Stretchable Electronics Market Overview
The Stretchable
Electronics Market size was valued at USD 0.4 billion in 2022. The
stretchable electronics industry is projected to grow from USD 0.50 Billion in
2023 to USD 3.04 billion by 2032, exhibiting a compound annual growth rate
(CAGR) of 16.26% during the forecast period (2023 - 2032). 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.
Stretchable
Electronics Market Key Players
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.
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Segmental Analysis
The 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 a 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 others segment of the report includes the textile, 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.
Competitive
Analysis
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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