The global stretchable electronics market is expected to witness significant growth over the forecast period. The growth may be attributed to surging demand across healthcare, sport, and military sectors. The market is poised for growth owing to several benefits offered by these electronics such as long switching times, simple fabrication, and low fabrication cost. Additionally, stretchable electronics is anticipated to enable new markets for large-area, flexible, or low-cost disposable devices, which is further expected to drive the global market growth. Further, stretchable electronics technology may offer processing advantages, which may favorably impact market growth over the next few years.
Stretchable electronics, better known as elastic circuits or elastic electronics is a technology for manufacturing electronic circuits by applying stretchable electronic circuits and devices onto stretchable substrates or implanting them completely in a stretchable material such as polyurethanes or silicones. In other words, stretchable electronics is a combination of electronic and electrical circuits that are inelastically or elastically stretchable by more than a few percent, while retaining the functions.
Increasing competition from non-stretchable electronics products coupled with the complexity of the value chain tends to inhibit growth in the global stretchable electronics market over the next few years. Process integration, manufacturability, or stability is also expected to hinder the market growth. In addition, lack of awareness is also expected to pose a challenge to market growth. However, the emergence of new functionalities and applications paired with integration into multiple products may offer new avenues for the global stretchable electronics market growth. Increasing demand for flexible electronics along with the wide range of substrates and increased investments may favorably impact the stretchable conformal electronics market growth over the next few years. Rising demand for light-weight products and environmentally friendly technology is further anticipated to drive market growth.
The growing need for high-performance devices and low-cost manufacturing is estimated to drive the stretchable electronics market growth significantly. Additionally, the need for differentiation coupled with lower power consumption may propel stretchable electronics demand extensively. Growing high end-user interest coupled with the need for working integrated devices is further expected to fuel market growth. Asia Pacific is projected to account for significant market share over the forecast period. However, North America is expected to exhibit high growth owing to the widespread adoption of new technology in the region. The European market is further anticipated to witness immense growth opportunities owing to developments in Eastern Europe.
Key participants in the stretchable electronics market include ACREO, AIST, Artificial Muscle, Air Force Laboratory, Avery Dennison, Body Media, Cambrios Technologies, Canatu, East Japan Railway Company, Freudenberg, G24 Innovations, Georgia Institute of Technology, Holst Center, Idaho National Laboratory, IMEC, Imperial College, Lockheed Martin Corporation, MC10, Michigan Technological University, Micromuscle, Northwestern University, Pelikon, Philips, Physical Optics Corporation, POWERLeap, PowerFilm, Shimmer Research, Smartex, T-ink, Urgo, and Verhaert.
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The global electronics devices market (including consumer electronics and industrial electronics devices) is expected to be impacted significantly by COVID-19 as China is one of the major suppliers for the raw materials (used to manufacture devices) as well as the finished products. The industry is on the brink of facing a reduction in production, disruption in supply, and price fluctuations. While this can vastly encourage local manufacturers to step up and address the growing demand, the scarcity of raw material can still pose a challenge to this industry. The sales of prominent electronic companies is expected to be affected in the near future. The report will account for Covid19 as a key market contributor.