Printed Electronics Market is Predicted to Attain Size of $363.1 Billion by 2030: P&S Intelligence
/EIN News/ -- Printed Electronics Market Research Report: By Component (Printer, Material), Application (Display, Photovoltaics, Lighting, Sensors, RFID Tags, Batteries), Display Size (Automotive & Transportation, Consumer Electronics, Healthcare, Retail & Packaging, Aerospace & Defense, Construction & Architecture)
NEW YORK, Jan. 06, 2020 (GLOBE NEWSWIRE) -- With an estimated value of $35.7 billion in 2019, the global printed electronics market share is projected to reach $363.1 billion by 2030, progressing at a CAGR of 22.4% during the forecast period (2020–2030). Between the two components, printer is estimated to hold the larger share in the market in 2019. This can be attributed to the rising demand for screen and inkjet printers for display and photovoltaic (PV) applications in various countries, including the U.S., Germany, the U.A.E., China, and Brazil.
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One of the key trends observed in the printed electronics market is the shift from conventional printing to digital printing. Digital printing has gained traction in recent years, on account of the growing environmental concerns. Conventional printing involves the use of volatile organic compound-based products, such as aerosol sprays and paint strippers, along with heavy metals, such as lead, cadmium, mercury, and chromium, which pollute the soil and water when they reach landfills, thus adversely impacting the environment.
On the contrary, digital printing involves the use of mild solvents and less-harmful chemicals than those used in conventional printing technologies, such as offset printing and solid ink printing. Thus, with the increasing focus on green printing and cost-effective production, the demand for digital printing solutions is growing in the printed electronics market.
The extensive use of rigid electronic products in various applications continues to hinder the growth of the printed electronics market, globally. Consumer electronics, such as flat-screen TVs, laptops, and audio keyboards, and various other electronic gadgets generally come integrated with rigid printed circuit boards (PCBs) instead of flexible PCBs. Thus, the large-scale use of rigid electronic products affects the demand for flexible circuits, which, in turn, limits the market growth.
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During the forecast period, the printed electronics market is expected to witness faster growth in the material category. This can be attributed to the surging use of substrates and inks in the fabrication of printed electronic circuits, which are further used in various applications such as displays, PVs, and RFID tags. For instance, in 2019, researchers working in the chemical–biological centers at the U.S. Army Combat Capabilities Development Command (CCDC) successfully tested a light-emitting diode (LED) light on clothing. The researchers incorporated small LEDs with an inkjet-printed circuit between the layers of clothing. Thus, the increasing application of printed electronics in textiles and wearable electronics is creating opportunities for the market players.
The automotive & transportation category is estimated to contribute the highest revenue to the printed electronics market in 2019. This can be ascribed to the growing use of the IoT technology in the automotive & transportation sector. Deployment of IoT requires extensive data processing capabilities and high bandwidth to support multiple connections and remote sensing technology to collect data from connected devices. Within the automotive sector, the smart car technology is gaining traction, which employs printed electronics-based vehicle sensors and transceivers to connect cars with smartphones to perform tasks such as playing music and sensing seat occupancy. Moreover, rising vehicle sales across the world are supporting the growth of the automotive sector, which, in turn, is driving the printed electronics industry.
Geographically, the market is expected to register the highest growth rate in APAC during the forecast period. The APAC printed electronics market would be driven by the growing demand for consumer electronics in countries such as China, India, Japan, South Korea, and Australia. Since the printed electronics technology is increasingly being employed in the manufacturing of flexible consumer electronics, including wearable devices, the increased adoption of these electronics is expected to support the growth of the printed electronics industry in the region.
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The global printed electronics market is highly competitive in nature, characterized by the presence of a large number of global and regional players. Major players in the market, including E Ink Holdings Inc. and Ynvisible Interactive Inc., are focusing on mergers and acquisitions and partnerships to increase their footprint. For instance, in August 2019, Ynvisible Interactive Inc. acquired Consensum Production AB, a contract manufacturer of printed electronics and hybrid systems, to become one of the leading providers of electrochromic printed display solutions for high-volume applications in the market.
Some of the other key players operating in the printed electronics market are Thin Film Electronics ASA, Nissha Co. Ltd., Xerox Corporation, Agfa-Gevaert N.V., DuPont de Nemours Inc., Molex LLC, NovaCentrix Corp., and BASF SE.
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