Thin Film Battery Market size to exceed revenue of USD 1.5 billion by 2024: Global Market Insights Inc. Thin Film Battery Market size is estimated to be valued at over USD 1.5 billion by 2024, growing at a CAGR of around 40% from 2016 to 2024. The escalating demand for thin and flexible devices across various industries may fuel the thin film battery market growth. In addition, the surging requirement for small footprint thin filmed batteries with increased storage capacity may drive the industry growth from 2016 to 2024. These batteries offer various features such as portability and smaller size. They use solid state electrolytes as an alternative to the liquid-based Li-ion batteries. The rising innovations in the Internet of Things (IoT) and environmental and wearable sensor technology may propel the industry growth over the forecast timeline. The innovative and enhanced features, as well as unique battery designs offered by this technology, are likely to open lucrative growth opportunities over the forecast period.
The inability to generate high current across solid-solid interfaces may restrain the thin film battery market size over the next eight years. These batteries have a shorter operational life when compared to conventional ones. Furthermore, the need for balancing between current rate, battery capacity, and the battery volume may inhibit the industry growth. Based on the technology, the industry can be segmented into zinc-based thin-film, thin-film lithium polymer, thin-film lithium, advanced lithium-ion, solid state, laminar fuel cells, and stretchable and transparent. The target industry is diversified and every sector exhibits varied requirements, lifetime, power, thinness, charging cycles, cost, reliability, and flexibility. The escalating implementation in numerous industry sectors will positively impact the demand for thin film battery market size from 2016 to 2024. Based on the chargeability, the thin film battery market can be fragmented into rechargeable and non-rechargeable batteries. The non-rechargeable or disposable batteries are predicted to drive the industry as the sales within this segment are associated primarily with batteries based on zinc–manganese dioxide chemistry. Based on the applications, the industry can be segregated into WSNs, smart cards & RFIDs, smart wearables, Internet of Things (IoT), electronic textiles, smart packaging interactive media, healthcare, toys, and portable electronics. The electronic textiles and smart wearables segments are likely to account for the key industry share. The growth can be attributed to high flexibility, thinness, and lightweight features offered by this product. In addition, the surging demand for energy storage solutions 1|Page