multifunctional flexible optic sensor that can be used for force and orientation sensing.

Why Purchase the Report?

• To visualize the global flexible electronics market segmentation based on application, end-user and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development. 
• Excel data sheet with numerous data points of flexible electronics market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Type mapping available as Excel consisting of key products of all the major players.

The global flexible electronics market report would provide approximately 50 tables, 50 figures and 185 Pages.

Target Audience 2023

• Consumer Electronics Manufacturers
• Automotive Manufacturers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies