MarketsandMarkets: Flexible Electronics and Circuit Market Worth $40.37B by 2023

According to MarketsandMarkets’ new market research report, “Flexible Electronics & Circuit Market by Application (OLED & LCD Display, Printed Sensor, Battery, Thin-Film PV, OLED Lighting), Circuit Structure (Single-Sided, Multilayer, Double-Sided, Rigid), Vertical, and Geography – Global Forecast to 2023,” the flexible electronics market is expected to grow from $23.92 billion in 2018 to $40.37 billion by 2023, at the CAGR of 11.0% between 2018 and 2023.
 
Flexible electronics are formed by mounting electronic devices on a flexible/plastic substrate, such as a polyimide or transparent conductive polyester film. The development of flexible electronics has spanned the past 40 years, ranging from the development of flexible solar cell arrays to flexible OLED electronics on plastic substrates. Flexible electronic devices are easier to integrate into the end product and also tend to be lighter in weight.
 
The increasing adoption of flexible displays in smartphones and wearables is strongly driving market growth. The emergence of flexible batteries suitable for IoT and wearable applications is a good opportunity for market growth at the global level.
 
LCD and OLED displays are expected to hold the largest share of flexible electronics market during 2018–2023. The market for displays is led by industry leaders such as Samsung and LG, who produce flexible OLED display panels that are largely being deployed in smartphones, smart wearables, and televisions. Leading smartphone manufacturers, such as Samsung and Apple, have adopted flexible OLED displays in their flagship smartphones. Flexible displays are also increasingly being deployed for television and digital signage applications due to their aesthetic appeal.
 
The automotive vertical is increasingly adopting flexible electronic devices as they can be easily integrated with the vehicle design allowing compact assembly. Flexible displays, OLED lighting solutions, and printed sensors are actively adopted in the automotive vertical.
 
APAC dominated the flexible electronics market, accounting for the largest market share in 2017. In addition, the region is likely to be the fastest-growing market for flexible electronics during the forecast period. APAC is the hub for manufacturers and customers of flexible OLED panels. In the market, Samsung and LG have been the leading companies that deploy flexible displays in smartphones and televisions. In APAC, flexible sensors are also increasingly being used for healthcare applications.
 
APAC has witnessed an increase in the installation of thin-film PVs in the recent years, and their deployment is expected to increase steadily in China. With Japan and India being prominent countries in the adoption of thin-film PVs, other countries in the region are also shifting toward renewable energy resources.