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.
Metrics |
Details |
CAGR |
15.5% |
Size Available for Years |
2021-2030 |
Forecast Period |
2023-2030 |
Data Availability |
Value (US$) |
Segments Covered |
Application, End-User and Region |
Regions Covered |
North America, Europe, Asia-Pacific, South America and Middle East & Africa |
Fastest Growing Region |
Asia-Pacific |
Largest Region |
Asia-Pacific |
Report Insights Covered |
Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and Acquisitions, New Equipment Type Launches, Growth Strategies, Revenue Analysis, Porter’s Analysis, Pricing Analysis, Regulatory Analysis, Supply-Chain Analysis and Other key Insights. |
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.
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.
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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The global flexible electronics market is segmented based on application, end-user and region.
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)
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)
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.
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.
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.
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
By End-User
By Region
Why Purchase the Report?
The global flexible electronics market report would provide approximately 50 tables, 50 figures and 185 Pages.
Target Audience 2023
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