Stretchable Electronics Market Subjected to Expand to Showcase Rampant Growth by 2023
Market Overview
Global Stretchable
Electronics Market is expected to reach USD 2,981.2 Million by 2026 at a
CAGR of 25.29% during the forecast period. Market Research Future (MRFR), in
its report, envelops segmentation and drivers to provide a better glimpse of
the market in the coming years. The increasing adoption of portable electronics
and wearable devices by individuals has created a huge demand for the
miniaturization of electronic components. Device miniaturization is done
considering all the input/output ports and various other components in the
assembly that are vital to the end-product. Miniaturization has increased the
demand for integrated power for application-specific processors and subsystems.
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Competitive
Analysis
The key players of the global stretchable
electronics market are PARC (U.S), Cambrios (U.S), PowerFilm (U.S), Koninklijke
Philips N.V (Netherlands), Apple Inc, (U.S.), Adidas AG (Germany), 3M Company
(U.S), Palo Alto Research Center Incorporated (US), DuPont (U.S), BodyMedia
(U.S), Physical Optics Corporation (U.S) IDUN Technologies Ltd (Switzerland),
and MC10 (U.S) among others.
In
March 2020, Physical Optics Corporation and Ansys Streamline Avionics
Development for U.S. Military Aircraft has done collaboration to develop
avionics for U.S. military aircraft. Ansys SCADE Solutions for ARINC 661 Applications.
This will enable POC to reduce development time and accelerate certification
and integrating new functionality at a much lower cost and enabling a faster
path to market.
In September 2019,
Cambrios formed a strategic partnership with Winsky, a part of the CN
Innovations conglomerate that is focused on touch display development and
applications and owns core technologies that make it the industry leader. This
partnership is to develop optimal solutions for electronic materials
applications in new technology markets.
In September 2019,
Cambrios partnered with Royole, a leader in flexible phones, creator of the
world’s first mass-produced fully flexible display and foldable phone.
Companies are aligned to fulfill the desire to perfect the technology and
product experience for customers.
In October 2017, MC10
Inc. and University of Rochester collaborated and for the purpose of the study,
researchers from the University of Rochester used BioStampRC system technology
to assess motor systems in two nerve-related disorders Parkinson disease and
Huntington disease.
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Segmental Analysis
Global Stretchable Electronics Market has
been segmented based on Component, Applications, and Region.
Based on applications,
the global market has been segmented into Consumer Electronics, Automotive,
Aerospace & Defense, Healthcare, and others. The healthcare segment
accounted for the largest market share of 35.4% in 2019, with a market value of
USD 224.8 million; it is expected to register the highest CAGR during the
forecast period. Measuring the quality of human health and well-being is one of
the key growth areas in society. Nowadays, these measurements are done using
sensory devices. These devices are integrated with stretchable electronics,
which are attached to the human body as a patch or integrated into garments.
Consumer electronics devices are categorized into mobile devices, wearable
devices, and others. Wearable devices have the most prominent product of
stretchable electronics. Stretchable electronics have applications in wearable
electronics such as clothing, RFID, heaters, electrodes, and sensors. In the
automotive industry, for applications in electric vehicles for land, water, and
air, manufacturers are focusing on three-dimensional stretchability.
Three-dimensional stretchability is required for producing rigid products by
stretching them to form during the plastic molding process. Stretchable
electronics are used in sensors and wearables, batteries, military equipment,
and much more in the aerospace & defense industry. Information and tracking
in contested environments are foundational to decision making and force
projection. The scope of the other segment of the report includes textiles, energy,
packaging, and logistics. E-textiles are products that involve both electronic
and textile components.
The
global stretchable electronics market, by region, has been segmented into North
America, Europe, Asia-Pacific, the Middle East & Africa, and Central &
South America. North America accounted for the largest market share of 38.0%
in 2019, with a market value of USD 241.7 million; the market is expected to
register the highest CAGR of 27.47% during the forecast period. Europe was the
second-largest market in 2018, valued at USD 177.5 million; the market is
projected to exhibit a significant CAGR. North America dominates the
Stretchable Electronics Market based on the region due to increasing demand for
wearable devices in the healthcare sector. Stretchable electronics are being
preferred by companies and research organizations in North America due to their
various applications in robotic sensory skins, wearable communication devices,
and bio-integrated devices. Europe is expected to witness substantial growth
over the next few years, Several of the European Union’s Future and Emerging
Technology (FET) Flagship projects are focused on developing stretchable or
flexible electronics, which have applications in fast, flexible and strong
consumer electronics such as electronic paper and bendable personal
communications devices.
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