Thin Film Battery Market Report

Thin Film Battery Market Analysis By Battery type (Disposable, Rechargeable), By Voltage (Below 1.5V, 1.5V to 3V, Above 3V), By Region (North America, Europe, APAC, CSA, MEA), And Segment Forecasts, 2014 - 2025

Published: September 2017  |  137 Pages  |  Format: PDF  |  Report ID: GVR-1-68038-622-6

Industry Insights

The global thin film battery market size was valued at USD 194.6 million in 2016 and is projected to record a CAGR of 27.4% over the forecast period. Growing demand for wearable electronics, Internet of Things (IoT) devices, medical tracking applications in both developed and emerging economies is likely to boost the demand for thin film battery over the forecast period. Transitioning trend towards thin film battery from conventional battery owing to its minimum environmental impact is expected to augment the market growth.

Additionally, Extensive R&D in the global battery industry on account of changing needs from various end-use industries has propelled the development of novel battery, which outperform conventional battery in terms of their performance and durability. Thin film battery has gained huge popularity due to its lightweight and small size characteristics and is expected to revolutionize the industry. Increasing demand for thin film battery to power compact devices coupled with improved safety is a major driving factor for the industry growth in the wearables and medical applications. Rising popularity and awareness in regions such as North America, Europe, and Asia Pacific is anticipated to positively impact the market.

U.S. thin film battery market revenue, by battery type, 2014 - 2025 (USD Million)

U.S. thin film battery market

The technological improvement in thin film battery with regards to charge density and battery life while making it safe for use have witnessed an increase in recent times. With increasing demand for wearable such as smart watch among the consumers, leading players in the industry are striving towards reducing the technological barriers and allowing the batteries to be flexible and thin.

Various government regulations and standards to limit the use of conventional batteries as they are made of using hazardous chemicals such as cadmium, mercury. Additionally, recent event of battery explosion has caused serious doubt in the mind of the general public towards safety of conventional lithium ion batteries. The above reason promotes the use of thin film battery as it does not contain hazardous chemical and is fireproof and explosion-proof even after external force is applied. Major players in the industry are constantly striving toward technological advancements in an attempt to increase efficiency and service quality.  

However, the high-end research and development involved in evolving processes which can provide highest level of efficiency and enhance the life span of the thin film battery costs exorbitant.

The raw material required to manufacture thin film battery is much costlier than conventional lithium ion batteries. Lithium ion, Zinc, Cobalt and other metals are primary raw materials for production of this battery type. Volatility in the price of such raw material and its chemical nature results in high material handling costs that are finally levied on the final products. Additionally, suitable infrastructure and skill development is also necessary for effective thin film battery. Therefore, these factors are expected to pose a challenge to the market growth.

Product Insights

Rechargeable batteries accounted for 56.8% of global thin film battery market share in 2016. Rechargeable battery is highly suitable for everyday electronics devices. While rechargeable thin film batteries are mostly used in wearable electronics, medical devices, wireless sensors, and IoT devices. Moreover, companies and battery research institutions are focusing on cutting the cost of rechargeable batteries, which is expected to increase its demand over the next eight years. 

Above 3 V segment was valued at USD 37.3 million in 2016 and is likely to witness a considerable demand over the forecast period. The applications for above 3V batteries have increased recently which has led to the development of many compact electronic devices which are generally bulky if conventional batteries are used. The various applications where above 3V batteries can be used are consumer electronics and wearables.

Global thin film battery market revenue, by Voltage type, 2016 (%)

Global thin film battery market

Regional Insights

In 2016, Germany accounted for 63.2% of the European thin film battery market revenue owing to technological advancements as well as intensive government regulations for waste management. The increasing use of solar panels for electricity generation instead of other non-environmental friendly sources is anticipated to spur the demand for market over the next eight years.

The market in North America was valued at USD 79.2 million in 2016. U.S being a pioneer in the development of thin film battery, the growing research & development along with technological innovation will prove to be the major driving forces for the region. However, Asia Pacific is likely to remain the second-largest market from 2017 to 2025.

Asia Pacific is projected to be fastest growing region owing to increasing demand for the market in light of rapid adoption of IoT devices as well as large consumer base coupled with growing electronic manufacturing industry in the region. The shifting of manufacturing facilities to emerging countries such as China and India and expanding applications is anticipated to augment market demand.

Competitive Insights

Key players in the thin film battery market include Blue Spark Tech, BrightVolt, Enfucell Oy, ST Microelectronics, Cymbet, Imprint Energy, Ilika PLC, LG Chem, Jenax Inc. and others.  In January 2016, Cymbet raised USD 10 million in investment, in order to fund restructuring of company, introduction of new products and offer additional working capital to develop company’s business in crucial markets.

The manufacturer continues to focus on innovation and technological advancements in the battery technology to deliver enhanced performance. Such innovations coupled with competitive pricing are likely to assist in increasing market share over the forecast period. Companies are investing heavily in research and development to overcome the technological barriers and enhance service quality. 

Report Scope

Attribute

Details

Base year for estimation

2016

Actual/Historical data

2014 and 2015

Forecast period

2017-2025

Market representation

Revenue in USD Million and CAGR from 2017 to 2025

Regional scope

North America, Europe, Asia Pacific, South & Central America, and Middle East & Africa

Country scope

U.S., Germany, UK, France, China, India, South Korea and Japan.

Report coverage

Revenue forecast, competitive landscape, growth factors, and trends

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Segments covered in the report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest trends and opportunities in each of the sub-segments from 2014 to 2025. For the purpose of this study, Grand View Research has segmented the thin film battery market on the basis of battery type, voltage, application and region:

  • Battery type Outlook (Revenue, USD Million, 2014 - 2025)

    • Disposable

    • Rechargeable

  • Voltage Outlook (Revenue, USD Million, 2014 - 2025)

    • Below 1.5V

    • 1.5V to 3V

    • Above 3V

  • Application Outlook (Revenue, USD Million, 2014 - 2025)

    • Wearable Devices

    • Medical

    • Consumer Electronics

    • Smart Cards

  • Regional Outlook (Revenue, USD Million, 2014 - 2025)

    • North America

      • U.S.

    • Europe

      • UK

      • Germany

      • France

    • Asia Pacific

      • China

      • India

      • Japan

      • South Korea

    • South & Central America

    • Middle East and Africa

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